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Portfolio Manager or Senior Portfolio Manager

Location:

Pittsburgh, PA


Company Description:

Our client is a full-service, privately held developer, owner and operator of grocery-anchored retail real estate.  As one of the leading retail developers in the U.S., they are highly focused on the ever-evolving, necessity-based marketplace, prioritizing properties that are an integral part of everyday life, anchored by the stability of grocery and enhanced by a strong tenant mix. Our client is fluent in all aspects of retail real estate, including acquisitions, development, leasing, and property management. They have successfully developed grocery-anchored shopping centers, neighborhood shopping centers and regional shopping centers ranging in size from 100,000 SF to over 1,200,000 SF.


Position Description:

Our client is looking for a Portfolio Manager or Senior Portfolio Manager to be based in Pittsburgh.  The Portfolio Manager’s primary function is to gather information about the status of all aspects of the company’s multi-tenanted properties and serve as the primary resource as the provider of this information to the Vice President of Portfolio Management.

Job Responsibilities:

  • Create the chart of NNNs for each center for leasing department’s use. Collaborate with Analyst Group to streamline and improve the current manual process which uses the prior year reconciliations, and tax and insurance expenses.
  • Receive and review Sales Reports from Legal/Lease Administration and recommend next steps for non-compliant tenants.
  • Work with outside counsel on coordinating tax appeals. Monitor tax appeal assessments and evaluations performed by third party consultants.
  • Review and report annual grocery anchor sales per square foot data.
  • Perform CAM/REA deep dives to ensure that Accounting is invoicing Tenants & REA owners according to their lease or pertinent REA/Declaration document; provide recommendations to VP on whether discounts/reductions are warranted.
  • Perform a quarterly review of the LOC Borrowing Base and Compliance report provided by the Analyst group.
  • Review Quarterly Variance Reports to measure and monitor property performance against budget. Report significant variances to VP and senior management.
  • Responsible for preparing required reporting for VP to deliver to Joint Venture partners.
  • Periodically visit and tour assigned properties, attend trade shows, meet with industry peers to gain information on peer company internal processes.
  • Have proficient knowledge and understanding of various management and lease agreements to be able to research tenant/lease issues and make recommendations to VP.
  • Collaborate with Leasing group and Accounts Receivable Specialist to assess prospective commercial tenants’ businesses and credit worthiness and to approve LOIs for prospective tenants.
  • Annually review all rent rolls while creating/updating business plans. Work with Lease Administration and Accounting to make changes/corrections as needed.
  • Collaborate with the Property Controller in the Accounting group on a quarterly basis to maintain and review ARGUS excel spreadsheets to help identify where there may be NOI issues.
  • On a bi-annual basis and in collaboration with the Analyst group, monitor property level financial performance against original acquisition proforma.
  • High level of participation and input in annual property budget process.
  • Assist in annual property level allocation of Property and Casualty insurance premiums.
  • Assist and participate in the construction loan process as needed.

Qualifications:

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.

Language Ability:

Ability to read, analyze, and interpret leases and other legal documents including easements, and title documents, general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.

Math Ability:

Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume. Ability to apply concepts of basic algebra and geometry.

Reasoning Ability:

Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.

Computer Skills:

To perform this job successfully, an individual should have strong knowledge of Microsoft Office and be highly proficient in Microsoft Excel.  Experience in MRI software and ARGUS software preferred.

Education/Experience:

Bachelor’s degree (B. A. / B. S.) from four-year college or university and 8-10+ years’ experience in the Retail Real Estate Industry is preferred.

Knowledge, Skills, and Other Abilities:

  • Knowledge of commercial real estate transactions
  • Proficient analytical thinker
  • Attention to detail
  • Professionalism
  • Time management skills
  • Teamwork skills
  • Ability to thrive in a fast-paced and high-pressure environment

To learn more about this position, contact: Cindy Shoemaker | (412) 339-5374 | cshoemaker@crownsearch.com

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