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Case Study – Champions of the West Plaza

Property Name: Champions of the West Plaza
Case Study: Construction Coordination
Property Location: 12250 El Camino Real, San Diego, CA 92130
Property Description: Office Space, 68,576 Total Square Feet

construction management services

Client Requirements

Champions of the West Plaza,LLC, a private ownership entity, contracted with Meissner to provide complete real estate management services to their professional office space located in the Del Mar Heights submarket.  Meissner quantified and resolved multiple building and tenant issues, including latent building construction defects, supervision of the leasing of 50% of the building, re-positioning common areas, and overseeing tenant improvements.

Processconstruction management companies

Meissner worked diligently to upgrade property components such, as installing separate suite electrical metering, building signage, renovating the building entry lobbies and the courtyard water feature, and installing street-frontage monument signage.  Construction management was provided in resolving the building’s exterior water intrusion issue and remediation of subsequent tenant water damage.

Client Testimonial
“I hold Meissner in the highest regard for customer service as they are always prompt, professional, and competent.  Their property management services are first rate.”
President – Champions of the West, LLC

Result

Meissner succeeded in converting the building from two tenants to a multi-tenant occupancy with a 94% occupancy level, increasing rents, and diversifying revenue risk.

Sources:
Meissner Commercial Real Estate Services

Case Study – Energy Management

Meissner worked with the company chosen by the U.S. Department of Energy to spearhead the EV Project (a grant specializing in the deployment of clean electric transportation technology) to install electric vehicle charging stations at the client’s high-traffic retail centers.

Property Description

Retail Shopping Centers
Totaling 170,000 square feet

Property Locations                               

Ramona 

Santa Ysabel 

Client Requirements

A private investor owns a portfolio of six properties located throughout San Diego County.  In addition to providing the client with full-service commercial real estate management services, Meissner provided energy management and sustainability services in the form of Electric Vehicle Supply Equipment Installation at three of their retail locations.

Process

Meissner worked with the company, chosen by the U.S. Department of Energy, to spearhead the EV Project (a grant specializing in the deployment of clean electric transportation technology) to install electric vehicle charging stations at the client’s high-traffic retail centers.  Meissner provided project management expertise and oversight of all contractors to ensure that the client’s interests were maintained throughout the process and project deliverables were achieved.   

Client Testimonial

The main thing that comes to mind when thinking of the services and interaction that Meissner provides is that they are always professional. — Property Owner

Result

Meissner succeeded in installing electric vehicle supply equipment at the client’s properties at little-to-no cost, thereby adding to the growing network of electric vehicle charging stations that allows drivers to re-charge their electric vehicles, while increasing pedestrian traffic to the tenants of the retail centers.

Expert Insights into Yardi: Interview with Joe Shakely

How long have you worked in/on Yardi?

I have over a decade of in-depth Yardi experience, specializing in crucial areas like Advanced Budgeting and Forecasting for commercial clients and Investment Management. My final role as a Technical Consultant further honed my expertise, giving me a holistic understanding of the system’s capabilities.

Why is it good/necessary to work with a programmer knowledgeable in Yardi?

A Yardi-knowledgeable programmer streamlines implementation, customization, and everyday workflows. They understand the complexities of Yardi’s setup and can alleviate the frustration of repetitive or time-consuming tasks. This frees you to focus on your core expertise, maximizing both efficiency and job satisfaction.

Why do you need a programmer when using Yardi? Or why is it important to use someone who knows what they’re doing?

While Yardi is powerful, it can also be complex. A skilled Yardi expert navigates its intricacies, ensuring proper configuration, accurate reporting, and streamlined processes. This translates to less frustration, faster time-to-value, and confidence that you’re maximizing the system’s potential.

Why is it important to make sure a user’s set up in Yardi is correct? (looking for a ‘garbage in, garbage out’ kind of answer).

Yardi is a powerful property management software, but its effectiveness hinges on proper configuration – especially when it comes to menus and user setups. As a seasoned Yardi database administrator at Meissner, I’ve seen firsthand how getting these fundamentals wrong can lead to security breaches, workflow snags, and a host of other problems.

Let’s dive into ten compelling reasons why investing time and expertise into user configuration is a must for any Yardi user:

  • Data Security and Integrity: Incorrect user setups create vulnerabilities, allowing unauthorized access to sensitive information. Inaccurate data entry compromises the reliability of everything Yardi produces. Think of it as “garbage in, garbage out”.
  • Compliance Adherence: Improper configurations can lead to violations of industry regulations, resulting in costly fines and legal issues. Meissner’s expertise helps Yardi users stay on track with these standards.
  • Workflow Efficiency and Accuracy: Tailored menus and user permissions streamline processes, making it easier for users to find the tools they need and reducing errors. Less frustration, less wasted time.
  • User Experience and Training: Overly complex setups make Yardi daunting for new users and frustrating for veterans. Meissner simplifies this, improving user adoption and boosting productivity.
  • System Performance and Stability: Inefficient setups can tax Yardi’s performance. Optimizing user configuration is essential for system health and responsiveness – especially as your organization and data demands grow.

The Bottom Line

Messy user configuration is like building a great house on a bad foundation – it’s a recipe for trouble. That’s where Meissner’s Yardi expertise comes in. We understand the deep connection between proper setup and your organization’s success.

How can using Meissner as a database administrator help a Yardi user?

Unlocking Yardi’s Full Potential: Why Meissner is Your Database Administration Partner

Yardi is a complex and powerful property management software, but it takes expert hands to make it truly shine. That’s where Meissner comes in. Our experienced Yardi database administrators optimize your system for success. Here’s how partnering with Meissner directly benefits you as a Yardi user:

  1. Elevated security and data integrity: Meissner strategically designs your user access and implements robust protocols to protect your sensitive information.
  2. Compliance made easier: We’re fluent in the regulatory demands of the real estate industry. Meissner helps you stay compliant, minimizing risk and potential fines.
  3. Streamlined workflows for maximum efficiency: Meissner tailors your setup, matching menus and user rights to specific job functions for a smoother, more productive workday.
  4. Simplified training and expert support: From initial setup to ongoing questions, Meissner is there to guide your team. Confusion is replaced with confidence.
  5. Optimized performance for a seamless experience: Our proactive approach keeps your Yardi database running at full speed – even as your business grows.
  6. Troubleshooting and problem-solving: Meissner’s Yardi expertise allows us to spot and fix issues before they become major headaches, ensuring minimal downtime.
  7. Unlock the power of your data: We go beyond configuration, offering custom reporting and analysis to turn your Yardi data into actionable business strategies.

What is your favorite/most efficient customization?

One of my favorite customizations revolves around streamlining invoice processing. By understanding the client’s specific workflow and pain points, I built several automations and custom reports that significantly improved efficiency.

Firstly, I integrated their AP system with Yardi, allowing invoices to be imported directly with minimal manual data entry. This alone saved their team hours each week.

Next, I developed a validation step which exported any errors or warnings via SFTP to highlight potential discrepancies between the system and scanned invoices. Initially this helped them catch errors early in the process, preventing costly delays later, and eventually allowed them to avoid these errors and warnings altogether.

Finally, I designed a dashboard providing real-time visibility into invoice statuses, bottlenecks, and vendor performance metrics. This gave the client greater control over their payables process and the data to make informed business decisions.

This customization not only made life easier for the AP team, but also led to improved accuracy and more timely payments for the organization.

 In your experience, how much of the Yardi software are customers using if they don’t work with a knowledgeable programmer?

The percentage of Yardi’s functionality a client can effectively leverage without technical expertise varies greatly. Some clients have straightforward needs and might find the out-of-the-box features quite sufficient. Others with complex reporting, integrations, or unique business processes likely miss out on the software’s full potential.

I’ve seen cases where clients underutilize Yardi due to a lack of understanding or time constraints. They might rely on manual workarounds or not take advantage of automation, leaving efficiency gains on the table.

Often, it’s not about using 100% of Yardi, but rather ensuring they’re using the most critical and impactful parts aligned with their business needs. That’s where a knowledgeable programmer can make a dramatic difference – analyzing those needs, tailoring Yardi, and building custom tools to bridge any gaps in the standard functionality.

Learn more about Meissner’s Yardi Consulting Services and how we can unlock the full potential of Yardi for your business!

san diego property management companies

Featured Property – Kline Ranch

1.4 million sf industrial campus in Inland Empire contracts with Meissner

TIAA-CREF, institutional property owner of Kline Ranch industrial campus, a 1,396,495 square foot asset comprised of two 100% leased, high-tech buildings with long-term tenants, contracted with Meissner in April 2013. Meissner provides the asset with full-service, professional commercial property management and delivers TIAA-CREF with strategic business plans in order to enhance the value of the asset.  Kline Ranch is located in Rialto, a highly desirable investment market in California’s Inland Empire.

Preventative Maintenance Increases NOI

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

Introducing our newest in-house expert, Joe Shakely.

Introducing our newest in-house expert, Joe Shakely! We’re excited to announce our latest partnership – Yardi expert Joe Shakely has joined the Meissner team.

Joe Shakely brings over a decade of expertise as a Yardi Consultant and programmer, specializing in the creation of custom Yardi solutions. His contributions include crafting APIs that bridge third-party systems with Yardi’s Vendor Invoicing interface, facilitating seamless data migrations from platforms such as MRI and RealPage into Yardi, and designing custom financial and property report packets as well as tenant correspondence to be delivered to the necessary parties automatically.

His approach is both collaborative and client-focused, designed to optimize existing Yardi functionalities for efficiency gains, or to facilitate a smooth and seamless transition to Yardi’s advanced systems. Joe’s skill set extends to developing tailored SQL and web-based solutions, leveraging Yardi’s functionalities to meet specific client needs, or creating custom solutions if needed. He has engaged extensively with clients in both the Commercial and Residential sectors, managing tasks ranging from the conversion and import of charts of accounts to the implementation of Yardi’s Advanced Budgeting and Forecasting and Investment Management suites. This focus on delivering practical, impactful results helps clients optimize their property management processes, leading to improved operational efficiencies and financial outcomes.

Learn more about our Yardi Consulting Services here.

commercial property management

Summit Ridge Business Park

 

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

3 Tips for a Smooth Year-End Close

If you’re a property accountant or financial manager, the end of the year is an especially busy time ‍♀️ ⏰ You’re finalizing property budgets and CAM estimates, and wrapping up other projects, on top of the usual month-end and year-end close routines. To prepare for a smoother year-end close and CAM reconciliations, here are a few tips from Meissner’s Controller, Kevin Sullivan:

1. Review your general ledgers now to see if any expenses or accruals have been missed from earlier in the year.  For example, eleven months of financials have been completed, but there are only 10 landscaping bills. Run a 12-month monthly income statement and a current year and prior year YTD statement to help identify these items.

2. Contact key vendors to see if they any trailing bills to submit. This will help prevent being presented with an invoice for October 2023 in March 2024, when you thought you had that CAM reconciliation final.

3. For accrual-basis properties, ensure property managers and accountants get together to review in-process projects to cover pending billings that may need to be accrued on 12/31.

What are your tips for year-end close preparation?  Please share here, so we can all benefit from your wisdom and experience. Happy Holidays and best wishes for a SMOOTH New Year!!

commercial real estate management companies

Case Study – Grant Tucker Properties

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

Top 7 Tips To Help You This Budget Season!

Next Year’s Budgets: What’s your status?

How are you doing with your property budgets for 2024?  Here at Meissner, budget season is coming into the home stretch!   If you’re feeling challenged to complete your property budgets, here are some insights, contributed by our experienced team of managers and accountants, that may help you gain the momentum you need!

1.  GETTING STARTED: Define the purpose of the budget

It is helpful to start by identifying your goal for both the budget and the subject property or portfolio.  This sounds obvious, but sometimes we launch into a complex project such as creating a budget and dive right into the details and mechanics – with great intentions of powering through it – only to find we get bogged down in numerous decisions soon after we begin.   When creating a property budget, it’s important to start with the end in mind.   What is the purpose of your budget?  Who are the users?  Are there other investors with specific reporting needs related to property performance and reporting metrics?  Or will the budget be mainly used by an internal owner/manager team to guide operational activities and related expenditures?

2. Goals/plans for the property

Once you have identified the purpose for the budget and the needs of its users, define the goal for the property.  Is the objective to maximize the cash flow?   Or is the goal to create value by investing in improvements now to reap a larger gain upon sale?  This will help to prioritize decisions concerning budgeted uses of funds and management resources and will ensure your management of the property supports your objectives and for it.

3. “Piggyback” off of current year actuals with a current year reforecast

Create a reforecast of the current year.   A reforecast would include actual income and expenses recorded to date in the current year.   Use this reforecast as the first budget draft for the same months in the year to be budgeted.   If your property accounting software does not have a function to automate this reforecast, seek a consultant [the word “consultant” could perhaps link to info about MCRES Yardi consulting services] with expertise in your software who can automate this reforecast for you.

4. Start with what is known

There are many items to include in a budget, and looking at an empty software template or Excel workbook can be overwhelming.  Start with what is known or is unlikely to vary greatly from historical norms.  For rental income, start with non-expiring leases and those highly likely to be renewed, and factor in any scheduled rent increases.  For expiring leases, project income through the end of the lease term and consider completing the projection for that space after a separate analysis of new potential lease rates and needed incentives.

Known expenses include utilities, minimum expected repairs and maintenance, property taxes, and insurance premiums — subject to potential rate increases.   For tips on actions you can take to help minimize premium increases, click HERE (https://www.linkedin.com/pulse/navigating-rising-commercial-property-insurance-costs-chris-gore%3FtrackingId=b%252FE53VpYRkuhB5ZmtyPFPg%253D%253D/?trackingId=NnEq3cvzSWOvAOgvokEZGA%3D%3D)

For mortgage payments and the related interest expense, refer to the loan amortization schedule or ask for an updated one from your lender.

Once these knowns are complete, this will not only complete a healthy portion of the work, but it will also inform what resources remain to be budgeted for other, discretionary, expenses.

5. Start with a manageable time frame

Start with a one-year property budget before undertaking longer-term projections.   You will learn much in the process of creating and finalizing the first-year budget, and these insights will inform future years’ projections.   If you tackle future years after completion of the first year, the work required to complete those future years will be less.

6. Document, document, document

Finally, document your assumptions as you go while creating the property budget.   Keep supporting documentation and detailed supporting schedules in the budgeting software, the excel spreadsheet, or a document accessible to all who will work on the budget.   Having clear and complete documentation will eliminate time spent trying to recall or recreate how a calculation or projection was derived when reviewing or explaining later.

Budget narratives are a key component of documentation and one of the most useful parts of a budget report for anyone reading or analyzing the budget.   This can spell out expected fee increases, seasonality, or operational needs that give rise to changes from the prior budget year as well as to monthly changes within the budgeted year.   Lastly, they are helpful in understanding variances between actual and budgeted numbers as you progress through the year and analyze performance.   Having your narratives housed in your budgeting software for easy reference and reporting is optimal.

7. If you get bogged down

One thing that we see sometimes slows managers down in completing a budget is a fear of getting it wrong.   Keep in mind that the purpose of the budget is not to predict the future, but to prepare for it.  The budget provides a benchmark so that, if circumstances change – and they almost certainly will – you have a tool to help make informed decisions about what to adjust.    Make quality projections based on the best information you have, along with your knowledge and experience, and you’ll have a basis for informative reporting and sound decision making.