Spring and summer provide a great opportunity to perform necessary repair and replacement of asphalt parking and driveway surfaces, as the warm temperatures assist in curing and drying new asphalt. During the winter months, we prepare our budget and identify properties that are in need of action in the upcoming year. By proactively monitoring the condition of driving surfaces at each of our properties, we can prolong the need to fully remove and replace asphalt (which is considerably more expensive). During a repair, a seal coat is placed on the top layer of the asphalt, which protects the underlying, lower layers. In some cases, even after regular coating maintenance it becomes necessary to replace the asphalt. When a replacement is required, we work closely with our vendors to obtain multiple bids to ensure we are performing our tasks as effective property stewards.

With a diverse property portfolio, spanning from the East Bay to Central Valley, we work diligently to vet and select vendors that are able to provide us with quality work at competitive pricing. At Mariposa Industrial Center and Benicia Industrial Park facilities, heavy truck traffic throughout the day has highlighted the need for new asphalt. Given the extensive size of these properties, we have implemented a phased approach to minimize disruption to tenant operations. The asphalt work was completed without a hitch, and both Cranbrook and our tenants were extremely satisfied with the results. With proper maintenance, we expect the asphalt will provide many years of use before a replacement is necessary.

While not as extensive as asphalt replacement, proper seal coating helps extend the life of existing asphalt and gives properties a fresh, clean look. A newly coated black asphalt parking lot with bright white stripes is an attractive look and shows our attention to property detail before our guests and tenants enter our facilities. At Buskirk Executive Center, our office property in Walnut Creek, we recently completed a lighting upgrade in the secured underground parking area. We completed the project by seal coating the asphalt and painting new parking stall lines which gave a dramatic new look to the parking area. We completed similar asphalt seal coating projects at Catalina Street and Breakwater Business Park. We are working hard on multiple projects across our property portfolio from the security fencing and solar projects at ACC, to re-roofs, HVAC and electrical upgrades at multiple properties.