Commercial Real Estate Asset Management

Asset management sits above the day-to-day. Where property management keeps a building running, asset management asks whether the building is doing what it should for the owner's balance sheet, and what would have to change for it to do better.

What we look at

• Rent roll analysis and identification of below-market leases
• Operating expense benchmarking against comparable Twin Cities assets
• Capital planning and return-on-cost modeling
• Hold, refinance or sell analysis
• Lease structure review across triple net, gross and modified gross
• Repositioning and highest-and-best-use assessment

The questions worth asking every year

Is the rent roll at market? Which leases roll in the next twenty-four months, and what is the plan for each one? Is there deferred capital quietly compounding behind the walls? Would this asset be worth more repositioned than held as it stands? We put those questions in front of owners annually, with numbers attached rather than opinions.

Reporting owners can actually use

Monthly operating statements, quarterly variance commentary and an annual asset plan. Not a data dump. A short document that says what happened, what it means, and what we recommend doing about it.

Where this matters most

Owners holding a building for the long term, family partnerships weighing a generational transfer, and anyone who has owned an asset long enough that the leases signed years ago no longer reflect what the space is worth today.

What a real estate asset manager does that a property manager does not

Property management runs the building. Commercial real estate asset management decides what the building should be. A real estate asset manager works a level up: whether to renew a tenant below market to protect occupancy, whether this is the year to replace the roof or the year to sell, whether the debt should be refinanced before the next reset. The property manager answers to the building. The asset manager answers to the return.

Commercial building management and capital planning

Most owners discover their capital plan the week something fails. A ten-year plan priced against actual system ages turns emergencies into scheduled work, and scheduled work costs less and disrupts tenants less. We keep that plan for the buildings we own and we keep it the same way for the buildings we manage — roof, envelope, mechanicals, parking, elevators, each with a year and a number attached.

Reporting that survives a lender's questions

Owners with debt on a building answer to somebody. Reporting has to hold up when a lender, a partner or a prospective buyer asks how a number was produced. We report at the level that survives that scrutiny: rent roll, trailing twelve, variance against budget with the variances explained, and capital spent against plan. No dashboards nobody reads.

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