Property Transaction Assessments
PROPERTY TRANSACTION ASSESSMENTS
The number of Environmental Data Resource Summaries (Environmental Data Reviews) and Phase I Environmental Assessments conducted as part of acquisitions, leveraged buyouts, property transfers, refinancing, and business acquisitions has escalated since the mid-1980s. Phase I Environmental Assessments can be a useful tool for reducing the legal and financial risks associated with real property and/or business acquisition transactions. A Phase I Environmental Assessment program enables buyers, sellers, lenders, and insurers of real property to factor the costs and risks of environmental contamination into the transaction and to better define the current and future liabilities for environmental problems.
Our Phase I Environmental Site Assessments are designed to achieve the following:
Identify sources of contamination
Establish baseline environmental conditions
Verify representations and certifications
Estimate environmental restoration costs
Evaluate property devaluation
Assess environmental compliance status
Assess severity and probability risks
Support CERCLA innocent landowner defense
Compliant with ASTM standards.
Our personnel utilize the American Society of Testing Materials (ASTM) Standards of Practice (ASTM 2005) for conducting Phase I ESAs. Waterstone’s professional scientists and engineers are highly recognized and respected for the top quality services they provide clients with respect to environmental assessments. Waterstone has assisted major Fortune 500 companies, financial institutions, real estate companies, national retail, food, cable, wireless telephone and other industry clients in attaining their due diligence obligations for multi-property real estate transactions and/or refinancing.
We are sensitive to the scope and quality of work required in connection with these projects, accelerated time frames under which they must often be completed, and the standard reporting criteria required by most lending institutions. With a nationwide network of qualified assessors, our response to assignments of virtually any size is almost instantaneous.
Our personnel have conducted or managed over 500 sites, ranging in size from less than one acre to over 1,500 acres; and in complexity from simple one-day surficial site assessments to comprehensive, long-term investigations of sites requiring remedial investigation, feasibility study, risk assessment, and remedial action services.
Waterstone has performed Phase I Environmental Site Assessments for sites ranging from retail strip malls to 700,000 square feet downtown Los Angeles skyscrapers, from apartment complexes to amusement parks, from gas stations to Las Vegas casinos, any and every type of residential, commercial or industrial property.