Main Street Industrial Park is a 160,000 square-foot, two-building complex that is rail-served and occupied by national credit tenants.
Meissner Initiatives:
Under our 8-year management of the park, the property has undergone significant upgrades. Projects have included a structural retrofit, new roof and skylights, tenant improvements, and lease renewals. Our attention to detail and responsiveness produced maximum cash yields for the client.
San Diego Spectrum Association
San Diego Spectrum Association is a dynamic 181-acre site located in a prime commercial area of San Diego, formerly home to General Dynamics. The association boasts a diverse mix of retail, light industrial, manufacturing, office, and residential properties. Managed by Meissner since its inception in 2000, the site has seen continuous development and growth.
Meissner has played a key role in the ongoing development of the property, ensuring it meets high standards and remains attractive and functional. The company works closely with the board of directors and property owners to maintain clear communication and execute a long-term plan. Their diligence ensures that the property not only looks great but also supports the diverse needs of its occupants.
Meissner initiatives:
Meissner oversaw a major landscape renovation, converting the original plant palette to a drought tolerant palette through out the property. Working closely with the landscape service provider and the San Diego County Water Authority, Meissner was able to secure substantial rebates for this project, offsetting a large portion of the cost.
Bressi Ranch Commercial Association is located in Carlsbad, CA and is part of a 585 acre Master Association and is one of Carlsbad’s largest developments. Included on Bressi Ranch’s 150 acres are offices, industrial, and retail properties.
Meissner Initiatives:
Include the maintenance of superior curb appeal for common area landscaping, efficiently manage the $400,000 operating budget, establish sign criteria, and transition the Association from vacant lots to stabilized building ownership.
Undertaking a space renovation or building improvement requires teamwork and a well-defined approach. Successful projects involve a three-tiered construction management approach that should add value, provide negotiating expertise, and manage details. See why Meissner’s construction management approach makes us one of the top commercial construction management companies.
Property Name: Farmers Insurance Building
Property Location: 5280 Carroll Canyon Road, San Diego, CA 92121
Property Description: Office, totaling 32,051 square feet
Meissner Commercial Real Estate Services was contracted by ownership to provide professional commercial property management services and oversight of construction management to the property located at 5280 Carroll Canyon Road, San Diego, in the highly sought-after submarket of Sorrento Mesa.
Client Requirements
The 32,051 square foot office building is comprised of three floors, two of which were occupied by a single tenant. The third floor was vacant and undergoing extensive renovations, where Meissner provided the construction management oversight. In addition to the space renovation, Meissner also oversaw various building improvements consisting of deferred maintenance items such as, roofing, HVAC, elevator and lobby modernization, paint, signage, and landscaping.
Process
Meissner provided construction management value to ownership through their knowledge of building products, building costs and construction techniques, and through their relationships with general contractors and subcontractors to ensure the best contractor candidates compete for the project.
Due to Meissner’s experience with negotiating millions of dollars’ worth of exterior and interior upgrades, including HVAC, chillers, boilers, landscaping renovation, signage, and property improvement contracts throughout Southern California, they understand that close, on-site supervision is required to verify that the products and quality negotiated are, in fact, utilized. Meissner diligently supervised all service providers to ensure that the space renovation and building improvements were completed according to plan and on time. Meissner is considered a major account to vendors and service providers and this purchasing leverage allows for better pricing negotiation and substantial cost savings, resulting in the ability to stay within budget.
Result
In order to achieve ownership’s objectives of obtaining full occupancy, maintaining operational excellence, and maximizing operating income, Meissner focused on completing the space renovation and building improvements on time and within budget by instituting cost effective construction management processes and adhering to the financial goals and parameters of the project to ensure maximum cash flow in both the short and long term.
Sources:
Meissner Commercial Real Estate Services
Property Name: Pacific Corporate Center
Case Study: Construction Coordination
Property Locations:10350 Barnes Canyon Drive, San Diego, CA 92121
Property Description: 4 Star Flex Light Manufacturing, 38,018 Total Square Feet
Client Requirements
According to an update from Kimball, Tirey, & St. John LLP (KTS), unlawful detainer cases are experiencing heavy delays throughout California. In San Diego County, “sheriff lockouts are expected approximately 5 months from the date of submitting a request” for default judgment.
The delays are due to reasons including “a large backlog of cases and understaffing in both the courts and Sheriff’s Departments.”
Please see the link here for the timeline of estimated delays provided by KTS attorneys.
Update from BOMA California quoted below.
“Major Threat to Proposition 13 Passes the Assembly: Urgent Action Needed to Stop ACA 13.
Assembly Constitutional Amendment 13 (Ward; D- San Diego and Rivas; D-Salinas) is a last-minute attack on Proposition 13.
The bill seeks to limit the initiative process by shifting the power to raise the voter threshold for new and higher taxes away from voters and to the Legislature.
Yesterday, ACA 13 passed the Assembly on a vote of 57-19 with only one Democrat voting no. The bill now heads to the Senate.
Your help is needed. Contact your state senator today in order to help stop ACA 13 and protect Prop 13.
Financial support is needed. If your company wants to get directly involved on this critical cause please contact Matthew Hargrove at [email protected].”
More info can be found on CPBA’s website
The California Business Properties Association (CBPA) has presented a call to action to sign this petition to protect Proposition 13 and oppose ACA 13 as directly quoted below:
“Assembly Constitutional Amendment 13 (Ward; D- San Diego and Rivas; D-Salinas), seeks to limit the initiative process by shifting the power to raise the voter threshold for new and higher taxes away from voters and to the Legislature. ACA 13 is a last-minute attack on Proposition 13 sponsored by the same public employee union group that spent almost $100M on Prop. 15 in 2020 – a Split Roll Property tax measure which we helped defeat.
ACA 13 is meant to protect the recent court decisions that have removed the two-thirds tax vote thresholds on your properties. Most recently this loophole was used to pass Measure ULA in the City of Los Angeles, an $800M per year tax on apartments and commercial properties.
ACA 13 is a brazen attempt to change the Constitution to stop the CBPA co-sponsored Taxpayer Protection and Government Accountability Act, which has qualified for the November 2024 ballot and will restore the two-thirds vote requirement on special taxes, fixing the Upland Loophole and protecting against future attempts at creating a Split Roll tax.
We need your help. Please take a moment to sign the petition to let your legislators know you oppose ACA 13.
If you would like to do more to help please reply to this email ([email protected]) for more information on contacting legislators directly and/or how to contribute to help fund the campaign to protect your rights.
Thank you for your support of our ongoing efforts to protect taxpayers from the continued attacks on Proposition 13.”
Sign the petition here: https://fightforprop13.org/
🎉 San Diego Business Journal ranked us as #1 on the Commercial Property Management Companies Book of Lists! Hats off to our phenomenal team for all your hard work and dedication.
Click Here to see the full Special Section: https://lnkd.in/g2CffXPu
Besides maintaining operational excellence through best-in-class service and maximizing operating income through cost-effective management practices, tenant relations is also paramount in achieving a stabilized, leased-up commercial asset.
Property Name: Bel Villaggio I II & III
Property Location: Temecula
Property Description: Retail, 116,663 Total Square Feet
Bel Villaggio is a three-star, retail community center, centrally-located in the South Riverside submarket of Temecula. Developed in three phases and sitting at 116,663 total square foot, this very walkable and transit-oriented property includes a tenant roster that appeals to the surrounding demographic. Meissner was contracted in early 2015 by then ownership to provide professional commercial property management services to this asset.
Client Requirements
Meissner worked with ownership to establish the financial goals and parameters of the property to maximize cash flow in both the short and long term, and identified the top three areas that required immediate attention – 1) high vacancy rate, 2) delinquencies, and 3) deferred maintenance.
Process
Upon takeover, Meissner immediately enacted a plan to resolve all three areas of concern. First, Meissner actively supported the leasing plan by working with ownership’s contracted brokerage team, Newmark Grubb Knight Frank, to reduce the then 50% vacancy rate by supplying property information and operating expertise, being available for meetings with prospective tenants, ensuring available spaces are in rent-ready condition, and assisting in new tenant move-ins. In addition to enacting a standard delinquency program, the delinquencies issue was further resolved through Meissner’s hands-on management style where focus is placed on improving tenant relations by communicating and meeting with each tenant site contact on a regular basis and responding proactively and promptly to questions and concerns to issues such as lease document interpretation, budget, and CAM reconciliation. Lastly, Meissner addressed the problem of deferred maintenance by enacting a landscape program that included trimming overgrown trees that inhibited visibility of the center, replacing landscaping with drought tolerant plants and installing a water-efficient sprinkler system to reduce water use, enacting a lighting retrofit program to upgrade all exterior lighting to help alleviate security issues, updating and repairing fire sprinklers to meet code requirements, repairing tired, exterior furniture to improve the appearance of the common areas, and enlisting strategically-placed security guards to ease the parking issue.
Result
As a result of Meissner Commercial Real Estate’s proactive property management approach, ownership’s investment objectives of improving the occupancy rate to 67% and maintaining a stabilized, operational asset were achieved.
Sources:
Meissner Commercial Real Estate Services
In recent years, the real estate industry has witnessed a transformative revolution fueled by technological advancements. Among these, artificial intelligence (AI) has emerged as a game-changer, offering unprecedented opportunities and redefining how the sector operates. From streamlining property searches to optimizing investment decisions and enhancing customer experiences, AI has revolutionized real estate.
1. Enhanced Property Search and Analysis
AI-powered platforms and applications have empowered buyers and investors with advanced property search and analysis tools. Through natural language processing and machine learning algorithms, AI can process vast amounts of real estate data, analyzing factors like location, amenities, price trends, and market conditions. This capability not only helps potential buyers find properties that meet their specific requirements but also allows investors to identify lucrative investment opportunities with higher accuracy.
2. Intelligent Virtual Assistants
With the rise of AI, virtual assistants have become an integral part of the real estate ecosystem. These AI-driven chatbots and voice assistants can provide instant responses to customer queries, offer personalized property recommendations, and guide users through the buying or renting process. Intelligent virtual assistants not only save time for real estate agents and customers but also enhance customer satisfaction by providing round-the-clock support.
3. Predictive Analytics and Market Insights
AI has unlocked the power of predictive analytics in the real estate industry, empowering agents, investors, and developers with valuable market insights. By analyzing historical and real-time data, AI algorithms can forecast property price trends, identify emerging markets, and predict demand fluctuations. This enables professionals to make informed decisions, optimize investment strategies, and mitigate risks.
4. Property Valuation and Risk Assessment
Determining property value and assessing associated risks are critical aspects of real estate transactions. AI has revolutionized these processes by introducing automated property valuation models. By leveraging vast amounts of data, including historical sales records, market trends, and property characteristics, AI algorithms can provide accurate and objective property valuations. Moreover, AI-driven risk assessment models help identify potential risks such as natural disasters, crime rates, or economic factors, allowing stakeholders to make more informed decisions.
5. Smart Building Management
AI’s impact on real estate extends beyond buying and selling properties. It also plays a crucial role in the management of commercial and residential buildings. AI-driven systems can optimize energy consumption, enhance security through facial recognition and smart surveillance, and automate maintenance processes. This not only improves the overall efficiency of buildings but also provides a better living or working experience for occupants.
6. Data-Driven Investment Strategies
Investors are leveraging AI to develop data-driven investment strategies that maximize returns and minimize risks. AI algorithms can analyze large datasets to identify patterns, market trends, and potential investment opportunities. This enables investors to make well-informed decisions, optimize portfolio diversification, and react quickly to changing market conditions. The ability to process vast amounts of data and generate actionable insights sets AI apart and empowers investors to capitalize on emerging trends and unlock new avenues of growth.
Conclusion
Artificial intelligence has emerged as a generational opportunity in the real estate industry, revolutionizing the way properties are bought, sold, managed, and valued. With AI-powered tools and platforms, property search and analysis have become more efficient, saving time and effort for buyers, sellers, and investors. AI also enables predictive analytics and market insights, empowering stakeholders with accurate information for decision-making. AI’s transformative capabilities also benefit smart building management systems and data-driven investment strategies.
As the real estate industry continues to evolve, AI will likely play an even more significant role in shaping its future. Embracing AI technology empowers real estate professionals to remain competitive, improve customer experiences, and uncover untapped opportunities.