Meissner took over management for a project that was well respected, well known, had high occupancy and market lease rates. This was not a rehabilitation project and yet we added tremendous value.
Financial Benefits:
- Ownership’s revenue increased by 186%
- Took valuation from $23 Million to $59 Million
- Increased net income by over 270%
- Decreased operating expenses by 10%
How did we do it?
- Enhanced Tenancy
- Adjusted the leasing strategy to attract higher tenants of a higher value than the project previously warranted
- Excelled in responsiveness to strong market conditions
- Lease Administration
- Implemented base-year revenue collection for increased pass-through expense
- Efficiently used cutting-edge technology to streamline processes
- Capital Improvements
- New paint scheme and landscaping to create a uniform feel
- Implemented a modern and consistent signage program
- Expense Refinements
- Higher vendor performance for equivalent market pricing at competitive rates
- Maximized the building’s electrical infrastructure to adjust to the changing needs of the tenants
Source
Meissner Commercial Real Estate Services