Meeting The Challenge of Challenging Times: Fully Leased In Milpitas
Many industries have been challenged by the tough economic times wrought by the current pandemic. Toeniskoetter Development, Inc., is one company that is meeting the challenge, particularly in the hard-hit sector of commercial leasing. The secret? Staying close to your client.
Northern Industrial Properties, a two-building property on Yosemite Drive in Milpitas, is a perfect example. Managed by Toeniskoetter, the commercial building is home to three major tenants: Flex (formerly known as Flextronics), a global design and manufacturing firm; Marzetti, a major food distributor with a large presence in Milpitas; and simpPRO Tech, a mid-scale manufacturing facility. All three leases were up for renewal within a short period of time -- a potentially dangerous exposure if one or more of the tenants had decided to opt out.
Yet thanks to Toeniskoetter’s active portfolio management and its reputation as a fair dealer, that was a scenario that never materialized, with all three tenants signing long-term leases. The success was “symbolic of a management effort to get to know our tenants, stay close to them, understand their needs, and meet those needs fairly,” says Dan Amend, Executive Vice President of Toeniskoetter Development, Inc.
“We have a high retention rate because we stay close to our tenants,” Amend explains. “Our goal is always to listen to our clients, learn their needs, and get to a fair deal quickly. To go in on behalf of ownership and secure full leasing -- in this case, secure long-term leases -- and get great outcomes for our tenants is a win-win.”