Property Name: Grant Tucker Property Portfolio
Case Study: Property Management
Property Locations:
La Costa Plaza: 7668 – 7690 El Camino Real, Carlsbad, CA 92009
La Jolla Colony Plaza: 7728, 7748, 7770 Regents Rd., La Jolla, CA 92122
Rancho Bernardo: 15721 Bernardo Heights Pkwy., San Diego, CA 92064
Alpine Village Center: 2963 Alpine Village Dr., Alpine, CA 91901
Property Description: 4 Retail Centers at 82,000 Total Square Feet
Client Requirements
Meissner Jacquet Commercial Real Estate Services manages four neighborhood shopping centers – La Costa Plaza, La Jolla Colony Plaza, Rancho Bernardo Center, and Alpine Village Center – for Grant Tucker Properties, a private investment group. The four retail properties are each anchored by a major grocery store, total 82,000 square feet, and are located in cities throughout San Diego County. The objectives for these accounts vary, based on the age of each asset, but the goals remain the same, responsive tenant service, accurate and complete CAM billings and collections, and excellent property operations.
Process
Upon takeover of management from the first property in 2003 to the fourth in 2008, Meissner Jacquet enacted its routine commercial property operations. Including instituting appropriate vendor contract services, preventative maintenance programs, resolving physical plant issues, responding to tenant needs, and ensuring safety is maintained through compliance with federal, state and local mandates.
By establishing appropriate scopes of work, negotiating, and supervising contracts for typical vendor services, such as janitorial, landscaping and trash removal, Meissner Jacquet is able to obtain professional services at competitive pricing. This, coupled with a well-defined operating budget, allows for the control and reduction of operating costs.
Equally important to the ability to monitor and control operating costs, is tenant retention. Meissner Jacquet, with the help of ownership, creates a long-term, stable environment where tenant satisfaction is at the forefront. By performing regular property visits, ensuring superior property and tenant services, and promptly responding to tenant requests, Meissner Jacquet maintains a hands-on management style that enforces tenant retention.
Result
Due to Meissner Jacquet’s effective commercial property management services, the retail centers experience high occupancy rates – three centers are 100% occupied and one is 90% occupied. Ownership is consistently pleased with Meissner Jacquet’s results over the past 11 years of management.
Sources:
Meissner Jacquet Commercial Real Estate Services