The Environmental Site Assessment (ESA), also known as a Phase I ESA, researches the current and historical uses of a property and identifies any subsequent environmental impacts of which an investor would want to be aware. The ESA will look at the site’s and adjacent sites’ current and historical uses, impacts on soil or groundwater, compliance with all regulatory databases, especially as it relates to hazardous material that may be stored on the site through under- or above-ground storage tanks (USTs and ASTs) or that may exist otherwise. The ESA will commonly also include testing for asbestos, lead-based paint, mold, lead in drinking water, and radon. Investors will assess the risk and may require further remedies to issues appearing on the ESA before closing and may require a Phase II ESA to provide further testing at the site. Particular concerns to investors on the ESA would be the past or current existence of dry cleaners, gas stations, aut repair shops and various manufacturing sites that may impact the property.
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