Case Study: Presidio Plaza - Old Town
About The Property.
Presidio Plaza is a mid-sized retail and office building located in historic Old Town San Diego. In fact, the oldest standing home in San Diego County (other than the Spanish Missions), Casa De Carrillo is located just next door. Old Town attracts thousands of tourists daily as well as business owners seeking a truly unique area that is surrounded by early California history. Retail tenants are attracted to the property for its busy tourist location that enjoys thousands of potential customers driving and walking by daily. Office tenants enjoy the distinctive feel of the area and a building that sets itself apart from the typical office environment.
No. of Floors:
No. of Tenants:
2802 Juan Street,
San Diego, CA 92110
Retail/Office Mix - Class B
Garage & Surface Lot
McKee Commercial began full service Pro-Complete Management and Leasing January 2013 and immediately it was full speed ahead. We recognized the property had potential but it was missing a few key ingredients such as tenant relations, marketing, and creative thinking. We began by working with the property owner to determine his hold period and strategy. Next, we met with the existing tenants to define their business needs and to gather their thoughts on improving the asset. Simultaneously, we implemented aggressive leasing efforts to fill the vacant suites. We then created additional revenue by installing electronic and remotely monitored parking meters and new signage to identify the paid parking lot.
Results... within 6 Months.
Increased occupancy from 74% to 93%
Increased average rents 9.3%
Increased gross monthly revenue 34%
Increased parking revenue 70%
Increased stability by converting "month-to-month tenants" to long term tenants with fixed increases
Minimal concessions given
All new leases at asking price or higher.