Director, Transactions and Development
Founded in 1984, our client is a comprehensive real estate firm headquartered in Washington, DC with a full-service office in Beverly Hills, CA. They specialize in the acquisition, development, redevelopment, and value enhancement of mixed-use properties and shopping centers. The company takes a long-term, conservative approach to real estate ownership and development actively seeking new projects in their core markets of Washington, DC and Southern California. They have developed or acquired a $2 billion portfolio totaling 6 million square feet with an active development pipeline valued at over $1 billion.
Reporting to the Executive Vice President, Acquisitions and Development, the Director is responsible for the disposition of identified properties within the existing retail portfolio, working with the acquisitions team to implement strategic asset management initiatives. The incumbent establishes and maintains relationships with property owners, investors, brokers and others active in the acquisition of real property in the markets where disposition assets are located.
- Education: Bachelor’s degree in Business, Finance, Real Estate, or related field required; MBA preferred.
- Experience: Minimum of seven (7) to ten (10) years of experience in either DC Metro or Southern California commercial real estate markets, with strong contacts among real estate owners and brokers and broad experience negotiating, analyzing, managing due diligence and closing real estate transactions. Must possess superior, demonstrated knowledge of developing and utilizing commercial real estate financial pro-formas.
- Skills: Must have proven ability to network and develop productive relationships and demonstrate skill developing and managing teams of professionals. Must possess excellent communication, negotiation, analysis and problem-solving skills. Must be able to work on multiple deals simultaneously and travel to the CA office as needed. Computer literacy required including a strong working knowledge of MS Office (Outlook, Word, Excel) in a Windows environment. Must be proficient in Argus.
NATURE AND SCOPE:
- Manages the disposition of portfolio properties, including identifying and selecting brokers, preparing marketing packages to submit to brokers, reviewing and commenting on broker prepared offering memorandum, identifying and contacting prospective buyers, performing analyses on offers received and making recommendations to owner, negotiating sale terms, managing due diligence process and closing.
- Acts as lead negotiator for all dispositions (east and west coast); reviews and comments on purchase and sale agreements, develops and maintains positive relationship with counsel and other service providers for each owner in the sale of assets.
- Performs financial analysis (Excel and Argus) as needed to support the listing and sale of assets; addresses buyer inquires during due diligence and resolves issues; prepares, sends out and receives tenant estoppels, tenant notices and other items required by purchase and sale agreement for closings; reviews prorations and settlement statements for accuracy and completeness.
- Evaluates capital markets impact on dispositions. Prepares internal valuations of target disposition assets.
- Prepares disposition status report for, and participates in, inter-departmental acquisitions/dispositions meeting with ownership; communicates regularly with internal Executive team.
- Travels between DC and CA offices to facilitate the sale of identified assets.
- Assists the members of the Acquisitions and Development Department with establishing broker relationships and touring new markets/submarkets.
- Assists the members of the Acquisitions and Development Department with sourcing acquisition opportunities.
- Assists members of the Acquisitions and Development Department underwriting new ground-up residential and mixed-use (retail & residential) development projects.
ESSENTIAL JOB FUNCTIONS:
- Maintenance of excellent relationships with property owners, developers, brokers and other relevant industry professionals in the current and prospective markets.
- Maintenance of knowledge of existing markets.
- Keeps abreast of industry activities and environment including what types of deals are possible, who are the key players and the current cap rate and financing environment.
- Excellent working knowledge of property valuation analysis and commercial real estate underwriting.
- Highly experienced with Excel and Argus.
- Adopts a collaborative approach with company colleagues, so when the need arises for their cooperation and assistance, both are provided timely and thoroughly.
- Critically assess purchaser offers (certainty of closing, adequacy of price, market rate terms and provisions, etc.) and presents analyses and recommendations to management.
- Implement strategic initiatives and close transactions as approved by management.