Private real estate development company is seeking an Asset Manager to join its team located in Salt Lake City, Utah.
The Asset Manager’s objective is to oversee the company’s diversified commercial real estate portfolio, consisting of office, retail and industrial assets and manage its operations team, developing strategies and maximizing property values and investment returns by ensuring properties are positioned to their highest and best uses and operating at their highest potential. This position reports directly to the CEO.
- Develop an annual business plan including operating budgets, leasing strategy, market analysis, property/portfolio valuation, variance analysis of current budget versus initial underwriting, property development/repositioning plan including projected development costs and capital expenditures;
- Maximize total return for each asset through the analysis of property efficiencies and identifying opportunities for improved performance;
- Manage the capital improvement strategies and processes, including oversight of the construction management activities;
- Establish and implement aggressive marketing plan;
- Assess performance of the assets relative to original underwriting strategies or business plans, competitors, and market conditions;
- Manage real estate team, including internal and third-party property managers, leasing agents, brokers, consultants and attorneys, providing direction for and oversight of business plans, budgets, forecasts, leases, analysis and approvals;
- Oversee strategic direction of the leasing program, working in conjunction with the Leasing Team;
- Oversee negotiations on new leases and renewals, review and approve lease agreements;
- Create and update valuation models and prepare necessary monthly, quarterly, and annual reporting to the company CEO.
- Conduct occasional site visits and market reviews including tours of competing assets;
- Assist in acquisitions and dispositions;
- Ensure the properties are managed in accordance with the annual business plan;
- Ensure strategy for the portfolio aligns with ownership’s vision and direction;
- Work with local municipalities on planning, zoning and other regulatory issues;
- Must be available for travel and off hours business commitments;
- All other related duties as assigned.
- BA/BS in, real estate, finance or related field with strong record of academic achievement; graduate degree preferred;
- Minimum of 5 years’ experience as asset manager, including development of commercial properties in a portfolio in excess of $100 million;
- Experience in management of on-site and off-site operations team members and consultants, attorneys and brokers;
- Must demonstrate effective communication, negotiation, and writing skills;
- Must be highly organized, detail oriented, able to handle multiple concurrent projects and be able to independently identify and solve business problems personally and through team members;
- Strong understanding of real estate investment concepts including asset underwriting and valuation process, financing and partnership agreements, discounted cash flow analyses;
- Exceptional analytical skills and strong financial modeling skills, detailed property-level financial statement analysis, lease management, pro forma analysis and solid knowledge of real estate accounting and business law.
- Asset Management
5+ to 7 years
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