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Success Stories

Genesee Executive Plaza

Property Type: Class A Complex – Office/Medical Building

Location: San Diego, CA

SF: 161,184 SF

Size: 3.6 – acre property

Occupancy Increase: 45% increase

BACKGROUND

  • The Asset is a 161,184 sq. ft. Class A office and medical building
  • Trigild began on the property as Receiver in 2011 and was retained as manager after the property was sold
  • During the past three years, Trigild has been involved in two property sales
  • At takeover, occupancy was approximately 62% with office rents averaging $1.77/SqFt

APPROACH

  • Implemented Trigild’s operating platform , which pairs an asset manager with the property manager to drive the value of the property
  • The Property Manager spearheaded the day to day activities of the property, instituting A+ customer service, reporting and operational efficiencies
  • The Asset Manager focused on driving value within the client’s objectives with leasing strategy, targeted capital improvements, and market knowledge
  • Leveraged mix of medical and office users to increase value and attract specific types of tenants
  • Consistently monitored performance based off a strategic set of standards to  assure maximum value of the asset
  • Implemented capital improvements to all common areas including lobbies, courtyards, parking system, and restrooms

PERFORMANCE SUMMARY

  • Increased occupancy to 93%
  • Office rental rates increased 37% from $1.77 to $2.40 psf in three years
  • Tenant retention has averaged 90%