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Description of Phase I Environmental Site Assessments and Transaction Screens
Storb Environmental has performed numerous Phase I Environmental Site Assessments (ESAs) and Transaction Screens as part of the “due diligence” process for commercial and industrial real estate transfers. The goal of a Phase I ESA is to identify recognized environmental conditions which may represent liabilities to a potential purchaser.
All Phase I ESAs and Transaction Screens are prepared in accordance with guidelines prepared by the American Society of Testing and Materials (ASTM). These standards include the requirements for All Appropriate Inquiry (AAI) as well as recent changes in the definition of environmental professionals who are qualified to perform these services. The purpose of the Phase I ESA and Transaction Screen process is to permit a user to satisfy one of the requirements to qualify for the innocent landowner defense to Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) liability: that is, the practices that constitute “all appropriate inquiry into the previous ownership and uses of the property consistent with good commercial or customary practice”.
Storb Environmental can provide, at the clients request, an evaluation of business environmental risk associated with a parcel of commercial real estate may necessitate investigation beyond that identified in the reference ASTM standard. For properties where the client does not feel that a complete Phase I ESA is required, Storb Environmental can provide a Transaction Screen in accordance with current ASTM standards.
Following the site evaluation through the Phase I or Transaction Screen process, Storb Environmental can provide additional site investigation if desired by the client. The scope of the additional investigation will be determined with the client, based on an evaluation of the risk tolerance associated with each recognized environmental condition.
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