A Phase I environmental site assessment (Phase I ESA) can save you time and money, regardless of your status as either buyer or seller. This assessment identifies both potential and existing environmental liabilities, many of which, if not addressed properly, can affect the risk associated with ownership of a property. Here are a few questions to ask that will help you in making the right choice regarding a Phase I ESA:
For what purposes and industries has the property been used in the past?
When was the property built?
Are there underground storage tanks?
How many properties border this property?
Are there any environmental concerns (known or assumed) regarding any border properties?
Has an environmental assessment been conducted for this property in the past?
Mitigate risk by discussing with your agent about any potential and existing environmental liabilities associated with the commercial real estate property you are considering buying or selling. Contact Industrial Commercial Real Estate for clarification on environmental issues that could affect your commercial real estate investment.