Property Name: Grant Tucker Property Portfolio

Case Study: Property Management

Property Locations:

Carlsbad

La Jolla

Rancho Bernardo

Alpine

Property Description: 4 Retail Centers at 82,000 Total Square Feet

Client Requirements

Meissner 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 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 day porter, landscaping and trash removal, Meissner 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, 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 maintains a hands-on management style that enforces tenant retention.

Result

Due to Meissner’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’s results over the past 11 years of management.

Sources:

Meissner Commercial Real Estate Services