CIRE Equity makes strategic investments in retail, office, industrial, and multi-family properties, with a particular focus on the Southwestern United States. We focus on building a best-in-class organization to create and sustain prosperity for our community of stakeholders. We believe that a large part of success is aligned around our unique core values that form our cultural DNA. We create an environment that allows our tenants, team members, and partners to show up as their authentic selves and bring their diversity of thought and experiences to share openly which drives better results and more innovation. We provide the resources for growth personally and professionally, as we believe our greatest assets are our quality relationships with our community of stakeholders.
What Makes CIRE Special
At CIRE Equity, we want our employees to be successful, and we believe that a large part of success is aligned around our unique core values that form our cultural DNA.
Relentless Cultivation of Our Potential
Executing Beyond Expectations
Innovative Thinking to Produce Value
Building Relationships Through Sincere Interactions
We value our team members emotional intelligence and awareness more than just technical skills because we believe creating a safe place to share openly and receive direct feedback leads to higher functioning teams and resilience to overcome any challenge. We work hard and play harder, celebrating company success as a team.
Purpose Of Position
The Senior Asset Administrator will communicate directly with the executive team and be relied on to closely monitor, maintain, and enhance the financial performance of each asset. Specifically, the Senior Asset Manager is expected to engage in all aspects of asset management including post acquisition transition, property leasing, operations and construction management oversight, implementation of value-add initiatives, performance analysis, and disposition. An ideal candidate will achieve results through strong leadership and effective management of others, will be proactive and take initiative in our fast-paced, ever changing environment.
Acquisition/On-Boarding/Disposition – Assist the acquisition department and executive team in the acquisition, on-boarding, and disposition of assets. Tasks include, but are not limited to:
- Aid Transaction Coordinator in due diligence review process
- Manage and complete post-closing items
- Manage on-boarding checklist tasks
- Interview and input on the hiring of a leasing team
- Complete onsite inspection
- Review lease abstracts, CC&R’s and other property specific documents
- Review and verify initial operating budget assumptions
- Review leasing assumptions and input on local market knowledge
- Manage and complete disposition checklist tasks assigned
Strategy – Work closely with the executive team to implement, monitor and adjust the global strategy for each asset and maintain a deep understanding of the performance and trajectory of each asset. Tasks include, but are not limited to:
- Implement strategy determined by the executive team and make recommendations throughout the life of the asset if directions need to shift
- Oversee capital improvements strategy and budget
- Monitor ongoing strategic direction and identify potential issues
- Quarterly review of distributions
- Deep understanding of leases, CC&R’s and all documents controlling the property
- Strong market knowledge and factors that could influence the performance of the asset
Leasing – Manage the leasing team and spearhead all leasing/marketing efforts, including, execution of logistics, related to each asset. Tasks include, but are not limited to:
- Manage leasing team to achieve property goals and check-in regularly on activity
- Identifying and managing critical deadlines
- Run Lease Analysis on lease proposals
- Lease negotiations and reviews
- Strategy and implementation of lease renewals
- Respond to lease proposals in a timely manner
- Screen potential tenants through background checks, financial data review, and tenant interviews
- Draft new leases and amendments
- Ensure accuracy of lease abstracts into accounting software
- Have an in-depth knowledge of the market and competing properties
- Monitor property rent rolls and proactively manage upcoming lease expirations
Accounting/Financials – Maintain an understanding of the financial condition and performance of each property and proactively identify capital needs or deviations from the business plan. Tasks include, but are not limited to:
- Review monthly financials
- Review and understand any variances on the monthly financials
- Provide narrative on Proforma variance
Investor Relations/Reporting – Assist the investor relations department with all investor correspondence. Tasks include, but are not limited to:
- Providing updates on projects
- Review quarterly investor letters
- Completing the quarterly report template with asset management activity for the quarter
Lender Compliance – Ensure compliance with all loan covenants is maintained at each property. Tasks include, but are not limited to:
- Understand loan structure and lender requirements
- Manage critical dates and deliverables
- Ensure compliance with partnership and loan covenants
- Ensure leases obtain lender approval if applicable
Property Operations – Oversee all aspects related to operation and performance of each asset. Tasks include, but are not limited to:
- Work with property manager to ensure the upkeep of the property
- Build relationships with existing tenants
- Perform regular property site visits to ensure proper maintenance of assets
- Create annual operating budgets, in conjunction with executive team and property manager(s)
- Ensure properties are operating within annual budgets
Credit/Default – Proactively manage credit issues and administer the resolution of all defaults within the portfolio. Tasks include, but are not limited to:
- Review A/R monthly
- Make decisions on delinquent tenants and follow through the default process with the Property Manager
- Assist in the negotiation of settlements/judgements
Construction Management – Monitor all ongoing construction projects within the portfolio (internal and external) and ensure proper setup, execution, and timely completion with minimal liability to each tenant and/or property. Tasks include, but are not limited to:
- Work closely with Construction Managers to ensure Landlord work, including Tenant TI, Build-to-Suits, Capital Improvements, Parcel Splits, etc. is completed on schedule and within budget
- Work with local municipalities to build relationships and push through projects
- Possess a self-motivated, analytical, inquisitive, passionate, and humble mindset.
- Strong emotional intelligence which includes effective interpersonal skills, self-awareness, self-control, social perception, and social management.
- Clear and effective communication skills, both verbal and written, including ability to generate clear, professional reports and correspondence.
- Highly effective negotiation skills.
- Ability to solve problems and deal with a variety of variables in unique situations where only limited standardization exists.
- Ability to interpret legal documents such as commercial leases, CC&R’s, listing agreements, management agreements, loan agreements and service contracts.
- Familiarity with real estate financial statements including profit and loss statements, balance sheets, and cash flow statements.
- Proficient in real estate finance with ability to perform ad hoc financial analysis and calculate NOI, IRR, and ROE.
- Ability to analyze and structure prospective leases, calculate lease yields and returns, and perform pro forma comparisons.
Job Experience Qualifications
- Bachelor's degree with a major/concentration in business or finance is preferred.
- 4+ years of experience in commercial (retail, industrial, office) real estate.
- 3+ years in commercial asset management.
- Intermediate to advanced computer skills, including proficiency with MS Office Suite and video conference tools (e.g. Zoom, Teams, etc.). Proficiency with Excel is essential (data management, pivot tables, etc.).
- Financial analysis experience preferred.
- Argus Valuation and MRI experience preferred.
- Ability to travel 25% of the month to multiple states.
Reporting Structure: Position reports directly to COO & EVP, Alexis Volen
Vital Goals/Performance Measurements
- Maintain and enhance the value of assets under management.
- Exercise of highly effective leadership and supervisory skills in the management of leasing teams, property management teams, contractors, and property vendors.
- Closely monitor asset performance, distill key indicators, and present asset summaries to executive team.
- Proactively identify asset level and market-level risks and communicate potential solutions to executive team.
- Analyze effectiveness of property specific business plans and make recommendations for improvement to executive team.
- Location: Desired location is in San Diego County, though candidates in the greater Los Angeles, CA area are also encouraged to apply. This position has travel requirements.
- Work Environment: the company is currently working primarily remote, however is planning to have people back in the office in some capacity as pandemic restrictions ease. The Company is evaluating flexible work arrangements long-term, though candidates should expect to spend some portion of their work time in the office.
- Compensation: DOE. CIRE offers a comprehensive benefits package that includes medical/dental/vision/life insurance, retirement (including company profit share potential), EAP, annual bonus program, and much more.