Networking with investment sales brokers in Atlanta and the rest of the Southeast at meals, drinks, phone calls, seminars, and trade shows to build relationships.
Review all potential shopping centers received via broker e-mails to determine which might be a potential fit for the company. Add each property that could be a fit to the internal Acquisition's To-Do List.
With the help of Market Research Analyst, run comparison demographics, market optimization maps, and market retailer maps for all properties on Acquisition's To-Do List.
Speak with broker and review all questions on “Acquisitions Checklist” to make sure company understands any potential risks with a given property.
Create proforma for each potential property using Excel modeling and manipulate assumptions on a deal-by-deal basis. This involves modeling in-place and stabilized cash flows for a shopping center, creating sensitivity analyses accounting for different variables in a transaction, and analyzing tenants’ sales and their relative strength in a property.
Visit properties and surrounding markets to study an area.
See the property at different times of day to understand its traffic patterns.
Spend time in surrounding market and neighborhoods to understand the position of the subject property in the market.
Send the property to the leasing team to get their input on the property.
Present properties to the internal Real Estate Committee (“REC”) to get approval to move forward with making an offer on a property.
Submit offers using company’s standard cover letter and letter of intent. All offers should be reviewed by legal before submitting. If there are multiple rounds of offers, coordinate with REC on revised offer(s).
If company is selected as the buyer for a property, work with legal to draft and review the Purchase and Sale Agreement.
Once under contract, use the “Acquisition's Due Diligence Smartsheet” to guide the due diligence and closing effort by coordinating all responsibilities and deadlines with company team.
Property Sales Responsibilities
With each property company is selling, obtain Broker Opinions of Value from multiple brokers to determine the appropriate team and asking price to sell a given property.
In coordination with members of the accounting, legal, and lease administration departments, assemble all due diligence files needed for prospective buyers.
As offers come in, coordinate with company’s broker to negotiate the LOI’s received. Prior to moving forward with a buyer, coordinate with REC for final approval.
Work with in-house attorneys to prepare and execute PSA and any other relevant agreements needed for a sale.
Monitor the progress of ongoing sales, making sure all parties meet the required deadlines to ensure a smooth transaction.
Coordinate the weekly Smartsheet review for all active development projects.
On a monthly basis, model cash flow projections for all development activity and forward to company’s CFO.
Poline Search Partners is an international executive search firm specializing in the shopping center industry. We serve property owners, developers, retailers and service providers who are seeking remarkable talent and work to align them with candidates who are eager for new growth opportunities. Since 1979, our team has been connecting companies and candidates with a commitment to integrity and client satisfaction—making us the industry’s most trusted leader in recruitment.