Developing and implementing a property business plan and budget that aligns with ownership’s investment objectives allows commercial property managers to focus on cost effectiveness and maximize cash flow in both the short and long term.
Property Name: Vista View Plaza
Property Location: 6725 Mesa Ridge Road, San Diego, CA 92121
Property Description: Office, 32,702 Total Square Feet
Positioned in the centrally-located Sorrento Mesa submarket, Vista View Plaza, a 32,702 square foot, class-B office property, includes a tenant roster spanning a variety of industries including law, finance, marketing, technology, and communications and research. Meissner Jacquét was contracted in late 2015 by ownership to provide professional commercial property management services to this asset.
With ownership set to headquarter and occupy space within the building to accommodate their office and showroom, Meissner Jacquét was engaged to provide construction management and leasing oversight to bring the 73% occupied property to full occupancy. Keeping in line with the ideal tenant mix, Meissner Jacquét worked with the leasing agent, Voit Real Estate Services, to promote the direct marketing campaign to the tenant rep agent in order to improve the property marketability.
Upon takeover, Meissner Jacquét discovered that common area maintenance fees or CAM charges – expenses incurred for maintaining the common areas of a building – were not being charged to tenants per the terms of their leases. Going forward, ownership will not have to absorb these costs and will be better able to gauge operating expenses due to proactive building maintenance. With the addition and implementation of a routine schedule for preventative maintenance addressing physical plant issues such as HVAC, landscaping, janitorial, and parking lot maintenance, Meissner Jacquét was equipped to achieve a premier physical environment.
As a result of Meissner Jacquét Commercial Real Estate Services proactive property management approach, ownership’s investment objectives of full occupancy, operational excellence, and maximization of the property’s operating income was realized.
Meissner Jacquét Commercial Real Estate Services