Commercial Property Management
One thing you won't find in Blanton Turner's commercial property management services is a hands-off approach. From developing maintenance plans to researching long-term financing structures, we're intimately involved in the little things that play a big role in property value. Drawing on our experience in residential property management, we emphasize relationship-building – with clients, tenants and vendors alike – because after all, it's people that keep properties running smoothly.
Powered by Blanton Turner - Northlake Office
Located along the Burke-Gilman trail in Fremont, the Northlake Office Building was well-sited to capture maritime, industry, and university-based office tenants. Upon transfer from development to management in spring 2008, we immediately confronted a management challenge when the first floor, built out on "spec" for a yacht brokerage, proved hard to lease given the economic challenges facing all sectors of the economy.
We created a strategic plan for lease management that was readily adaptable to confront changes over the next 3-5 years. By building relationships with the existing tenants, we mitigated the chance of surprise vacancies and positioned the building for strong ongoing cash flow. By changing uses, the first floor space turned out to be well suited for the University of Washington's integrated lab, which leased the "yacht" space several months later. Today, the building is fully leased and the Blanton Turner team has a plan in place for its future stability.
All Systems Go!
Building commissioning is a vital component of keeping a property running smoothly for the long-term. During the transition from the development phase to the management phase, we work directly with the contractor to test all building systems to ensure they are fully operational. In addition to testing, we ensure all systems are documented with manuals, memorialized on video, and we generate warranty calendars to ensure we stay in compliance with the equipment warranties. We also take great care to see that on-site maintenance training is completed so everyone associated with the management of the property is fully oriented on the building systems.
Our team's experience with development is an asset to our clients as we guide stakeholders through space planning, test fits and the selection of an architect or interior designer if required. We recommend creative and efficient ways to obtain the space the tenant wants within the budget allowance.
On-site interface between the tenant, contractor and any design consultants during the construction process aids all parties in evaluating the flow and efficiency of the workspace. This creates opportunities to make any necessary adjustments or modifications during project construction, thereby keeping costs for changes/change orders to a minimum. We can even manage general contractors and subcontractors.
Throughout the design, entitlement and construction process our role is to keep all parties informed and to balance spending within the approved budget while adhering to a project schedule that meets the tenant's needs and timeline for occupancy.
A thoughtful repositioning initiative is a great way to capture opportunities brought about by shifts in the market and new work styles.
We identify strategies to use for maximum impact on tenant retention and leasing –focusing on the areas that will truly generate returns. We work with architects, designers and contractors to see the project through completion. Particularly in a tenant-occupied repositioning, keeping tenants informed and engaged throughout the process is a key component of our efforts.
Property repositioning is impactful and can be undertaken at a variety of levels that best suit the property ownerships needs and objectives. A small repositioning project could include rebranding and updating websites and marketing materials; an intermediate project may involve minor physical changes and upgrades to the property; and a large scale project may involve significant property rehabilitation and perhaps a full change of use. And whether small-, intermediate- or large-scale, it all takes a lot of communication and coordination with the tenants.
Blanton Turner has the overall industry knowledge and experience to aid and assist property owners with small-, intermediate- or large-scale property repositioning.
The properties that Blanton Turner manages are residences, offices, retail shops and restaurants, but to our clients they are assets. The long-term profitability and maintenance of the asset is key, and Blanton Turner is here to assist our clients with creating and implementing Asset Management Plans, Capital Allocations and Reserve Plans.
For new properties, we access information contained in the property warranties (O & M Manuals) and we manage the warranties so nothing is missed prior to expiration. We also work with the project contractor and sub-contractors to develop long-term maintenance programs and prepare for future expenditures.
For "seasoned" properties, we work with industry professionals to assess the remaining useful life of the various building components and with that develop a detailed list of annual recommended capital expenditures or reserves, along with an assessment of all vital building components in order to maintain the service and operating systems at the property.
Property owners and developers often realize that they are facing unforeseen challenges and unsure of the best solution to resolve them. Whether it is determining what financing terms are available in today's market, tracking the development draws for a lender, or creating a development pro-forma from scratch...we can help. We understand how to lend support when needed so the owners/developers can focus on the bigger picture.
Powered by Blanton Turner - Seattle Multi-tenant Office Property
Our team was engaged to assist a group of professionals who had formed a partnership to purchase a small office building where they each had an office. Thirty years later, the partners were ready to retire and sought advice on next steps to manage the property's long-term cash flow.
To begin, we sought an understanding of the group's goals and individual perspectives of each partner. We also helped ensure the property was in tip-top shape for ongoing use by conducting an internal assessment and obtaining pricing for capital improvements. Simultaneously, we evaluated loan options, met with the group to gain consensus and closed on a favorable loan.
Through active listening and understanding, we were able to gain the ownership group's confidence as they moved forward on decisions for the next phase of their lives.