XCG Consulting Limited was retained by a Real Estate Investment Trust (REIT) company to complete Phase I Environmental Site Assessments (ESAs) and Building Condition Assessments (BCAs) at 46 locations located within Ontario and Quebec. Each location was currently occupied by retail/commercial businesses or quick-serve restaurants. The purpose of the Phase I ESAs was to identify actual and/or potential sources of significant contamination associated with the subject properties. The purpose of the BCAs was to examine and assess the present condition of the on-site buildings and related structures, and to provide capital expenditure estimates to be considered in the completion of a loan agreement and as part of the potential refinancing of the subject properties. The BCAs were intended for financial lending purposes or general due diligence only. As requested by the client, all 46 sites draft reporting for the Phase I ESAs and BCAs were required to be completed within four weeks of engagement.
The Phase I ESAs and BCAs were required to be conducted in the retail/commercial or quick-service restaurant buildings on 46 properties within Ontario and Quebec. Due to the large number of individual sites, all of which were occupied by tenants, project management and communication between all parties was critical to the project success.
XCG’s Ms. Erica Gray acted as overall Project Manager and Project Coordinator. Mr. Grant Walsom acted as the Senior Technical Advisor, and field activities and reporting were completed by XCG staff trained in Phase I ESAs and BCAs.
The Phase I ESAs were completed at each of the 46 properties and the requirements of the Canadian Standards Association (CSA) Phase I ESA Standard Z768-01 were met. The scope of work included the four principal components of a Phase I ESA, which include a records review, a site visit, interviews, and an evaluation of information and reporting. The BCAs were conducted in general accordance with the American Society for Testing and Materials (ASTM) Standard Guide E 2018-15 for Property Condition Assessments: Baseline Property Condition Assessment Process. The scope of work for the BCAs included a review of the building/property management relevant records (if made available), interviews with regulatory officials (if available) and personnel associated with the subject properties, site visits, and an evaluation of information and preparation of the reports.
The project required significant coordination efforts to ensure that all required locations were visited, required interviews completed, records reviewed, and reporting was completed in the timeline required (within four weeks of engagement).
XCG successfully completed the project within the prescribed time frame (i.e. draft reports were received within four weeks of engagement). Individual final reports were prepared in electronic copy as required and Reliance Letters were prepared based on the finalized individual reports as required.