La Mesa Dental Center Acquires University Ave Facility
October 31, 2017
Disclaimer: I am not an attorney and this article is not intended as a substitute for advice from the appropriate legal, zoning, financial, construction and/or tax professionals. This information is provided for educational purposes only and is made without warranties or representations
The multi-tenant office property located at 7435 University Ave in La Mesa, CA has achieved 100% occupancy due to the proactive leasing efforts of Erik Egelko of SVN Asset Advisory Group.
Prior to working with Erik Egelko, the property maintained a historical vacancy rate of over 25% and faced challenges attracting quality tenants. According to Egelko, “The primary obstacles this property faced were the lack of elevator service to 2nd floor and the poor condition of the vacant suites.”
Through execution of an aggressive marketing and lease up campaign Erik Egelko and his team were able to fill the vacant spaces with quality tenants in less than 3 months. The new tenants took the spaces in “As-Is” condition and invested significantly in tenant improvements. Leases commenced at a rate of $1.20/SF with annual escalations of 3-4%. Comparatively, other office properties in the sub-market remain vacant with asking rates below $1.05/SF.
“We do not wait for tenants to contact us, we proactively pursue tenants allowing us tofill spaces faster than competing brokers/landlords” - Erik Egelko
