KELLOGG PROPERTIES :: REAL ESTATE DEVELOPMENT & PROPERTY MANAGEMENT


		Contact Kellogg Group
Home	Corporate Profile	Contact Kellogg Group

	Kellogg Properties - Real Estate Professionals Kellogg Properties Incorporated is a fully integrated Commercial Real Estate Company with a focus on the aquisition, development, leasing and management of commercial properties

Core Values


The following information is designed to provide the real estate professional an overview of how Kellogg Properties, Inc. conducts it's business in these various areas.

Operating Responsibilities
To maximize the effectiveness of the real estate skills and services, Kellogg has organized itself into several operating areas each under the control of a senior member of the firm's management.
Acquisitions, Dispositions and Financing Property Management Asset Management Construction Management Financial Controls/MIS Joint Venture/Partnership Administration
Property Management
1. Monitor competition
2. Constantly keep in touch with leasing brokerage community
3. Diligently pursue rent collection:
Maintain daily rent collection log Deposit rent daily into interest bearing accounts Continually call on slow payers Take action on any tenant over 30 days in arrears
4. Prepare space plans for all spaces
5. Maintain chronological rent roll to anticipate end of tenant's lease
6. Inspect each space immediately upon a tenant vacating:
Inventory condition Estimate rehabilitation costs and complete work required to make space "showable" to prospective tenants Reinspect space at least once per year Estimate cost of improvements to make space habitable for next tenant
7. Set asking rate for each space at property
8. Manage operating costs:
Appeal taxes whenever appropriate Bid insurance package annually Obtain multiple bids for all outside contractor work Maintain list of acceptable outside contractors for all work where they are required
9. Maintain good tenant relations:
Keep property clean Visit with tenants periodically Respond to all tenant inquiries
10. Develop annually operating and capital spending forecasts for the next three years:
Update forecasts on a quarterly basis
Asset Management
1. Provide investors with:
Daily cash reports Monthly results of operations Income and expense Leasing activities Accounts receivables/payables Tenant move in/move out Capital projects Performance vs. budget Quarterly revised budgets Quarterly market revue Annual budgets for operations and capital spending going forward for three years
2. Hire, terminate, monitor and manage:
Property Manager Exclusive leasing agents General contractors for tenant improvement and capital improvement work All providers of professional services including lawyers, accountants and engineers
Construction Management
1. Hire professional team:
Architects Engineers Lawyers Accountants
2. Supervise design development
3. Develop leasing plan (e.g., space size, rents, tenant mix)
4. Develop construction project budget
5. Interview and hire general contractor/construction manager
6. Manage construction of project

Financial Controls/MIS
1. Develop information base for accurate budgeting:
Competitive rental rates, concessions and tenant improvement allowances Asking rates for every space at property based on such factors as office/warehouse mix, depth of retail space and location at the property An estimate of tenant improvement costs and leasing commissions for each space at property Required capital improvements and their estimated cost
2. Prepare on an annual basis:
Annual operating budget Three year operating and capital spending projections
3. Prepare on a quarterly basis:
Revised budget for remainder of year Revised projections for three year operating and capital spending plan
4. Prepare on a monthly basis:
Monthly and year-to-date operating results Accounts receivables report Accounts payable report Leasing activity report
Joint Venture/Partnership Administration
1. Maintain proper filings with all state and local authorities
2. Organize and supervise preparation of all state and federal tax filings
3. Prepare and distribute operating and financial reports for partners:
Annual operating and capital budgets Quarterly variance reports Quarterly "state of the property" reports Significant events as needed
4. Distribute cash flow on a periodic basis