RED Development is seeking an accomplished Asset Manager with deep experience with Class-A office and mixed-use properties to join our team and drive results by overseeing the company’s office and mixed-use portfolio as well as other retail assets both in Dallas, TX and Phoenix, AZ.
The Asset Manager is expected to develop a comprehensive knowledge of each asset’s overall investment objective, and work closely with the Senior Vice President of Asset Management, Vice President of Property Operations, General Managers, and Leasing to identify and take ownership of performance goals and the operations of our properties to preserve and enhance the value. The Asset Manager is also primarily responsible for monitoring and communicating the performance against those goals, and for identifying, communicating, and resolving risks such as near-term lease expirations, or at risk tenants.
The Asset Manager coordinates and is primarily responsible for the development of business plans including leasing assumptions, expense recovery assumptions, budgets, capital replacement plans, and distribution projections, the management of project valuations, and financing arrangements for the centers.
This position also coordinates communication and reporting to our financial partners, and is integral in building and maintain strong relationships with capital partners.
Essential Duties and Responsibilities
Provide general oversight to each assigned property on behalf of ownership. Interface with, foster, and maintain positive relationships and partnerships with key, internal, external and cross-functional partners.
Proven ability to work independently as a leader and decision maker. Ability to work in an organized, efficient manner with a high level of accuracy, attention to detail, and follow-through. Must be able to creatively cope with shifting priorities, difficult situations and deadlines.
Manage third party resources including brokers, legal, LOD development and lease administration to accomplish project goals.
Read, interpret and assist in negotiating contracts, leases, and other legal documents. Provide Leasing Legal department with information needed to understand requirements of loan documents and other property documents (CC&R’s).
Manage the preparation and review of annual business plans and property budgets. Coordinate with VP Property Operations, General Managers, Property Accountants, and Leasing to ensure deadlines are met. Monitor and communicate the performance of each property on a monthly and quarterly basis, and conduct quarterly meetings with the VP Property Operations and General Managers to review performance against budget and update financial projections.
In addition to preparation of annual business plans, provide ad hoc proformas and specific project analysis, and budgets and financial schedules connected with implementing approved projects. Candidate must possess proficiency in Argus and excel in order to review the accuracy and quality of financial analysis and augment when needed.
Prepare leasing projections on a quarterly basis in consultation with the Leasing department. Oversee and ensure accuracy of monthly leasing summaries for internal and external review. Review all proposed renewals and new leases and compare to budget. Review and approve rent relief requests based on recommendations from General Managers and the Leasing department.
Oversee the preparation of 10-year capital replacement plans for each property in coordination with the VP Property Operations and the General Managers.
Prepare quarterly valuations for properties utilizing internally generated financial data and third party appraisals.
Coordinate reporting to financial partners and lenders to ensure compliance with all loan and partnership agreements related to properties.
Work with RED’s insurance representative and Senior Vice President Asset Management to ensure properties are properly insured with adequate coverage.
Coordinate with RED’s property tax consultant and Senior Vice President Asset Management to create property tax projections and manage property tax appeals.
Review and approve litigation budgets for property level collections and other legal matters.
Manage the collection of fees payable to RED (development, construction management, leasing legal, leasing, management, marketing, IT) to ensure RED is accurately collecting all fees due.
Monitor property level co-tenancy, lease expirations and sales kick outs and assemble in an accurate, easy to read format.
Assist in the financing and/or sale of properties by providing relevant information, which is well organized and accurate.
Assist accounting in ensuring financial controls and procedures are observed and utilized.
Understand the capital structure of each asset, and be familiar with both partnership and loan agreements including covenants, major decisions, and reporting requirements.
Assist in achieving annual Asset Management departmental goals.
May supervise non-exempt, exempt or professional employees. Carries out supervisory responsibilities in accordance with the organization’s policies and applicable laws. Responsibilities may include recruiting, interviewing, hiring and training employees; planning, assigning and directing work; appraising performance, rewarding, counseling and disciplining employees; addressing complaints and resolving problems.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Education and/or Experience (Required)
Bachelor’s degree in Finance, Real Estate, Economics, Business, or related field from four-year college or university. A Master’s degree would be a plus.
Minimum of 10 to 15 years of commercial real estate experience with at least 5 years related specifically to office asset management.
Strong critical thinking skills with the ability to effectively solve problems.
Strong knowledge of real estate accounting combined with exceptional analytical skills with ability to define problems, collect data, establish facts and draw valid conclusions.
Strong written and verbal skills with ability to write reports, business correspondence and procedure manuals.