Northcut Landing Property Management


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Assignment

The property management assignment for this partnership of private investors consisted of the following functions:

  • Provide all commercial property management services for the 83,715 SF Class A mixed use retail and office property located in the U-Village area of Seattle.
  • Ensure successful financial performance of the property through sound management practices and procedures.
  • Create and maintain high property value, partially via drawing a more vibrant and successful tenant mix.
Challenges

Northcut Landing was in a period of unease with its vendors and tenants due to a variety of reasons resulting in Northcut’s overall financial performance below ownership’s expectations. Parking in the two-story underground parking garage was a challenge due to the amount of parking stalls available for the building and the lack of proper garage management. Tenant relationships were strained as a result of poor customer service and attention to detail. Due to the overall relatively small footprint of the property and the dense nature of the tenant mix and limited parking, customer service and strong property management functions were essential to ensure successful performance of the property. Tenant CAM billings had not been reconciled in over 3 years and lacked a correct budget for operating expenses.

Results

The ORION property management team worked with new and existing vendors and established successful relationships with all, which in turn resulted in higher quality of services provided to all tenants. The parking challenge was addressed and resolved through a detailed audit and accounting of parking activities, and valet services were added along with a more focused attention to management details of the parking garage. The result is a uniform and organized use of the garage, which tenants appreciated and in turn increased parking revenues to our client. Property inspections were completed frequently and included tenant visits which resulted in stronger and more successful tenant relationships. Tenant CAM billings were completed and reconciled with all tenants through one-on-one meetings and were completely resolved. Operating budgets are established each year with a high degree of accuracy which result in minimal tenant reconciliation amounts. Today, Northcut Landing is a high performing asset with its highest property value to-date.

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