Update: I paid for a full environmental report on a warehouse site

I was about to close on a small warehouse in Tampa last month. The seller's Phase I looked fine, but I spent an extra $8,500 for a more detailed Phase II. It found soil contamination from a dry cleaner that used to be next door. That killed the deal and saved me from a huge cleanup bill. Has anyone else had a Phase II report uncover a dealbreaker like that?

2 comments

2 Comments

fiona_webb3d ago

Honestly, a Phase I can't really "look fine" if it missed the neighboring dry cleaner.

victor_butler503d ago

Used to think a clean Phase I was enough if the property itself checked out. Then I saw a deal fall apart because the report didn't mention the auto shop next door that had been dumping solvents for years. They found the plume under the property line later. Now I know you have to look at the whole block, not just the lot lines. Missing something like a dry cleaner means they didn't do the basic work.