Hughes Marino Adds Lease Audit DivisionWednesday, June 15, 2011
San Diego-based commercial real estate brokerage firm Hughes Marino Inc. has established a new lease audit services division. A June 14 company statement said the unit is being led by long-time real estate executive Ed Muna, who previously worked for seven years with locally based development firm Lankford & Associates.
The company said the new offering includes review services to ensure property owners are charging operating expenses in compliance with leases negotiated with tenants.
“These property owners want to keep their tenants happy and maintain long-term relationships, so when a discrepancy is identified we have found that most owners immediately acknowledge and address any issue,” Muna said.
Muna said when discrepancies are identified, the recovery can be in the tens of thousands of dollars. He cited one example of a recovery in excess of $30,000 for a not-for-profit office client.
Muna oversaw management and leasing of Lankford properties, including the downtown Advanced Equities Plaza. He also worked 10 years with Southwest Value Partners, which was among downtown’s largest landlords after acquiring several high-rises during the 1990s.
— Lou Hirsh