Retail Real Estate Manager jobs in Newark, DE

The Asset Manager will be responsible for the day-to-day financial asset management of a 2.5 million square foot portfolio of office properties located in the Philadelphia MSA (with a concentration in the Wilmington, DE market), as well as garages and land. The asset manager will maximize the value of assigned assets through the coordination and implementation of near-term and long-term property business plans and strategies. The candidate will oversee all financial matters for the portfolio including cash management, lease analysis, budgets, capital improvement projects, and investor correspondence.

• Assume day-to day asset management related responsibilities working directly with members of senior management, finance, accounting, leasing, operations, legal and construction teams.
• Establish one point of contact for asset information, oversight, and decision-making, with the support of senior management.
• Enhance/implement process for tracking asset performance and providing institutional level reporting to the investors on a quarterly and annual basis.
• Primary contact for communication/approvals with lenders and equity partners, as required.
• Analyze and provide recommendations on investment and operational decisions such as lease negotiations, property capitalization strategies, property sales strategies, and capital improvement programs.
• Implement strategies to maximize the financial performance of the assigned assets.
• Coordinate, approve and present annual property budgets and forecasts.
• Monitor overall performance of assigned assets against established goals and approved budgets.
• Complete financial analyses of prospective leasing deals, maintain property Argus files and coordinate lease administration communication flows on assigned assets.
• Complete annual mark-to-market valuation of the portfolio to determine buy/sell/hold recommendation and forecast investor returns.

• Work with property managers and responsible parties on:
  • Preparation of annual budgets and business plans for each asset and pool of assets.
  • Expense analysis relating to real estate tax appeals, energy conservation, insurance, cleaning, security, etc.
  • Establish property capital needs and corresponding costs and evaluate the impact to cash flows/shortfalls. Oversee implementation and necessary funding.
• Work with accounting team to track funding/completion of capital expenditures and tenant improvement projects.
• Analyze Monthly/Annual Budget vs. Actual individual property and portfolio results:
  • Track positive or negative trends and potential issues.
  • Oversee waterfalls and distributions to investors.
  • Continually monitor rollover exposure for effects on value.
• Reinforce lines of communication between property management and senior management to facilitate respective responsibilities, current processes and contribute/assist where possible.
• Create and maintain annual distribution budgets and track quarterly distributions and provide detailed explanation of variance as applicable.

• Communication with in-house Leasing Managers and agents- attend weekly in-house leasing meetings, as well as periodical third party leasing agent meetings.
• In conjunction with in-house leasing team:
  • Establish financial leasing guidelines (term, rate, TIs, LCs) and ensure that prospective lease deals are in-line with projections/underwriting.
  • Establish leasing assumptions for annual budgets.
  • Review/Analyze lease proposals with Excel or Argus to understand effect on value.
• Continued oversight of lease approvals and the process.
• Directly communicate with lenders and equity partners if lease approval is required.
• Ensure proposed lease approvals or rejections occur in a timely fashion.
• Maintain general knowledge of local market conditions and competition.

• Partner with Capital Markets team on the refinancing and recapitalization of assets with the support of the finance team.
• Track assets and sub-portfolios looking for disposition and financing opportunities.
• Prepare Hold/Sell Analysis - provide guidance for assets on potential dispositions or other significant capital events.
• Lead efforts with Capital Markets team on loan/partnership restructurings.

• Work with Operations/Accounting to provide a roll-up of monthly financial results for the portfolio.
• Prepare investor reporting and detail performance/trends/highlights.
• Monitor assets with current/potential risk issues.
• Prepare Annual Business Plans.
• Maintain portfolio debt schedule and monitor loan expirations in order to manage upcoming maturities and mitigate financing-related risks.
• Lead investor calls and meetings.
• Provide financial support for company semi-annual board meetings.

• Prepare annual mark-to-market asset valuations for possible dispositions/refinancing/capital infusion decisions.
• Provide summary of market valuations - assumptions, period to period comparisons
• Point of contact for communication with any third-party appraisers, providing required information and reviewing draft appraisals.

• Asset Management experience in office and multi-family product in the greater Philadelphia market preferred.
• Currently living in Philadelphia MSA preferred.
• Strong quantitative skills and financial analysis experience.
• Excellent financial and analytic skills and demonstrated proficiency with financial modeling. Ability to use Excel spreadsheets and Argus to perform return analysis of potential deals/investments. Knowledge of real estate valuation principles and techniques, as they relate to acquisition, renovation, disposition, and financing of real estate assets would be helpful.
• Excellent attention to detail.
• Reasoning Ability: Define problems, collect data, establish facts, and draw valid conclusions.
• Communication Skills: Proven written, verbal, and interpersonal communication skills.
• Proficiency in ARGUS, MS Word, Excel, and database applications.
• Ability to work successfully as an individual and on a team.
• Experience interacting with lenders and institutional equity investors preferred.

• 
  Minimum 5-7 years real estate experience.

• 
  Requires prolonged sitting or standing.
• Requires frequent operation of office equipment, such as a computer, copy machine, telephone, etc.
• Occasional stretching and / or bending to access file cabinets, office equipment, etc.
• Occasional standing and walking required.