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Meissner CRES

San Diego’s Largest Third-Party Property Management Firm Rebrands

Meissner Jacquét, the largest third-party property management company in San Diego, announced today that it is changing its name to Meissner Commercial Real Estate Services. The new identity reflects the company’s growth and progression from a single-service entity into a full-service enterprise and ownership’s intent to move the brand forward with a new image and client-centered, integrated service approach.

Chief Executive Officer and Founder, Tim Meissner, said his founding partner, Jerry Jacquét, retired six years ago and that the company has since evolved to offer new and expanded services and to include a deep bench of business governance within the board of directors.

“We’re in business to ensure our clients enjoy the best possible property ownership experience,” Meissner said. “With our new name, we’re acknowledging the expansion of our firm, but we are still the same people led by a best-in-class leadership team and innovative, forward-thinking commercial real estate professionals managing our properties and portfolios. The strong relationships we’ve forged with tenants, vendors, and property owners through the years remain our priority as we move forward.”

Since Jacquet’s departure, Meissner’s four sons, local business professionals in their own rights, have joined the board of directors. With outside senior positions in finance, marketing, real estate, and software engineering, their insights, business acumen, and people skills provide important contributions to the longevity of the business.

“Over the years, I’ve been approached many times about selling or merging,” continued Meissner. “The more I thought about it, the more I was committed to creating a legacy brand and keeping the business private and in local hands. Today, I’m excited to say that Meissner is here to stay for the long run fueled by our new brand and with sights set on future growth.”

Operating from an integrated teamwork model, Meissner’s core business focuses on Asset Management, Property Management, Accounting, Construction Management, Due Diligence, Financial Analysis/Audit, Facility Management, Acquisitions/Dispositions, and Consulting for clients throughout Southern California. Each of its service areas are large divisions within the firm and operate with an integrated teamwork model. The company’s current portfolio includes Washington Capital, Carlsbad Research Center, San Diego Regional Center, San Diego Spectrum, and Port of San Diego.

Meissner added that the company was able to retain all of its 49 employees during the pandemic and that they kept in very close contact with tenants, property owners, and lenders. As a result, the team has been able to share creative solutions to challenges brought on by COVID-19 with many of its customers.

San Diego-based Meissner is a full-service real estate management firm offering institutional level property management. The firm manages 16 million square feet of office, retail, and industrial properties, including commercial owner associations, throughout San Diego, Los Angeles, Orange, Riverside, and Imperial Counties. Since its inception in 1992, Meissner has managed over 75 million square feet of commercial property in Southern California. For details, visit www.meissnerCRES.com or connect on LinkedIn.

East County Chamber of Commerce

 Kristin Howell, RPA, FMA

What services does Meissner Jacquet offer?

The Difference between Legal and Business Due Diligence

“The due diligence stage is an essential element to a successful commercial transaction.” TDS Law (https://www.tdslaw.com/resource/the-importance-of-due-diligence/ )

There are many articles written that state the importance of due diligence, and the difference between legal and business due diligence. A quick Google search will bring up numerous pages of resources but here are a couple of real-world examples that show how Meissner Jacquét can add value to your acquisitions efforts.

  1. Retail center: Our lease administration team was able to identify built-in improvements in the leases that the previous owner was either not aware of or didn’t take advantage of. There was underbilling, erroneous caps applied, incorrect CAM pool denominators, and more.

Bottom Line: Through Meissner Jacquét’s due diligence process, our client was able to identify ~$1.6MM of previously unrealized value.

  1. Mixed-use new development: A client was looking to buy a new development retail center. The assumptions were that the income represented was accurate and that the CAM reimbursement was equal to what the leases allowed. Given this was a new construction project, there was no tangible history to rely upon. The Meissner Jacquét lease administration team was able to identify that the presumed income and recoverable expenses were not verified.

Bottom Line: Our client was able to bring down the purchase price by ~$100,000.

While it is always important to have an attorney review and advise throughout the commercial purchasing process, there is much value to be gained by having a knowledgeable and experienced professional perform a thorough review of the leases and governing documents. Due diligence is not just about “crossing your T’s and dotting your I’s”. Proper due diligence has real-world implications. It is essential to verify that the income and expenses provided by the seller are accurate.

Don’t rely on the Sellers reports alone, particularly their Pro-forma statements calculating net income used to value the property.  That report should be vetted and verified by the buyer – this is our expertise! Meissner Jacquét will verify that the information on the proforma is accurate.

Meissner Jacquét is well-positioned to provide the support you need so that you can focus on your business goals.

Contact us today and let us show you how we can transform your Commercial Real Estate operation.

COVID-19 Relief

CONGRESS PASSES 2020 COVID RELIEF& YEAR-END STIMULUS

EXTENDED SUPPORT FOR SMALL BUSINESS
ENERGY TAX EXTENDERS MADE PERMANENT

 

The “Consolidated Appropriations Act of 2021” (H.R. 133) was signed into law on December 27, 2020. It includes extensions of COVID relief measures, resources for vaccine distribution, tax extenders, and appropriations to fund the government.

 

COVID Relief and Year-End Stimulus (1)