Client Requirements

A private real estate investment consulting and advisory firm that services institutional clients contracted with Meissner to provide professional property management services to Paseo Carlsbad, a retail center part of a 20 acre parcel located in Carlsbad, CA and owned by a Southern California Trust. The 45,000 square foot retail development is optimally located in North San Diego County. Paseo Carlsbad boasts such tenants as, Corner Bakery Café, St. John Apparel, RoadRunner Sports, Soccerlocco, as well as P.F. Chang’s, King’s Fish House, and BJ’s Restaurant and Brewhouse, which are located on separate, out-parcel pads. During development, Meissner was retained by the property owner to provide professional property management services, including tenant move-in coordination, consulting on operations and advising on operating expense forecasts in order to efficiently bring the project to stabilized occupancy upon completion.

Process

Meissner worked with the property owner and the Center’s developer from construction to completion and was instrumental in accelerating the speed with which new tenants occupied space through a highly-detailed operational plan, and in reducing operating expenses through strong vendor relationships and appropriate service contracts. Additionally, Meissner provided property recommendations during construction to ensure that future replacements would be minimal, including such items as proper landscape and exterior furnishings, location of signage and grease interceptors, and proper sizing of trash enclosures.

Testimonial
“I have worked with Meissner for over 10 years on numerous projects and lease transactions. Their real estate management skills demonstrate exceptional expertise and deal making ability.” – Bill Shrader, Senior Director, Cushman & Wakefield

Result

Meissner’s pro-active management style and knowledge of operational requirements assisted both Ownership and Developer of Paseo Carlsbad to anticipate future outcomes and tenant issues in order to deliver a stabilized project on time.

Source:
Meissner Commercial Real Estate Services

Property Name: Carlsbad Research Center Owners Association

Case Study: Commercial Association Management

Property Locations: El Camino Real, Faraday Avenue, College Blvd, & Rutherford Rd, Carlsbad, CA 92008

Property Description: Commercial Owners Association at 1,000,000 Total Square Feet

Client Requirements

Meissner Commercial Real Estate Services provides professional commercial owners association management to the Carlsbad Research Center Owners Association, a mixed-use development located in Carlsbad, CA that consists of 500 acres. The association contains 109 lots of research & development, manufacturing, commercial office, and retail space. Meissner’s communication with the Board of Directors is paramount to effective association management, including establishing financial goals, budgeting operating expenses, and facilitating vendor contract services.

Process

Upon takeover of management in 2001, Meissner focused on such key management areas as, review of governing documents, executing the Board approved annual operating budget, providing prompt financial reporting as required in bylaws, providing a leadership role in conducting board meetings, and acting as a community ambassador for the association.

The initial review of governing documents included CC&R’s, Bylaws, Articles of Incorporation, historical meeting minutes, and prior annual reports. It is imperative that this information continues to be properly managed so that Meissner can effectively conduct the quarterly and annual board meetings to ensure that management and the Board of Directors create a long-term, stable environment for the 75 lot owners to conduct their business. In addition to management of governing documents, Meissner ensures that all aspects of accounting are performed to the highest standards using institutional-quality software.

Meissner takes an active role in the Association’s Architectural Review and Landscape Committees, where our involvement includes reviewing architectural requests made by lot owners, conducting quarterly violation surveys and notices, and project coordination with the landscape consultants on landscape projects totaling over $500,000. In addition to managing the internal workings of this immense Association, retaining professional vendors for cost-effective maintenance and property services is paramount as the Association’s landscape projects are large and complex – for instance, a 3-year, $240,000 turf renovation project on over 500 acres. In addition, Meissner, on behalf of the Board of Directors, oversaw two important amendments to the governing documents and was the liaison between lot owners, the Board and the Poseidon Desalination Project Team during the year-long construction project through the Association.

Result

Due to Meissner’s experience managing premier Commercial Owners Associations, and our current association management portfolio totaling over 1,200 acres, we have succeeded in continuously maintaining a high level of communication with the Board of Directors of the Carlsbad Research Association and have achieved in keeping the large and diverse Board Members organized and informed as to the operation of the Association and it’s many on-going projects.

Sources:

Meissner Commercial Real Estate Services