A commercial property management philosophy that focuses on maintaining operational excellence through practical, proactive property solutions not only eliminates physical plant issues but achieves superior client and tenant relations.
| Property Name: | 10140 Mesa Rim Road |
| Property Location: | 10140 Mesa Rim Road, San Diego, CA 92121 |
| Property Description: | Industrial, 41,034 Total Square Feet |
Syko Properties, Inc., a private investment firm, contracted with Meissner Jacquét Commercial Real Estate Services to provide professional commercial property management services to 10140 Mesa Rim Road, a 41,034 square foot, single-tenant industrial property, located in the Sorrento Mesa submarket of San Diego County. Ownership was referred to Meissner Jacquét due to Meissner Jacquét’s delivery of superior commercial property management and financial and accounting services to an existing retail client, the owner of Scripps Ranch Village Shopping Center located at 9970-9996 Scripps Ranch Blvd., San Diego, CA 92131.
Investment Objectives
10140 Mesa Rim Road is positioned as a long-term hold asset and leased to a single tenant. Meissner Jacquét initially maintained a consultant role in advising Ownership as how to transition management from the tenant to the landlord. However, in order to achieve Ownership’s goals of eliminating deferred maintenance and positioning the property to be maintained in a Class-A condition, Meissner Jacquét was brought on for full-time management in July 2016.
Process
The current tenant’s assumption of the lease called for a conversion from a Triple Net (NNN) lease – where the tenant is responsible for their pro-rated share of the “triple net costs,” i.e., taxes, insurance, CAM, utilities, and janitorial – to a Full Service Gross (FSG) lease – where the triple net costs and any additional costs such as utilities and janitorial, excluding the costs of phone/data, are bundled into the base rent.
During the lease conversion process Ownership discovered multiple deferred maintenance issues that required immediate attention, including overgrown and failing landscape, ADA compliance issues of the walkways and parking areas, and negligent exterior window servicing. Meissner Jacquét was instrumental in assisting Ownership in identifying the necessary repairs and capital improvements, developing scopes of work, obtaining competitive bids due to purchasing power from trusted, insured vendors, and delivering project management services to ensure that all work is to be completed to the satisfaction of Ownership, while minimizing the potential impact on the tenant’s ability to conduct daily business operations.
Result
Meissner Jacquét’s experience managing industrial projects, their hands-on management style that focuses on preventative maintenance and their proven systems and procedures supports effective tenant relations and enables achievement of Ownership’s business plan and property goals.
About Meissner Jacquét
Founded in 1992, Meissner Jacquét Commercial Real Estate Services has the knowledge and experience to provide commercial real estate solutions to industrial parks, retail centers, office properties, and commercial owner associations for privately-held and institutional investors, whether they be local, regional, or national. For more information, please contact Allison MacDonald at 858-373-1354 or [email protected], or Brent Williams at 858-373-1113 or [email protected], or visit mjcres.com.
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