How do you go about protecting yourself from acquiringenvironmental liability? The best answer is to do a Phase IEnvironmental Site Assessment (ESA). In the process of doing so,let's say that you uncover something so scary that you're ready tohead for the door (such as your desired property is on an EPASuperfund Site).
The following was my experience when a real estate advisoryclient that was interested in acquiring a regional shopping centercame to me already knowing that there was a Superfund site near theshopping center. They needed to find some options that wouldconvince them and their client that they could safely close thedeal.
The details of this Superfund site and the subject property atthe time of the transaction (2003) were as follows.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
S. Ira Grossman
Mr. Grossman has 40 years experience years of experience in architecture, construction and due diligence consulting throughout the United States. A respected veteran in the due diligence industry, Mr. Grossman has provided engineering and environmental services to major corporations both as an internal resource and as a third-party consultant.
