Property Name: Summit Ridge Business Park
Case Study: Commercial Property Management
Property Locations: 6759, 6769, 6779 Mesa Ridge Road, San Diego, CA 92121
Property Description: Office / Industrial Center at 133,841 Total Square Feet
Client Requirements
Meissner Commercial Real Estate Services provides professional commercial property management to Summit Ridge Business Park, a 133,841 square foot office / industrial center located in the Sorrento Mesa submarket. The park is comprised of 3 buildings occupied by 3 tenants. Ownership, located out of state, relied on the Meissner property management team to be their eyes and ears for the operations of the business park.
Process
Upon takeover of management in 2014, Meissner focused on improving the appearance of the park, including resealing and restriping the parking lot, upgrading the exterior lighting, and repainting all of the entry ways. Besides providing an enhanced façade and improving the curb appeal, the lighting upgrade allowed for increased energy efficiencies. Due to a CAM surplus from effective budget management, Meissner was able to institute these projects and at the same time reduce the CAM charges to the Tenants. In addition to the exterior improvements, Meissner and Ownership performed interior improvements to market the vacant space.
Key commercial property management aspects that Meissner continues to enact at Summit Ridge Business Park includes, superior accounting services and financial reporting, purchase power – which allows for negotiation of better pricing on vendor services – responsiveness to Ownership’s requirements, and excellent tenant relations. Meissner investment objectives for the business park were to maintain full occupancy, operational excellence, and maximize operating income.
Results
Due to Meissner experience managing commercial properties and expertise in budget management, Ownership was able to improve the property’s appearance, while reducing CAM charges to the park’s Tenants.
Sources:
Meissner Commercial Real Estate Services