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 was contracted in late 2015 by ownership to provide professional commercial property management services to this asset.

Client Requirements

With ownership set to headquarter and occupy space within the building to accommodate their office and showroom, Meissner 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 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.

Process

Upon takeover, Meissner 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, this was corrected, which increased the owner’s cashflow. 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 was equipped to achieve a premier physical environment.

Result

As a result of Meissner 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.

Sources:

Meissner Commercial Real Estate Services