Retail - Associate Director of Asset Management
hace 2 días
San Diego
We are seeking an experienced and highly motivated Associate Director of Asset Management to oversee the financial and operational performance of a portfolio of retail and commercial real estate assets. This individual will play a key role in maximizing property value, improving operational efficiencies, managing tenant and property-related matters, and supporting leasing, capital improvements, and development initiatives. \n \n The ideal candidate will have a strong background in commercial real estate asset management, prior hands-on retail property management experience, and a thorough understanding of property-level accounting, CAM reconciliations, lease administration, and lease negotiations. \n \n This position requires an analytical, detail-oriented professional who can work independently, manage multiple priorities, communicate effectively with ownership, and collaborate with property management, leasing, accounting, and project management teams to execute portfolio objectives. \n \n Key Responsibilities \n \n Asset Management & Portfolio Oversight \n\n • Oversee the day-to-day asset management of a portfolio of retail and commercial properties, with a focus on maximizing asset value, operating performance, and investment returns.\n, • Conduct regular portfolio reviews, including analysis of property financials, operating performance, occupancy, leasing activity, and capital expenditures.\n, • Prepare and present periodic property performance reports, financial analyses, and strategic recommendations to ownership.\n, • Identify opportunities to increase revenue, reduce operating expenses, improve tenant retention, and enhance overall portfolio performance.\n, • Develop and monitor annual property operating budgets, capital expenditure budgets, and financial forecasts.\n, • Evaluate property performance against budgets and business plans, investigate variances, and recommend corrective actions.\n, • Coordinate with third-party property management companies and internal teams to ensure properties are operating efficiently and in accordance with ownership objectives.\n, • Conduct periodic property inspections to evaluate physical condition, maintenance requirements, and opportunities for improvement.\n\n \n Financial Management, Accounting & CAM Reconciliations \n\n • Review and analyze monthly and annual property financial statements, including operating statements, general ledgers, balance sheets, and budget-to-actual reports.\n, • Oversee the preparation, review, and completion of annual Common Area Maintenance (CAM), property tax, and insurance reconciliations.\n, • Ensure accurate allocation and recovery of operating expenses in accordance with tenant lease provisions.\n, • Work closely with accounting and property management teams to resolve discrepancies, review tenant charges, and ensure accurate financial reporting.\n, • Monitor accounts receivable, tenant delinquencies, operating expenses, and other key property-level financial metrics.\n, • Review and approve property-related expenditures, vendor contracts, and capital improvement budgets within established authority.\n, • Support annual budgeting, forecasting, cash flow projections, and property-level financial reporting.\n, • Maintain a strong understanding of commercial real estate accounting practices and financial controls.\n\n \n Leasing & Tenant Relations \n\n • Work closely with leasing teams and ownership on lease negotiations, renewals, amendments, expansions, and tenant retention strategies.\n, • Review and evaluate lease proposals, including rental economics, concessions, tenant improvement allowances, and their financial impact on the property.\n, • Understand and interpret commercial lease provisions, including CAM reimbursement structures, expense recoveries, maintenance obligations, and landlord/tenant responsibilities.\n, • Assist in negotiating business terms for new leases, renewals, and lease modifications.\n, • Serve as a key point of contact for tenant-related issues that require ownership involvement or asset-level decision-making.\n, • Monitor lease expirations, occupancy trends, and leasing opportunities to minimize vacancies and maximize rental income.\n, • Collaborate with property managers to ensure lease compliance and timely resolution of tenant concerns.\n\n \n Project Management & Capital Improvements \n\n • Coordinate closely with the internal project management and construction teams to ensure the successful execution and completion of tenant improvement projects, tenant buildouts, and property capital improvements.\n, • Monitor project schedules, budgets, construction progress, and key deliverables to ensure projects are completed on time and within approved budgets.\n, • Facilitate communication among ownership, tenants, contractors, architects, consultants, and property management teams.\n, • Review tenant improvement obligations under lease agreements and ensure timely delivery of landlord responsibilities.\n, • Assist in resolving construction-related issues, coordinating tenant turnover, and facilitating tenant openings.\n, • Support the evaluation and implementation of property renovations, repositioning initiatives, and other value-add improvements.\n, • Track project costs, tenant improvement allowances, and capital expenditures against approved budgets.\n\n \n Acquisitions, Development & Strategic Initiatives \n\n • Assist with financial underwriting, due diligence, and investment evaluations for potential acquisitions and development opportunities.\n, • Review property financials, lease structures, operating expenses, and anticipated capital requirements for prospective investments.\n, • Conduct market research and competitive analyses to identify opportunities, potential risks, and strategies for improving asset performance.\n, • Collaborate with development and construction teams on projects from acquisition through stabilization, as applicable.\n, • Assist in preparing business plans, financial models, and investment recommendations for ownership.\n\n \n Qualifications \n \n Required Experience & Skills \n\n • Bachelor's degree in Real Estate, Finance, Accounting, Business Administration, Construction Management, or a related field.\n, • Minimum of five (5) years of professional experience in a commercial real estate asset management role.\n, • Previous hands-on property management experience specifically involving retail shopping centers or commercial retail properties.\n, • Strong working knowledge of CAM reconciliations, expense recoveries, property-level accounting, and commercial real estate financial statements.\n, • Demonstrated experience reviewing property operating budgets, financial statements, cash flow forecasts, and variance analyses.\n, • Solid understanding of commercial lease structures, lease administration, and lease negotiation, including retail lease economics and landlord/tenant obligations.\n, • Experience coordinating tenant improvements, retail buildouts, capital improvement projects, and construction-related activities.\n, • Ability to independently evaluate property performance, identify issues, develop recommendations, and communicate findings to ownership.\n, • Strong organizational and project management skills with the ability to manage multiple properties, projects, and deadlines simultaneously.\n, • Excellent written and verbal communication, negotiation, and interpersonal skills.\n, • Proficiency in Microsoft Excel, financial analysis, and commercial real estate reporting tools.\n, • Familiarity with commercial property maintenance, vendor management, building systems, and relevant regulatory requirements.\n, • A proactive, solutions-oriented approach with strong attention to detail and accountability.\n\n \n Preferred Qualifications \n\n • Yardi experience strongly preferred.\n, • Experience managing multi-property retail portfolios, including neighborhood shopping centers, grocery-anchored centers, and multi-tenant retail properties.\n, • Experience working directly with commercial real estate owners, developers, or private investment firms.\n, • Familiarity with commercial real estate acquisitions, development, and value-add investment strategies.\n, • Experience presenting financial performance, portfolio updates, and strategic recommendations directly to senior leadership or ownership.\n\n \n Ideal Candidate \n \n The successful candidate is a hands-on asset management professional who combines strong financial and analytical skills with practical experience in retail property operations. \n \n This individual should be equally comfortable reviewing a property's financial statements, evaluating a CAM reconciliation, negotiating tenant lease terms, visiting a property to address operational concerns, and coordinating with project managers to bring a tenant buildout to completion. \n \n We are looking for someone who takes ownership of their responsibilities, exercises sound judgment, proactively identifies opportunities and challenges, and can effectively manage both the financial and physical aspects of a commercial real estate portfolio.