The Acquisitions Associate will directly support the Vice President, Investments in all aspects of sourcing, underwriting, and executing net lease transactions on behalf of the firm including providing negotiation support on preliminary pricing and terms, assisting in gathering Due Diligence items and ultimately closing acquisitions. This position requires financial underwriting and real estate due diligence experience combined with strong communication and relationship building skills.
Qualify potential deals and determine which ones are worthy of underwriting and presentation to the Chief Investment Officer and Investment Committee, including evaluating the stability, value-add potential and long-term retail appeal for each acquisition opportunity, with particular focus on the desirability of the location, condition of the physical plant, position relative to competition, and ability to maintain and increase NOI.
Develop and implement a marketing plan covering all aspects of acquisition activity for assigned territory. This includes gaining a thorough understanding of and ability to share the company’s buying parameters. This marketing plan will include the identification of key owners and brokers and specific target markets with routine scheduled meetings with those owners/brokers and prospecting trips to those markets.
Identify and establish good working relationships with investment brokers, leasing brokers, shopping center owners (institutions, REITs, and private), lenders, servicers and other parties in in order to source as many qualified acquisition opportunities as possible.
Work with asset management, leasing, property management and finance to create and clearly communicate a realistic business plan for each acquisition.
Execute and/or manage the underwriting of each qualified potential acquisition.
Execution of comprehensive negotiations plans for each potential acquisition – beginning with the Letter of Intent, through drafting the purchase contract and any amendments, to closing with the seller.
For properties under contract, work with the Due Diligence Team in completing the due diligence process and, where necessary, assist with any contract modifications/amendments, etc. needed to facilitate closings.
Maintain pipeline database that tracks activity related to contacts, prospecting and potential acquisitions.
Visit us at RECon booth C184G
Bachelor’s Degree in Finance, Real Estate or related field of study.
5 + years of experience in net lease real estate acquisition, valuation, analysis and due diligence.
Must possess a high level of financial proficiency, including the ability to read, analyze and interpret complex financial reports.
Experience with MS Excel and ARGUS or other portfolio analysis software.
Strong verbal and written communication skills as well as relationship building skills.
Experience negotiating and drafting real estate leases and contracts a plus.
Excellent organizational skills, attention to detail and the ability to work efficiently in a fast-paced, team environment.
Willingness to relocate and work from a corporate office in Park City, UT. A remote arrangement may be considered for the ideal candidate
Visit us at RECon booth C184G
About PREP Property Group
With a legacy of transforming retail properties, PREP Property Group (PREP) has the expertise and experience to optimize retail property value. PREP has incorporated Phillips Edison & Company's former development and strategic retail divisions and focuses on the acquisition, repositioning and management of power and lifestyle centers, enclosed malls, mixed-use retail projects and single-tenant developments. PREP is a fully integrated real estate operating and asset management company. The company has expertise in every discipline of retail shopping center operation and management. Through the execution of a focused investment strategy, PREP identifies optimal target locations and leverages its management team's long-standing relationships with brokers, property owners and retail tenants, to identify and capitalize on development and redevelopment opportunities.
PREP offers two divisions with highly specialized teams:
The Strategic Investment Funds (SIF) team focuses on complex properties such as power centers, enclosed malls and mixed use projects.
The Net Lease Investments (NLI) team focuses on single-tenant projects.
PREP is well capitalized and prepared to build a... significant portfolio of net lease and strategic investment assets with significant opportunities to create meaningful value.