Having a properly conducted Phase I Environmental Site Assessment when purchasing or otherwise acquiring commercial real estate can mean the difference between sleeping well at night versus catastrophic financial ruin caused by environmental contamination.  Buyers recently learned a due diligence lesson the hard way for contaminated property they purchased 20 years earlier.  I described what happened and how it could have been avoided in my recent blog post “The Importance of Phase I Environmental Site Assessments for Commercial Real Estate Investors.”