GM Properties Successfully Transforms Fullerton NNN Property
In January of this year, GM Properties received a referral from a prominent attorney to assist the owner of a single-tenant, NNN property in Fullerton, CA. The property faced challenges, with the long-term tenant consistently paying under-market rent and being tardy with payments. The tenant, an electromagnetic environmental testing company, had occupied a building in a business park since 2007, with common areas overseen by an association.
GMP STRATEGIES
Taking charge as the new property manager, GM Properties embarked on a mission to rectify tenant-related issues. This endeavor involved streamlining rent collection processes, addressing overdue payments, and ensuring timely rent submissions from the tenant. The transition necessitated seamless communication to guarantee a smooth handover.
GM Properties commenced by collaborating with the property owner to reconcile the tenant’s financial obligations. This included retrieving outstanding capital improvement bills owed to the building association and securing an overdue security deposit. Additionally, the team undertook a comprehensive CAM reconciliation, updating crucial financial records. Establishing a consistent payment cycle for monthly rent was imperative, a task that eluded the previous management.
RESULTS AND CLIENT BENEFIT
Through diligent efforts, GM Properties successfully brought the property’s financials up to date. The tenant now pays market rent promptly, marking a significant turnaround. Delighted with the outcome, the client expressed high satisfaction, particularly commending their dedicated property manager, PJ Gordon, in a recent communication:
“Since hiring GM Properties, they have taken over management of my very difficult tenant, resulting in on time lease payments. A first since taking occupancy in 2007. More to the point is my property manager, PJ Gordon. He is professional, reachable by phone or email, incredibly prompt, responsive, reliable, and available. What a concept!
In several crunch situations, PJ has been resourceful, incredibly fast at finding answers, making appropriate suggestions, and finding solutions.
In yet another spectacular display of dereliction of property management, as well as a complete lack of conscience and professionalism, the former management group failed to forward a February 2024 notice of non-renewal for the building’s insurance. I learned of this on Wed. 4/8/2024, when the insurance broker contacted PJ and I about the non-renewal. Had she not done so, the building would have been uninsured at the policy expiration date of 5/1/2024.
PJ then went to work to resolve the problem. We have been in touch constantly by email, spoken on the phone, and he is working with the insurance broker to make sure the building gets insured. Despite information gaps about the building, PJ has found the answers, which he promptly delivered to me and the insurance broker.
This is all the more critical since I will be out of the country for most of April.
Finally, I feel as though I have proper building management, vested in doing their job. Given my prior negative experience with property managers, I am grateful and appreciative, in equal measure.
With sincere appreciation,
Marsha Glasgall”
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