Buying Commercial Property on an EPA Superfund Site?

[Joe Trevor]

Hello,

I own a company in Denver and am seriously looking at purchasing a particular office/warehouse in town. The issue that has come up is that the unit sits on an EPA Superfund site, which they say has been cleaned up and signed off on as safe now. Decades ago it was a radium factory and the EPA removed about 100,000 tons of soil which was radioactive. Some is "capped" and still sits below existing buildings, but since it's covered up they say it's safe.

There are only a few of these Superfund sites around the state, and initially this doesn't sit well with me whether it's safe or not in terms of not only long term value but general health and peace of mind.

Does anyone have experience or insights of what to do with these EPA Superfund/Radium sites? This would be my first commercial purchase and I have no experience so I'm looking for help.

Thank you!

[J Koehne]

Do they have a no further action letter from the EPA? Ask for Phase I & II ESAs and talk with an attorney about your legal exposure (if any) and an environmental consultant about the clean up and health risk. Even if it's squeaky clean you'll also want environmental insurance if you move forward in case the EPA or a tenant comes after you. Once you take title they can come after you regardless of your roll in the contamination.