Small, Private Commercial Real Estate Firm – Tactical Operations Assistance
The Challenge
A small, private owner and manager of $100M in commercial real estate was unable to easily provide interested buyers with supporting documentation for an asset that was on the market for sale. This lack of documentation was impeding an expedient sale of the asset.
The client asked the StratVisor team to complete some tactical tasks for this asset so due diligence information would be readily available.
What We Did
Based on the results of the overall IT system evaluation completed by StratVisor, the Client’s current accounting system and processes were not streamlined. This disorganization increased the time required to access vital property and tenant information. Specifically, historical information such as taxes, insurance and work order payables and receivables were not readily available.
The StratVisor team completed the following tasks for this project:
- Project-Managed Lease Abstract completion for all tenants
- 3-year Common Area Maintenance (CAM) Audit
From these tasks, the team provided historical documentation of uncollected CAMS, developed the future CAM pools and documented the current tenant’s lease terms. These tasks supported the owner in the sale of this asset.
The Result
As a result of working with the StratVisor team the Client received the following:
- Detailed Lease Abstracts
- CAM Audits that documented prior years under-billings
- Enhanced CAM reconciliation process for future tenants
Timing: 4 weeks
