2B — December 8 - 21, 2017 — New Jersey — M id A tlantic
Real Estate Journal
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N ew J ersey By Sean Clifford, Brockerhoff Environmental Services Thevalueofproperduediligence when acquiring real estate P roper environmental due diligence is the most critical compo-
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property to inspect for red flags such as oil staining or discoloration, floor drains, underground storage tanks, and other issues that may lead to significant environ- mental problems. The site reconnaissance should also include an interviewwith per- sonnel who are familiar with the history of the property. Another resource includes lo- cal, county, and state records. While there is a great deal of valuable information avail- able from on-line resources, the due diligence evaluator should also review hardcopy files provided by municipal and regulatory agencies, an environmental database re- port and all available histori- cal resources. The goal of the Phase I is to determine what potential areas of concern are present and if further evalu- ation is deemed necessary. If areas of concern have not already been addressed, a Phase II Environmental Site Assessment, in accordance with ASTME1903-11, is often recommended. This requires a subsurface investigation typically involving the col- lection and analysis of soil and groundwater samples
to determine if impacts are present. Completing Phase I and Phase II environmental site assessments provide the purchaser with the most com- prehensive set of information to then make an educated decision on their investment. Although due diligence will require an investment, it will also provide a significant cost savings with a reduc- tion in potential liability. While many consulting firms provide these services there can be a disparity in cost. Our experience has proved time and time again that less experienced companies often are lower cost but are single person firms that typically tend to not understand the significance of the purchaser’s investment. A qualified con- sulting firm conducts a more thorough review of all avail- able resources, allowing the purchaser to make an edu- cated decision based on risk. An experienced reputable firm, typically will require more of an initial cost invest- ment, however the long term savings are invaluable when avoiding the purchase of an environmentally impacted continued on page 4B
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nent when m a k i n g a decision to i n v e s t i n r e a l p r op - erty. By not conducting a thorough en- vironmental evaluation,
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Sean Clifford
Building Successful Relationships TM
the purchaser risks opening a Pandora’s Box of open ended liability and costly obligations with tenants, adjacent prop- erty owners, and regulatory agencies. Just as you would hire a licensed home inspec- tor prior to the purchase of a home, you also should retain an experienced environmen- tal professional company prior to purchase of property. The goal of performing proper due diligence is to understand potential environmental is- sues and how they impact both the purchase price, long term costs, and potential regulatory obligations. The first step is completing a Phase I Environmental Site Assessment in accordance with ASTM E1527-13. This process includes a visit to the
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The Mid Atlantic Real Estate Journal is a monthly publication highlighting real estate transactions throughout the Mid Atlantic including : • New developments, ground breakings and reconstruction in the ODM (Owners, Managers & Contractors ) section • Mortgage and banking in our Financial Digest • Retail and new developments in Shopping Centers • Annual spotlights.
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