The purpose of this position is to oversee the Asset Management and Client Relations for a portfolio of third-party owned commercial retail assets and to lead and manage the CBRE operational teams assigned to these assets.
This position manages the maximization of property level value and return for various assigned client portfolios. Searches for development, redevelopment, remerchandising opportunities at each property in order to maximize value and return for the client and fee potential for the organization.
Responsible for core, core+, value add properties and portfolios including sizeable portfolios with differing product types. Ability to manage development projects, re-development projects and team members at multiple properties/varying clients. This position includes various tasks/reports to support the MD Retail and the SMD Retail.
Responsible for Department administration, revenues, new business development and client care.
Single point contact for client for operational matters. Manages the client relationship(s) for the assigned property portfolio(s). Executes the property strategic plan in accordance with the respective client's portfolio strategy.
For each assigned asset, provides day-to-day coordination among agency leasing, property management, lease administration, accounting and construction teams.
Responsible for execution of the annual business/strategic plans of each client's assets; focuses on maximization of property cash flow and annual return levels, including appreciation return.
Directs agency leasing in the development of leasing strategies and tactics; targeting prospective tenants; assists in LOI negotiations; underwrites financial aspects of new and renewal leases, lease amendments and financial/valuation impact of the deal and on the property, underwrites tenant credit and business plans, negotiates in conjunction with assigned client counsel, all lease documents with tenant broker or tenant real estate reps. For certain properties, is directly responsible for completion of all renewal tenant leasing.
Tracks each property's financial results versus budget - monthly, quarterly and annually including summary results for client by client portfolios.
Coordinate construction of tenant improvements and other capital improvement projects with property management and construction teams. Prepares financial analyses of capital programs and effects on property value. Makes recommendations to client to proceed or not to proceed on each project. Tracks against budget.
Development and on-going oversight of annual property strategic plan. Oversight and review of annual property budget preparation including operating expense forecasts, annual capital expense forecast & 5 year capital expense plans. Directs and oversees the creation of annual leasing plans and projections with the assigned agency leasing teams.
Property Tax Appeals: Manages the annual property tax agent selection process for assigned properties. Coordinates annual protests of assessed values; makes informed recommendations to client regarding protests and the appeals process.
Leasing: Tracks property leasing activity versus budget quarterly and annually. Monitors tenant sales performance to ascertain potential issues; meets with poor performing tenants; manages tenant bankruptcy process with client counsel. Develops and oversees specific center requirements/restrictions (co-tenancy, exclusive rights to sell, use restrictions, etc.).
Reporting: Editing and review of monthly and quarterly client property reports. Prepares quarterly executive summary reports and leasing reports. Develops good knowledge of submarket activity, rental rates, trends, capital markets transactions and parameters, etc. through agency, IS brokers, third party brokers and research reports.
Oversees and prepares due diligence reports and analyses of potential property assignments including expense, market, leasing and valuation analyses. Oversees property disposition function and team including pre and post closing duties, estoppels, purchaser due diligence, property tours, etc.
"For certain clients and their contractual requirements, reviews, analyzes and critiques third party appraisals including preparation of reports with findings and recommendations for changes to the appraisal report. Produces ""one-off"" opinions of value, using various appraisal techniques in response to client requests.
New Business Pitches: Oversees and writes various sections of the pitch, including property condition and strategy. Analyzes fee potential and writes fees section of the pitch with input from Agency leasing. Leads various portions of the oral pitch presentation. Follows up with the client prospect on additional items needed and status.
In conjunction with the MD and CBRE counsel, negotiates Property Management and Leasing Agreements with new clients and for new properties and amendments to contracts with existing clients. Negotiates Sub-Management and Sub-Agency Leasing Agreements with third party vendors where necessary.
Other duties may be assigned"
Formal responsibility for Department personnel management. Asset Managers and Director(s), Asset Management report directly to this position; prepares and delivers performance appraisals for these staff members. Plans and monitors appropriate staffing levels within the department including staff recruitment, selection, promotion, advancement, corrective action and termination; makes recommendations to next level management for review and approval. Plans and supervises assignments of lower level staff. Mentors and coaches team members to further develop competencies. Leads by example and models behaviors that are consistent with Company values.
Typically coordinates and assigns tasks to subordinates and co-workers within each property/client operational team.
With broader and deeper capabilities than any other company, CBRE is the leading full-service real estate services and investment organization in the world.
CBRE Group, Inc. is the world’s largest commercial real estate services and investment firm, with 2017 revenues of $14.2 billion and more than 80,000 employees (excluding affiliate offices). CBRE has been included in the Fortune 500 since 2008, ranking #214 in 2017. It also has been voted the industry’s top brand by the Lipsey Company for 17 consecutive years, and has been named one of Fortune’s “Most Admired Companies” in the real estate sector for six years in a row. Its shares trade on the New York Stock Exchange under the symbol “CBRE.”
CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.