CORE Realty Partners has extensive experience in the management of commercial real estate. Our broad experience encompasses all product types, including industrial, office and retail. CORE Realty Partners focuses on providing excellent services to its clients with priority given to maximizing the value of our clients' real estate assets.
CORE Realty Partners' full-service approach to real estate is beneficial to both owners and tenants. Our expertise in property management, leasing, investment sales brokerage, financial analysis and accounting are all important components in helping our clients realize their asset goals.
Each property that is managed by CORE Realty Partners has a management program in place that responds to the strategic objectives for the asset. This management program may include the following specific areas, depending on each property’s operational obligations.
The management program is implemented for each property and includes ongoing, thorough evaluation of vendor contracts and services (i.e., landscaping, janitorial, security, etc.) to ensure competency and competitiveness and that each property is being operated in a financially sound and efficient manner.
- Objectives of Tenant/Ownership
Short- and long-term plans, goals and objectives sought by tenant/ownership are defined.
- Accounting and Reporting
Accounting and reporting needs and requirements are defined.
- Operating Budgets
Operating budgets, based on historical data, market conditions and other assembled data, are compiled and tracked with monthly operating reports.
- Preventive Maintenance and Engineering
A formal preventive maintenance schedule, covering all operating equipment, is established.
- Employee Staffing
The economic requirements of each management service (i.e., outside vendor contracts versus in-house staff) are determined to maximize operating efficiency and control costs.
- Contract Services
Contracts for various services to be provided by vendors are solicited from written specifications.
Purchase contracts that provide substantial savings on a unit-cost basis are obtained.
- Property Tax Evaluation
The valuation of the real property by the tax assessor’s office is reviewed annually with an outside contractor.
A landscaping maintenance and/or refurbishment program is developed together with guidelines designed to obtain the most cost-effective landscape and maintenance program.
- Operating Policies and Procedures
Standard operating policies and procedures are adopted that will maximize operating efficiency.
- Takeover/Deletion Package
A comprehensive takeover/deletion package is developed each time a new property is added to or subtracted from the portfolio to ensure the correct implementation and thorough evaluation of each property.
Our property management services have been utilized and praised by large, institutional clients, such as Aldrich Eastman Waltch, University of Phoenix and Bank One, as well as smaller, private real estate portfolio owners. One factor remains consistent throughout: quality.
Financial Reporting and Accounting
As part of its property management function, the accounting staff of CORE Realty Partners invoices tenants for rent and direct expense charges and processes collections. The accounting staff works closely with property management and leasing staffs to compile monthly operating reports for owners of each project under management contract. The monthly reports include variance reports that compare actual operating data (i.e., cash flow, occupancy, etc.) with projections/budgets prepared by the property management staff.
The accounting staff of CORE Realty Partners also has extensive experience in preparing construction draws and pay requests and providing supporting documentation for construction lenders. The staff reviews all general contractor payment requests for contract compliance and appropriateness of charges. Job costs are tracked by budget category and are reconciled to loan requests.
Real Estate Financial Analysis
CORE Realty Partners' real estate professionals are seasoned in the Phoenix market and have provided services covering a diverse range of projects. Our in-house capabilities allow us to examine the financial viability of each development project and isolate individual variables to assess impact on project development budgets, operating budgets and investor returns. We have analyzed development opportunities that are multi-phased and encompass hundreds of thousands of square feet to developments as small as 5,000 square feet.
Our financial analysis services include preparation of short- and long-range financial projections, analysis of asset disposition scenarios; individual lease analysis and the resultant impact on a real estate portfolio; and analysis of individual project's budget line items for internal use of lenders.