Thank you for your interest in CBRE. This position is being published in an effort to build our candidate pipeline for our upcoming opportunities. If an opportunity opens that matches your qualifications, we will reach out to you at that time. We are building a world-class organization with a world-class team and appreciate your interest in CBRE.
JOB SUMMARY 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.
ESSENTIAL DUTIES AND RESPONSIBILITIES 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
SUPERVISORY RESPONSIBILITIES 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.
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 EXPERIENCE
Bachelor's degree (BA/BS) from 4-year college or university in Finance, Real Estate, Business or related field with strong record of academic achievement. MBA or MS is desirable. Minimum of 15 or more years of professional experience in the commercial real estate industry - Retail property experience is a must.
Experience with institutional property owners (pension fund advisors, REITs, insurance companies, etc.).
CERTIFICATES and/or LICENSES
Real Estate License Required. If no graduate degree, CCIM is desirable.
Ability to comprehend, analyze, and interpret the most complex business documents. Ability to respond effectively to the most sensitive issues. Ability to write reports, manuals, speeches and articles using distinctive style. Ability to make effective and persuasive presentations on complex topics to employees, clients, top management and/or public groups. Ability to motivate and negotiate effectively with key employees, top management, and client groups to take desired action.
Requires in-depth knowledge of financial terms and principles. Reviews complex financial/business analysis and reports prepared by subordinates. Ability to analyze the most complex business/financial data and develop innovative solutions. Develops and implements financial policies and procedures. Approves and oversees department budget. REASONING ABILITY
Ability to solve advanced problems and deal with a variety of options in complex situations. Requires expert level analytical and quantitative skills with proven experience in developing strategic solutions for a growing matrix-based multi-industry sales environment. Draws upon the analysis of others and makes recommendations that have a direct impact on the company.
OTHER SKILLS and/or ABILITIES
Proficiency in MS Word and Excel; proficiency in ARGUS software required; proficiency in Pro- Calc Software required. Strong financial modeling skills, including discounted cash flow, net present value and IRR analyses. Proficiency in real estate appraisal and various approaches to value.
SCOPE OF RESPONSIBILITY
Decisions made with in-depth understanding and interpretation of procedures, company policies and business practices to achieve complex results. Responsible for setting project, department and/or division deadlines. Errors in judgment may cause long-term impact to line of business and/or overall company.
Internal Number: 19029626
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.