written by
Natalie Baylon

Intersection Equities Completes Sale of Arville Industrial Park Near the Las Vegas Strip for $8.4M

Intersection Equities is pleased to announce the sale of 4375 and 4355 W Reno Avenue, a 31,000-square-foot, two building industrial park in Las Vegas, Nevada. The asset sold for $8,400,000 ($269 per square foot). Erik Sexton and Camila Rosales of NAI Vegas represented the seller, Intersection. The undisclosed buyer was represented by Brian Riffel of Colliers.

The property was acquired off-market by Intersection[1] in October 2021 as part of its value-add industrial investment acquisition strategy, headlined by near-term tenant rollover and below-market rents. In 14 months, Intersection completed a full exterior renovation that included exterior paint, a new parking lot and a new signage program. As a result of the implementation of exterior improvements and an aggressive leasing program led by local leasing team Erik Sexton and Camila Rosales at NAI Vegas, Intersection increased NOI by 68% during its first year of ownership. Once stabilized, the property was placed on the market and sold to a private investor looking for long term cash flow and appreciation.

4355 and 4375 W. Reno Avenue is situated in the southwest Las Vegas Submarket, less than two miles from the Las Vegas Strip, I-15, Allegiant Stadium and T-Mobile Arena.

Prior to Intersection’s acquisition of the property, the average rent at the Arville Business Center was $1.03 gross per month/sf, well below-market rents. Through the implementation of strategic property improvements, 77% of the tenant base was raised to an average rental rate to $1.32 NNN per month/sf within twelve months. The asset previously maintained an average of 100% occupancy over the past 5 years (according to CoStar) and retained several legacy tenants, ranging from general automotive services, custom apparel printing, and metal refining services.

“We immediately saw opportunity in this asset when it was brought to our attention by our broker. The market had seen significant leasing momentum with new construction in the area and the project itself had many value-add opportunities that allowed us to leverage our vertically integrated platform and execute on a plan that delivered triple-digit deal level returns,” said Anton Myskiw, Associate with Intersection. Erik Sexton, leasing broker on the project from NAI Vegas added, “It has been a pleasure working with the team at Intersection. They moved quickly on the property improvements that helped us drive a leasing effort that ultimately resulted in a win for both Seller and Buyer.”

[1] RenoAvenue, LLC, Intersection Equities, LLC

To learn more about this deal please reach out to Anton Myskiw at amyskiw@intersectioncre.com or Eric DeWees at edewees@intersectioncre.com.

Natalie Baylon is the Marketing Coordinator at Intersection, providing strategic marketing expertise to support business objectives across company divisions. For general and marketing inquiries, please contact Natalie at nbaylon@intersectioncre.com 

written by
Natalie Baylon

President and Co-Founder, Mark Hoekstra Finds Redemption as He Graduates with a Master’s in Executive Leadership (MSEL)

Intersection President and Co-Founder, Mark Hoekstra, sat down with Bill Brennan of CMR Risk and Insurance Services to discuss how second chances and an opportunity for redemption led him to completing his Master’s Degree.

As Mark and Bill settle in and begin the interview, they both acknowledge their mutual admiration for each other, both personally and in business. “From a professional standpoint it’s been fantastic working with you. You do what we do. We do it in the commercial real estate space you do it in the insurance space. You anticipate and solve problems and it’s been a tremendous relationship and I love working together” says Mark.

“I want to point that out you’ve been a huge help to my career, and I’m really stoked you’re here”, continues Bill ” I think your story is amazing and I wanted to talk a little bit about what you do, what Intersection as a company does, and mainly about your recent master’s degree and how that relates to second chances and maybe redemption. Will you give our audience a brief summary of your background and what Intersection does?”

“Intersection is an investment management company focused on the commercial real estate space. We are headquartered in downtown San Diego, we have offices in Carlsbad, Los Angeles, San Francisco and Salt Lake City, with a team of about 45 staff members and brokers. Our company breaks up into four main divisions:
Our Investment Management Division raises money and buys commercial real estate. That’s done throughout the Western United State, right now we are focused industrial properties in markets like Las Vegas, Arizona, Salt Lake City, Denver and other markets. We’d like to do more in San Diego, we’d like to do more in California, it’s just very difficult with prices right now.
Our next largest division is Real Estate Services – traditional property management, we do for our own properties, and we do it for third parties. Generally, those third parties are clients who are investors of ours. In addition to property management there’s construction management, lease renewals, insurance tower and our insurance program. The next division is our brokerage division we have currently 11 brokers serving San Diego County and they not only work on our properties that we own but they also work on third party clients we help people to buy buildings sell buildings lease buildings we do tenant representation work helping clients to either relocate expand contract whatever and then our newest division is our Intersection Facility Services (ISF). Intersection Facility Services is something that probably much like our brokerage division, originated out not being happy with the services that we were getting from our vendors and our outside service providers and thought that maybe we could create a better mousetrap, maybe we could do this internally and so it started off just as a kind of almost like a little pet project of ours and it quickly blew up into a much more sizable, much more meaningful business ourselves and our clients better. That’s what Intersection does”, explains Mark

“That’s a great answer”, says Bill “You are a full-service real estate firm in a lot of ways which is a unique offering, and you do a good job for your clients I’ve seen it firsthand. I’m going to switch gears; this is the whole reason that I asked to meet with you. I love your story about getting your master’s degree and what drove you to do it um maybe the personal nature of it and just the experience in general kind of running a large firm and being a busy guy and getting it done and candidly excelling. I think yours is a story we can all relate to”.

“First of all, I’d be remiss if i didn’t talk about my business partner Rocco Cortese”, begins Mark. “Rocco and I have always tried to create a culture of lifelong learning within the company but to be honest with you he embraced it I talked about it a lot, but I don’t know that I necessarily embraced it and I didn’t live that belief to the extent that he did. We were talking one day we were having one of our same page meetings and we’re just talking about wanting to encourage a culture of learning within our company and especially within the leadership and so we challenged each other to go out and find something that would not only necessarily benefit the company but benefit us individually as human beings and so I started my process of looking at it. As a University of San Diego (USD) undergrad that was the first place I started, and I stumbled across this Master’s of Science and Executive Leadership. I didn’t have any intention of getting a degree I just knew there were areas where I needed more tools. I looked at the program and it touched on all of the issues that I wanted to grow and develop as a leader within our company, namely finance and accounting and marketing and entrepreneurship. It literally touched on all of these areas and so I said to myslef, ‘all right I’m going to bring Rocco and I’m going to bring my wife Glynna to this introductory breakfast where they talk about the program’. When we get there, I’m listening and I’m asking questions about the time commitment and I’m starting to panic inside, there’s no way I can do this, I can’t run four companies and I can’t do all the things that I’m doing, the community service work and do this. It’s insane. Once we get out of this breakfast and walk outside, Rocco says ‘so what did you think?’, and I said ‘There’s no way. I’m not going to do it’, he asks ‘why not?’ and I say ‘I can’t handle the time commitment’. Both my wife and my Rocco looked at me and they said ‘There’s no way you’re not going to do this. This this was made for you. We will support you all of the way’. Now I start thinking about it and then we’re really going back to a little bit of the personal nature there are three reasons for doing it.
Number one: we have goals we have a strategic plan for where we want to take this company and I recognized that I needed more tools in my toolbox to be able to be the operational leader of this organization and, in some respects, I’ve gone as far as I can go; to do it right and to be an effective leader, I needed more tools in my toolbox so that was number one.
Number two; what is Mark 2.0 going to look like? What am I going to do when I’m 68 years old 10 years from now? Maybe I’m not running the day-to-day operations of a full-service real estate company, maybe I’m going to be a professor at USD maybe I’m going to run for politics and run for an office? I need those tools to be that kind of a leader as well.
Number three is the more personal reason; I graduated from University of San Diego in 1986 and when I say graduated, I use that term very loosely. I had a 2.01 GPA and I remember feeling that day when I’m sitting there on the field, in cap and gown, looking around at my classmates and thinking, I don’t know that I belong here, I don’t know that I did the work, and I certainly didn’t feel like I was educated like everyone else. I think I’m smart, but I’ve always felt that maybe I wasn’t the most educated person in the room and so if I’m going to make this commitment, I’m going to make this commitment to get the tools that I need to run the company and to have the tools polished and continue to use them for whatever Mark 2.0 does. I’m going to excel, I’m going to do fantastic, and my goal was to get out of there with a 4.0. I didn’t quite do with a 3.98 (I got a B+ in one class and I ran out of classes in time to bring up my grade point average), but I really achieved all three of those ‘whys'”.

Bill follows up with “How do you feel now? Did graduating with your Master’s check off a bucket list item or personal goal? Has it closed that chapter for you?”

“It is extremely satisfying for many reasons” answers Mark. “As you know, I live on small horse and cattle ranch up in Valley Center and my friends would make fun of me because I was living on this ranch, and I didn’t even own any tools. One day, I went to Home Depot, and I bought all these tools. I don’t know how to use them, but I have some of the greatest tools and toolbox. I looked at it this education in a similar way. I can’t just go buy the tools, I actually have to learn how to use them and more importantly, I need to be intentional and try to create situations where you can use it again and again. The first most satisfying thing in finishing this program is being intentional in the lives of family and friends and as a leader, being a leader within the community and at work. How do I intentionally create situations where I can go use this new sets of tools? That’s been the most fun, that’s been the most gratifying. It really started with the first class 22 months ago because I started using the tools I was learning immediately and that gave a sense of accomplishment. I don’t know that I’m a whole lot smarter, but I feel more educated and I’m just proud of the effort. Going from barely graduating and having almost been thrown out of the University twice on academic probation, to now having nearly a 4.0 through this program. It was very satisfying. I’m already beginning the process of figuring out what’s next?”

To learn more about the MSEL program or leadership with the organization, please reach out to Mark Hoekstra at mhoekstra@intersectioncre.com.

Natalie Baylon is the Marketing Coordinator at Intersection, providing strategic marketing expertise to support business objectives across company divisions. For general and marketing inquiries, please contact Natalie at nbaylon@intersectioncre.com 

written by
Natalie Baylon

The leadership spotlight is shining strong on Nicole Schuck.

Senior Real Estate Manager Nicole Schuck sat down, last month, with fellow BOMA member Michele Ignacio of A.O. Reed & Co., to discuss Nicole’s leadership within the industry. In addition to being a longtime BOMA San Diego Principal Member, she is also an amazing BOMA leader; having previously served as the Vice Chairperson to the Programs and Seminars Committee, and for the past 5 years has served on the Board as Liaison to Emerging Leaders, Programs and Seminars, and currently the Community Service Committee.

Learn more about her leadership style below:

BOMA San Diego: What sparked your interest in becoming a leader in BOMA?
Nicole: The ability to connect with people from different backgrounds (especially property managers) and have a common connection of working in our industry.

BOMA San Diego: What is your leadership philosophy?
Nicole: Try to walk a mile in a person’s shoes before you give direction or advice to someone. Poor leaders often deliver tone deaf messages to their team if they don’t understand the background of a situation or the challenges the individual is facing. Great leaders understand their team member’s journeys and the obstacles they must face.

BOMA San Diego: What are your top three strengths as a leader?
Nicole: The ability to empathize with people in any given situation. Always having a sense of humor and not to take yourself so seriously. Recognizing opportunity everywhere.

BOMA San Diego: What skills do you use most often in your leadership role in BOMA that are transferable to your career at Intersection?
Nicole: The ability to make connections and find resources through BOMA that help me for budgeting, capital projects, and professional development.

BOMA San Diego: What is the most important challenge that you’ve faced since joining our organization, and how has your experience helped you grow in your career?
Nicole: Have confidence in yourself and put yourself in situations that get you out of your shell. I used to be a very introverted and self-conscious person; every social event used to be a huge point of anxiety for me. Now I look forward to every social event and seek out people I’ve never met. That’s one of my favorite things to do at luncheons now!

BOMA San Diego:What is the one piece of advice you have for emerging professionals who are preparing to be a leader?
Nicole: #1: Life is too short to wear a boring pantsuit. #2: You may not be everyone’s cup of tea, and that’s ok. If you feel like someone is trying to pull you away from your authentic self and shape you into something that only serves their needs, it’s time to look for other opportunities that will embrace you for being yourself.

BOMA San Diego: Who inspires you and why?
Nicole: All the BOMA ladies! There is such a great group of women in our organization that come from all walks of life that encourage and help each other. I don’t think I could have grown in my career without the amazing support of women in our organization that took me under their wing.

Thank you for being an amazing BOMA Leader Nicole!

To learn more about Real Estate Services please reach out to Nicole Schuck at nschuck@intersectioncre.com or Mark Hoekstra at mhoekstra@intersectioncre.com.

Natalie Baylon is the Marketing Coordinator at Intersection, providing strategic marketing expertise to support business objectives across company divisions. For general and marketing inquiries, please contact Natalie at nbaylon@intersectioncre.com 

written by
Natalie Baylon

New Office Management Contract Awarded in San Diego’s Engineering Hub

Located at 16885 Via del Campo Court, San Diego, CA 92127, this 3-story multi-tenant class ‘B’ office building consists of 48,907 SF within Rancho Bernardo submarket.

Intersection has been awarded a new office management assignment in Rancho Bernardo.

“The project came through a referral and the ownership profile is perfectly aligned with our kind of client –privately owned by a local family”, explains Rocco Cortese, Chief Executive Officer and Co-founder of Intersection.

With Senior Real Estate Manager, Nicole Schuck at the helm, our Real Estate Services team has been working diligently with our accounting team to ensure a seamless takeover in management. Intersection Facility Services will be taking over roof maintenance, day-porter services and upgrading electrical and building signage at the property.

“We are creating value for our client and tenants through our full-service platform”, say Nicole Schuck “With large companies like Amazon and Apple moving in, the bar is being raised for office projects in the neighborhood. We are working with Carrier Johnson on the lobby remodel and interior upgrades to meet the standards of today’s market”.

In addition to upgrading the physical plant, Intersection will be performing lease audits and making recommendations to increase net operating income for this project. Del Campo Court is latest example of our company mission: To use our strategic experience and local market knowledge to ensure the financial security of those we serve and the wellbeing of the communities where we live and work.

To learn more about this property please reach out to Nicole Schuck at nschuck@intersectioncre.com

Natalie Baylon is the Marketing Coordinator at Intersection, providing strategic marketing expertise to support business objectives across company divisions. For general and marketing inquiries, please contact Natalie at nbaylon@intersectioncre.com 

written by
Natalie Baylon

Don’t let the advancement of today’s technologies and information make you lose sight of why we hire professional services in the first place. At your fingertips, you can file your taxes, design your living room, trade stocks, order groceries or book a vacation all from your smartphone.

Due to the digital convenience of these technological advancements, there has been an influx of DIY-ers within the residential markets – consumers are hunting for their next home virtually. That doesn’t mean you should take all Real Estate matters into your own hands, especially when it comes to securing a location for your new or growing business. Sure, you can find commercial space on Craigslist and a plethora of other sites, in which landlords and their representatives post available space. However, getting through to the correct broker, scheduling a tour and negotiating a lease is where you might run into problems. Additionally, a tenant representative may know of space that hasn’t been made public, otherwise known as “off-market”. They will be familiar with the market conditions, market rental rates, the right questions to ask, and most importantly they will be in your corner.

Not only can using a tenant rep broker save you money, it will also save that one precious commodity that we never have quite enough of, and we can never get back —time.

As an entrepreneur looking to set up shop or a current business owner looking to expand, you have probably made a few savvy money-saving-moves that have helped you get to where you are. Don’t let the notion of saving a few bucks cloud your judgement on something as important as your business’s location. A common misconception is that hiring a tenant/buyer representative is going to cost you money that could have otherwise been saved. In most cases, tenant representation services come at NO COST to the tenant. Per industry standards, tenant rep brokers are compensated by property owners for securing a lease at their property.

In addition to the fee not coming out of your business’s start-up or expansion fund, your tenant representative will work in your favor to negotiate terms, tenant improvement allowances, free rent and other concessions, without any conflict of interest. Not only can using a tenant rep broker save you money, it will also save that one precious commodity that we never have quite enough of, and we can never get back — time. Time that can be used to focus on your core business which, after all, is what got you here in the first place.

Natalie Korn is an Associate of Intersection, specializing in leasing of commercial space, representing both landlords and tenants, with an emphasis on retail. Contact Natalie at 619-785-3503 or nkorn@intersectioncre.com to learn more.

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