17 Dec 2016
Case Study Permalink

A Year in Review: Meissner Jacquét Brings in Half a Million Square Feet

December 17, 2016

Even though commercial real estate trends in 2016 were disappointing according to chief economists – with the overall expansion since the recession being only two-thirds as robust as in previous recoveries – Meissner Jacquét’s business boomed with close to 500,000 total square feet in new property management accounts and ancillary corporate real estate services, including accounting-only contracts.

Office – 400,353 total new square feet under management in 2016
MJ December 2016 Newsletter - Case Study - Plaza at Eastlake Image_12-9-16 Plaza at Eastlake
2300 Boswell Road
Chula Vista
130,324 square feet, Office
MJ December 2016 Newsletter - Case Study - Pacific Corporate Center Image_12-9-16 Pacific Corporate Center
10120 Pacific Heights Blvd
Sorrento Mesa
52,540 square feet, Office
MJ December 2016 Newsletter - Case Study - 9640 Granite Ridge Image_12-9-16
 Stonecrest Office Project
9640 Granite Ridge Drive
Kearny Mesa
40,000 square feet, Office
MJ December 2016 Newsletter - Case Study - 610 W Ash Image_12-9-16 610 W. Ash
610 West Ash Street
Downtown San Diego
177,489 square feet, Office
MJ December 2016 Newsletter - Case Study - 4995 Murphy Canyon Road Image_12-9-16 Genesis Plaza
4995 Murphy Canyon Road
Kearny Mesa
57,685 square feet, Office
Industrial – 41,034 total new square feet under management in 2016
MJ December 2016 Newsletter - Case Study - 10140 Mesa Rim Road Image_12-9-16 10140 Mesa Rim Road
10140 Mesa Rim Road
Sorrento Mesa
41,034 Total Square Feet, Industrial
Retail – 57,414 total new square feet under management in 2016
MJ December 2016 Newsletter - Case Study - Carlsbad Paseo Image_12-9-16 Paseo Carlsbad Retail Center
850 & 890 Palomar Airport Road
Carlsbad
26,629 total square feet, Retail
MJ December 2016 Newsletter - Case Study - University Avenue Image_12-9-16 Foley Uptown Retail Center
1202-1236 University Avenue
Hillcrest
30,785 total square feet, Retail
Accounting-Only Contracts
MJ December 2016 Newsletter - Case Study - North Coast Business Park Image_12-9-16 North Coast Business Park & Association
511, 519, 523, 527, 531, 535, 539 & 543 Encinitas Blvd.
North Beach Cities
181,755 total square feet, Office

 

About Meissner Jacquét

Founded in 1992, Meissner Jacquét Commercial Real Estate Services has the knowledge and experience to provide commercial real estate solutions to office properties, retail centers, industrial parks, and commercial owner associations for institutional and privately-held investors, whether they be local, regional, or national. For more information, please contact Brent Williams at 858-373-1113 or brentw@mjcres.com, or visit mjcres.com.

Sources:

Meissner Jacquét Commercial Real Estate Services

29 Nov 2016
Trends Permalink

Potential Economic Consequences from President-elect Trump’s Policies

November 29, 2016

Many Americans are speculating about what Donald Trump’s presidential win will mean for global economies during his term in office and over the long term. If President-elect Trump’s policy statements that he promised on the campaign trail come to fruition, it will signify a coming shift in global policies surrounding free trade, immigration and international finance.

While the win dealt an initial shocking blow to global financial markets, with stock futures plunging the night of the election, the futures market improved the morning after Trump’s acceptance speech. There was surprise but the surprise was short-lived, and the hope is that trend continues.

President-elect Donald J Trump – who will become the 45th president of the United States of America – has stated that his immediate priorities include a rewrite of the tax code, which will have a major impact on the commercial real estate industry. Reactions from Trump’s proposed legislation has commercial real estate professionals split over the positive and negative consequences.

Pros

  • If Trump can deliver what he promises and create 25 million jobs and reduce the corporate tax rate, which is 38.9% (the highest in the world among industrial nations), it could bode well for all industries. The change to the corporate business tax will impact startup companies by creating additional opportunities, and hopefully larger companies reinvesting additional capital into business.
  • Trump’s stance on Dodd-Frank regulations stated on his transition website that “banks and lenders provide funding to small businesses and mortgage borrowers to help fund the American Dream,” and that Dodd-Frank regulations are an example of what not to do, in that federal policy should encourage free enterprise, not stifle it.
  • Trump will roll back government regulations built up under President Obama that impose stricter guidelines on how businesses access credit.

Cons

  • Beacon Economics’ forecast analyzed how Trump’s policies could be enough to push the country into a recession. While tax cuts could create a good short-term impact and growth, it will increase the federal deficit and widen the trade deficit, the report forecasts.
  • Strict immigration policies and deportation of undocumented residents could hinder companies from attracting additional talent from abroad.
  • Trump’s trade policy and how the President-elect campaigned on using tariffs to increase the cost of goods from China and other countries imported into the U.S. would impact the supply chain and may cause other countries to retaliate and put tariffs on American goods.

Summary

While political uncertainty is not anybody’s friend, real estate or not, the expectation is that advisers to the White House will rein in rhetoric from the race and propose more reasonable positions. The pace and intensity of commercial real estate may slow as owners and investors wait to see what the new administration and still-Republican-controlled Congress proposes. However, the likelihood is that Trump’s policies will only become clear after his first 100 days in office.

 

Sources:

BISNOW, Blackstone’s Schwarzman Predicts Trump Will Be Good for Business

BISNOW, Trump to be Named 45th President of the US, Now What?

NAIOP Source, Trump Wins and Republicans Hold the House and Senate – What’s Next?

BISNOW, 4 Things to Consider Regarding Trump’s Plans for Dodd-Frank

BISNOW, President-Elect Trump’s Potential Impact on the West Coast

29 Nov 2016
Perspectives Permalink

Meissner Jacquét is Seeking Qualified Client Services Coordinator!

November 29, 2016

Meissner Jacquét is seeking a Client Services Coordinator to work with the Business Development Manager. The position will support a variety of sales and marketing activities that directly support the company’s business development efforts and service existing clients. Know someone perfect for the job or interested in applying? Read on for the job description.

Essential Duties & Responsibilities

  • Works with Business Development Manager regarding sales and marketing goals.
  • Gathers, organizes, and inputs client and prospect data into CRM.
  • Prepares various sales deliverables which directly support client acquisition.
  • Assists with the preparation, maintenance, and distribution of marketing collateral and content creation for the Corporate Advertising Program.
  • Coordinates client services that reinforce on-going sales and client retention process.
  • Communicates directly with internal team, external clients and prospects.
  • Coordinates and attends commercial real estate industry-related functions and activities, including NAIOP, trade show conventions, etc.

Professional Qualifications

  • Minimum three years’ experience providing administrative support to multiple, or team of, professionals engaged in the sale of professional services. Two years’ experience in the Commercial Real Estate industry with competence in industry terminology and concepts that support the job description. Strong marketing knowledge. College degree required.

Critical Skills & Attributes

  • Computer Skills: Baseline proficiency including, but not limited to, Microsoft Office Suite (Word, Excel, Outlook, PowerPoint), Adobe (Acrobat, InDesign, Photoshop), and other software deemed necessary by the Organization. Tested prior to hire and expected to learn other position-related systems on the job.
  • Financial Ability: Requires knowledge of financial terms and principles. Ability to calculate intermediate figures such as percentages, discounts and/or commissions. Conducts basic financial analysis. Ability to abstract a lease.

Benefits

Meissner Jacquét values our employees’ time and efforts. Our commitment to their success is enhanced by our competitive salary and our extensive benefits package including: paid time off, medical, dental and vision benefits, and future growth opportunities within the company.

Qualified applicants apply today!

View the complete job description or to respond to this opportunity, please send resume with salary history to HR@sh4.7aa.myftpupload.com. Please be sure to place Client Services Coordinator in the subject line.

About Meissner Jacquét

Founded in 1992, Meissner Jacquét Commercial Real Estate Services is a highly-skilled team of real estate problem solvers, risk managers, and trusted advisors who provide exceptional commercial property management and asset management services to our clients. We work to maintain the best possible environment for our employees, where people can learn and grow with the company. Meissner Jacquét strives to provide a collaborative, creative environment where each person feels encouraged to contribute to the company’s processes, decisions, planning, and culture.

Sources:

Meissner Jacquét Commercial Real Estate Services

29 Nov 2016
Case Study Permalink

Meissner Jacquét Assumes Management of Prestigious Office Asset in Eastlake

November 29, 2016
Property Name: Plaza at Eastlake
Property Location: 2300 Boswell Road, Chula Vista, CA 91914
Property Description: 130,324 total square feet, Office
 

Meissner Jacquét continues to expand its office portfolio with the Plaza at Eastlake, a multi-tenant, two-story, Class A office property located in the Chula Vista Submarket of San Diego County. The Plaza at Eastlake is located within Eastlake’s master-planned community that features over one million square feet of recently developed retail, restaurants and other amenities, including a park and recreation area that features volleyball, basketball and tennis courts, soccer and softball fields, and picnic areas.

Iron Point Titan Asset Management LLC, owner of the prestigious asset, is a registered investment adviser that manages a series of real estate private equity funds formed to invest in opportunistic real estate transactions throughout the U.S. and North America. Due to Meissner Jacquét’s experience and valued relationships with key players in the commercial real estate industry, Ownership felt confident in its decision to divide the brokerage and property management services among two qualified firms.

As an institutional owner based out of Texas, Meissner Jacquét acts as Ownership’s local liaison to ensure their business plan and property goals are achieved. With the leasing rate currently at 35%, Meissner Jacquét’s primary focus is to work in conjunction with Ownership and the brokerage team to assist in the leasing and stabilization of the asset by keeping available spaces in rent-ready condition and ensuring appropriate property management procedures are in place to maintain the high-quality asset in peak condition.

About Meissner Jacquét

Founded in 1992, Meissner Jacquét Commercial Real Estate Services has the knowledge and experience to provide commercial real estate solutions to office properties, retail centers, industrial parks, and commercial owner associations for institutional and privately-held investors, whether they be local, regional, or national. For more information, please contact Brent Williams at 858-373-1113 or brentw@mjcres.com, or visit mjcres.com.

Sources:

Meissner Jacquét Commercial Real Estate Services

25 Oct 2016
Perspectives, Uncategorized Permalink

Investors React to Real Estate Coming to the Global Market

October 25, 2016

It’s about time that real estate had its own sector within the Global Industry Classification Standard (GICS). The addition of the Real Estate Sector took place on August 31st, when S&P Dow Jones Indices and MSCI moved stock-exchange listed Equity REITs and other listed real estate companies and elevated them from a subsector under the Financials Sector.

The Real Estate Sector is the first new headline sector added since GICS was created in 1999.

Real estate companies – including equity REITs and development and real estate management companies – will finally be in a league of their own and no longer lumped with banks and insurance companies. The change reflected the growth in size and importance of real estate in the economy.

However, instead of mass rejoicing, market participants seem to be viewing the reclassification as a retrospective acknowledgement that real estate maturation in the public markets no longer relegates it to an “alternative” asset class.

What is the GICS?

The GICS was established in 1999 and is the standard classification system used throughout the world to categorize listed equities and to analyze investment performance and economic activity, according to NAREIT.

In late 2014, the S&P Dow Jones Indices announced plans to break out REITs and related real estate companies into its own category. Due, in part, to REITs having a reasonable track record and currently representing about 4% of the S&P 1500.

As of December 2015, there were 95 equity REITs and real estate companies listed on the S&P Composite 1500 Index that moved to the new real estate sector. Over the past 25 years, the total equity market capitalization of listed U.S. Equity REITs accounts for more than $1 trillion, up from $9 billion.

The Real Estate sector is the 8th largest of the 11 headline sectors in the equity market capitalization. Making it larger than Utilities, Materials, and Telecommunication Services.

Effects on CRE Industry

The question is how the new sector will affect the industry as a whole. The immediate impact of the reclassification will likely be modest. However, due to about 98% of the new sector’s equity market cap coming from equity REITs – while continued foreign investment in U.S. real estate supports healthy commercial asset valuation – the sector should be a catalyst for significant, positive developments in the stock exchange-listed REIT market.

The increased visibility will work to promote investment for real estate companies that fall within the new sector, which will enhance REIT value as a way to diversify portfolios. A larger and more diverse investor base may also help moderate the severity of real estate market cycles, benefitting the broader economy.

In addition, the new classification will also decrease volatility in the financials sector – financials being one of the more volatile GICS sectors – which may help reduce volatility of REIT share price.

Summary

Real estate becoming its own sector within GICS is the next step in providing comfort to investors that commercial real estate, in general, and REITS, in particular, are mainstream investments.

About Meissner Jacquét

Founded in 1992, Meissner Jacquét Commercial Real Estate Services has mastered the components of asset management that directly affect an asset’s underlying value. Our asset management experience includes a working knowledge of real estate investment objectives and valuation; risk analysis; investment buy-sell decision analysis; financing and refinance decisions; and repositioning and renovation decisions. For more information, please contact Brent Williams at 858-373-1113 or brentw@mjcres.com, or visit mjcres.com.

Sources:

NAIOP Commercial Real Estate Development, Fall 2016, Real Estate Comes Into Its Own

BISNOW, Everything You Need to Know about the New Real Estate Sector Coming to the Global Market in September

REIT.com, GICS Classification of Real Estate

25 Oct 2016
Trends Permalink

Four Factors that Make for Award-Winning Development

October 25, 2016

Right now the industry buzzword is “creative” office space – marked by highly functional, yet aesthetically appealing design conducive to employee collaboration and interaction.

Yet when considering a commercial project’s overall appeal, there are many other critical factors to consider – from sustainability to economic impact, and high-tech amenities to community needs.

Ultimately, award-winning development integrates with and enhances its surrounding community – by interweaving itself in the surrounding environment – while accommodating the wants and desires of the developer and end user.

Our City San Diego, a regional magazine which covers politics, business and real estate, recently highlighted five San Diego projects in its inaugural “Our City Development of the Year” contest. The magazine focused on projects that “push the boundaries when it comes to lifting up communities,” with the judges examining not only project design, but how the developments have “helped shape and drive the communities they have become a part of.”

With this in mind, projects were judged 40% on vision, 25% on community improvement, 25% on aesthetics and 10% on environmental sustainability. The competition included five categories: small and large multi-family, small and large commercial development, and affordable housing.

The winning projects included 1941 Columbia (1941 Colombia Street, San Diego) and Famosa Townhomes (4183 Voltaire Street, San Diego) for the multi-family housing category with less than 30 units; Mr. Robinson (3752 Park Blvd., San Diego) for the multi-family housing category with more than 30 units; 227 Broadway (227 E. Broadway, Vista) for the small commercial category; and in the large commercial category, Make (5600 Avenida Encinas, Carlsbad), developed by CGS3 client Cruzan. CGS3 is honored to work with this forward thinking company, whose Make development is described by Our City as 175,000 square feet of “wow” and “arguably the coolest office space in the region.”

CGS3 represented Cruzan in the leasing and amenities transactions involved in the redevelopment of this former warehouse – which was transformed into an outdoor-centric, creative office complex – and helped land camera giant GoPro, Inc. as its first tenant.

“As land becomes scarcer, developers must be more creative in their approach to maximizing space and creating agreements,” said Craig Swanson, Partner at CGS3. Craig specializes in the acquisition, disposition, development, leasing and financing of commercial and mixed-use projects.

Amenities in this multi-tenant project – previously the Floral Trade Center – include outdoor surf showers, a fire pit, horseshoe pits, an outdoor amphitheater, a café housed in a shipping container, electric vehicle chargers, and a state of the art fitness center. Make is a forward-thinking, office redevelopment project that certainly sets a new standard for creative office space in San Diego.

All of the Our City winners have helped create community awareness and vitality through commercial real estate redevelopment in San Diego County.

About CGS3

CGS3 provides legal services throughout the commercial real estate life cycle by looking at the implications that can affect clients’ transactions down the road in order to protect their interests and maximize their investment in office, industrial, retail and mixed-use properties. For a practical and pragmatic approach to commercial real estate, contact Craig Swanson at 858-367-7690 or cswanson@cgs3.com, or learn more about CGS3.

Sources:

Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3)

 CGS3_LogoRGBwTagline_2000pxHorizontal

Our City San Diego

25 Oct 2016
Case Study Permalink
????????????????????????????????????
????????????????????????????????????

Kristin Howell Named among San Diego’s Top 100 Influential Leaders

October 25, 2016

Kristin Howell, Vice President of Operations, was nominated as one of San Diego’s Top 100 Influential Leaders by The Daily Transcript.

Earlier this year, Kristin Howell was promoted to Vice President of Operations for Meissner Jacquét Commercial Real Estate Services, which has a commercial real estate portfolio of approximately 15 million square feet across Southern California. Howell has been with the commercial property management company for more than 15 years, previously serving as Senior Portfolio Manager.

In her new role, she supervises a team of commercial real estate managers who handle day-to-day operations of the properties in her portfolio. She also oversees operations of the company, including hiring new employees, personnel matters and working to improve efficiencies.

Kristin’s favorite aspect of her role is that she “gets to play an active part in making the company better by improving processes.”

With more than 29 years of experience in the real estate industry, Howell’s first contact with property management came early – after being hired for her first job at 16 running a hot dog stand in a shopping center. Her hard work and efficiency were noticed and within 6 months she was managing the entire shopping center.

Besides her responsibilities with Meissner Jacquét, Howell has been heavily involved with the San Diego Building Owners and Managers Association (BOMA). She served as president of BOMA San Diego for two years, completing her second term at the end of 2015.

Under her leadership, BOMA successfully campaigned to overturn a linkage fee on commercial development designed to help subsidize affordable housing in the city of San Diego. The fee would have been increased by 350% to 750%, depending on the development type, and would have cost the industry an estimated $8 to $10 million annually. BOMA negotiated a compromise with the city council to increase the fee slightly and find alternative funding sources for affordable housing.

Howell continues to be active within BOMA and cites the importance of the association’s role in bringing awareness to legislators and industry professionals about the effect of city, state and federal legislation. “Oftentimes, lawmakers don’t think about how things impact our industry,” Howell said. “But if we don’t pay attention, do legislative visits and educate legislators to the issues that affect us, they won’t know.”

About Meissner Jacquét
Founded in 1992, Meissner Jacquét Commercial Real Estate Services has the knowledge and experience to provide commercial real estate solutions to retail centers, office properties, industrial parks, and commercial owner associations for institutional and privately-held investors, whether they be local, regional, or national. For more information, please contact Brent Williams at 858-373-1113 or brentw@mjcres.com, or visit mjcres.com.

Sources:
The Daily Transcript
Meissner Jacquét Commercial Real Estate Services

17 Sep 2016
Case Study Permalink

Meissner Jacquét Expands Management in Kearny Mesa & Hillcrest

September 17, 2016
Property Name: Stonecrest Office Project
Property Location: 9640 Granite Ridge Drive, San Diego, CA 92123
Property Description: 40,000 Total Square Feet, Office

Located in the Kearny Mesa submarket of San Diego County, Stonecrest Office Project is a 40,000 square foot, 2-story, multi-tenant office building. With ownership, Mallard Creek Capital Partners, being located out of state, they sought a local, qualified commercial property management company to partner with that would be an extension of them by taking an ownership’s perspective of the project. Meissner Jacquét Commercial Real Estate Services was referred to ownership by local, respected vendors due to Meissner Jacquét’s strong relationships and network within the San Diego commercial real estate industry.

In addition to providing superior commercial real estate management services to the asset, Meissner Jacquét’s main objective is to create a long-term, stable environment in which the tenants can conduct their business while maximizing asset operating income. Positive tenant relations with the majority occupier of the building is achieved by meeting on a regular basis and forming a personal relationship. In addition, Meissner Jacquét will provide leasing agent coordination by ensuring that vacant space and common areas are maintained and kept in rent-ready condition.

IMG_0011

 
Property Name: Foley Uptown Retail Center
Property Location: 1202 – 1236 University Avenue San Diego, CA 92103
Property Description: 25,545 Total Square Feet, Retail
 

Located in the Central San Diego submarket, this 25,545 square foot, storefront, multi-tenant, retail center was purchased by local owner and developer, San Diego Income Properties, LLC, who sought Meissner Jacquét’s professional commercial property management services due to their experience managing retail projects.

Key ownership initiatives for this asset include preventative maintenance by implementing the property business plan and budget, vendor contract services by retaining professional vendors for cost-effective maintenance and tenant services, and achieving superior tenant satisfaction by attending to every detail and service issue from maintaining property curb appeal to maintaining the edge on the competition through accurately assessing and implementing capital improvements.

About Meissner Jacquét

Founded in 1992, Meissner Jacquét Commercial Real Estate Services has the knowledge and experience to provide commercial real estate solutions to retail centers, office properties, industrial parks, and commercial owner associations for institutional and privately-held investors, whether they be local, regional, or national. For more information, please contact Brent Williams at 858-373-1113 or brentw@mjcres.com, or visit mjcres.com.

17 Sep 2016
Perspectives Permalink

Electric Vehicles and Solar Roadways Are Coming Sooner Than You Think

September 17, 2016

Electric cars are quickly becoming mainstream – one in every 150 cars sold in the U.S is electric – and mass adoption is set to happen sooner due to advancements in batteries. Today’s electric vehicle goes for an average price tag of $33,000 and for about 100 miles on a charge. Soon that will change with Tesla Motors Inc.’s Model 3, an electric vehicle marketed to the masses at a manageable price of $35,000 and a range of more than 200 miles.

Although Tesla is the gold standard when it comes to electric vehicles, other well-known car companies – such as Chevrolet with its Bolt EV – are staying in step by offering electric vehicles that are similarly priced and with the same miles-per-charge, in an attempt to eliminate consumer’s fears of running out of charge mid-travel.

According to ChargePoint Inc., the world’s largest maker of electric-car charging stations, car companies are looking to electrify their entire fleet. However, in the short-term, the majority of green-minded cars will be plug-in hybrids, with both electric motors and gasoline engines. The transition from hybrids to full electric vehicles will help ease consumers fear regarding “range anxiety” and the competition among car companies will act to drive down prices. Volkswagon AG, BMW AG, Hyundai Motor Co. and Toyota Motor Corp. have all made promises to deliver a portion of their fleet as either plug-in hybrid or electric vehicles by 2025.

Of course plug-in hybrids require charging stations outside of the consumers’ homes in order to meet the demand of American commuters. The number of commercial charging stations are rising, ChargePoint is said to have 30,000 stations in its network – currently there are about 90,000 publicly accessible gas stations in America. What’s helping the growth of this initiative is the benefit charging stations can have to commercial property owners – including attracting customers, maintaining positive tenant and employee relations, and the relatively cheap cost to install.

Even though it appears there’s no reason for electric vehicles to become mainstream overnight, drivers won’t switch from gas to plug rapidly as the average American keeps a car for 11 years. However, when they’re ready to purchase a new car, there will be a variety of plug-in and electric vehicles to choose from at prices somewhat comparable to gasoline powered vehicles.

Going even further, technology is working on delivering “Smart Solar Roadways”. Emerging innovations in technology and engineering could integrate solar panels with road surfaces, creating streets and highways with embedded microprocessors and LED lights, which could be used to recharge electric vehicles as they’re traveling.  Current charge times for electric vehicles vary but it typically takes 30 minutes to an hour for a decent charge.

According to a recent Global Construction Review article, the first of these energy-generating photovoltaic tempered glass pavers will be rolled out in Missouri, along a section of the famous Route 66. Several European countries – including a Dutch consortium and the French company Colas – are also pursuing the development of solar roads.

In order to stay ahead of the trend, commercial real estate owners and operators should consider installing charging stations in their office and industrial parks and retail centers. As the next wave of innovation has already arrived.

About Meissner Jacquét

Founded in 1992, Meissner Jacquét Commercial Real Estate Services provides energy management and sustainability services to property owners and occupiers. We identify all opportunities to maximize an asset’s energy performance by securing efficient equipment and materials and accessing available incentives /rebates. For more information, please contact Allison MacDonald at 858-373-1354 or allisonm@mjcres.com, Brent Williams at 858-373-1113 or brentw@mjcres.com, or visit mjcres.com.

 

Sources:

The Wall Street Journal

NAIOP Commercial Real Estate Development Association

24 Aug 2016
Case Study Permalink

Case Study: Practical, Proactive Solutions Eliminate Physical Plant Issues

August 24, 2016

A commercial property management philosophy that focuses on maintaining operational excellence through practical, proactive property solutions not only eliminates physical plant issues but achieves superior client and tenant relations.

Property Name: 10140 Mesa Rim Road
Property Location: 10140 Mesa Rim Road, San Diego, CA 92121
Property Description: Industrial, 41,034 Total Square Feet

 

Syko Properties, Inc., a private investment firm, contracted with Meissner Jacquét Commercial Real Estate Services to provide professional commercial property management services to 10140 Mesa Rim Road, a 41,034 square foot, single-tenant industrial property, located in the Sorrento Mesa submarket of San Diego County. Ownership was referred to Meissner Jacquét due to Meissner Jacquét’s delivery of superior commercial property management and financial and accounting services to an existing retail client, the owner of Scripps Ranch Village Shopping Center located at 9970-9996 Scripps Ranch Blvd., San Diego, CA 92131.

Investment Objectives

10140 Mesa Rim Road is positioned as a long-term hold asset and leased to a single tenant. Meissner Jacquét initially maintained a consultant role in advising Ownership as how to transition management from the tenant to the landlord. However, in order to achieve Ownership’s goals of eliminating deferred maintenance and positioning the property to be maintained in a Class-A condition, Meissner Jacquét was brought on for full-time management in July 2016.

Process

The current tenant’s assumption of the lease called for a conversion from a Triple Net (NNN) lease – where the tenant is responsible for their pro-rated share of the “triple net costs,” i.e., taxes, insurance, CAM, utilities, and janitorial – to a Full Service Gross (FSG) lease – where the triple net costs and any additional costs such as utilities and janitorial, excluding the costs of phone/data, are bundled into the base rent.

During the lease conversion process Ownership discovered multiple deferred maintenance issues that required immediate attention, including overgrown and failing landscape, ADA compliance issues of the walkways and parking areas, and negligent exterior window servicing. Meissner Jacquét was instrumental in assisting Ownership in identifying the necessary repairs and capital improvements, developing scopes of work, obtaining competitive bids due to purchasing power from trusted, insured vendors, and delivering project management services to ensure that all work is to be completed to the satisfaction of Ownership, while minimizing the potential impact on the tenant’s ability to conduct daily business operations.

Result

Meissner Jacquét’s experience managing industrial projects, their hands-on management style that focuses on preventative maintenance and their proven systems and procedures supports effective tenant relations and enables achievement of Ownership’s business plan and property goals.

About Meissner Jacquét

Founded in 1992, Meissner Jacquét Commercial Real Estate Services has the knowledge and experience to provide commercial real estate solutions to industrial parks, retail centers, office properties, and commercial owner associations for privately-held and institutional investors, whether they be local, regional, or national. For more information, please contact Allison MacDonald at 858-373-1354 or allisonm@mjcres.com, or Brent Williams at 858-373-1113 or brentw@mjcres.com, or visit mjcres.com.

Sources:

Meissner Jacquét Commercial Real Estate Services