Vice President, Retail Asset Management
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Overview
Job Description
Over the last 20 years, Ares’ success has been driven by our people and our culture. Today, our team is guided by our core values – Collaborative, Responsible, Entrepreneurial, Self-Aware, Trustworthy – and our purpose to be a catalyst for shared prosperity and a better future. Through our recruitment, career development and employee-focused programming, we are committed to fostering a welcoming and inclusive work environment where high-performance talent of diverse backgrounds, experiences, and perspectives can build careers within this exciting and growing industry.
Job Description
Position Summary
This Vice President will be an instrumental member of the Retail Asset Management team and operating and managing a designated set of retail assets within the current portfolio. The team currently oversees ~10mm sq ft of retail across Ares funds including traditional shopping centers, mixed-use projects with retail components, and net lease properties. The role includes operational responsibility for a 12-20 property portfolio comprised primarily of grocery-anchored shopping centers and entails the oversight of the day-to-day operations of each assigned asset, as well as the development and implementation of long-term strategies and value creating initiatives.
Essential Duties
- Manage third-party property management teams, internal and external leasing teams, and construction management teams in all aspects of property operations
- Execute the annual budget process, including preparation, completion, and presentation of annual business plans, projected revenue and expense forecasts, and subsequent incorporation into valuation models as applicable.
- Review valuation analysis to develop recommendations for potential leasing transactions and redevelopment / repositioning opportunities, as well as capital allocation and implementation
- Work to ensure all leases are financially structured to maximize profitability, while minimizing risk, using financial modeling and analysis. Such analysis includes a comprehensive review of tenant financial statements, economic terms compared to current underwriting or budget assumptions, and an overall evaluation of market conditions and suitability for the property or portfolio
- Ensure accurate and timely submittal of management reporting on the portfolio and operating partners portfolio: review of monthly third-party reports as well as assisting in the compilation of internal asset management portfolio reports on a monthly, quarterly and annual basis.
- Develop the strategic plan for the portfolio, including preparation and completion of annual budgets and business plans, including revenue and expense budgets, marketing plans, and valuation models along with leasing strategy, merchandising mix and long-term value creation initiatives.
- Provide oversight and support to asset management analyst team in conjunction with all primary responsibilities, including financial analysis and reporting components for the overall retail portfolio. Similarly, work with equity investment team to provide regular property and leasing updates to ensure accurate internal valuation maintenance.
- Assist with due diligence efforts performed during the acquisition phase, specifically: tenant interviews, underwriting assumptions (market rent, lease up timing, leasing costs, and capital improvements) and third-party reports (environmental and engineering reports) for future acquisitions.
- Professionally represent ARES to the broader real estate community (e.g., brokers, bankers and other service providers)
- Visit all properties within the portfolio on a regular basis to coordinate efforts with third party property managers and leasing teams. Serve as the expert in each market where properties are assigned.
- Travel as required of position
- Maintain a strong knowledge of the market conditions,
- Complete special projects as assigned
Knowledge, Skills & Abilities
- Bachelor’s degree with undergraduate coursework in business, finance, accounting; with a strong understanding of real estate finance principles and outstanding academic credentials
- 8+ years of relevant work experience, with prior experience in the retail sector as a requirement
- Ability to comprehend, analyze, interpret and create real estate documents including, but not limited to, LOIs, RFPs, property offering memorandums, market reports and tenant leases
- Experience and understanding of financial concepts specifically relating to asset values derived from pro forma cash flows and capital markets assumptions
- Excellent written and verbal communication skills with an ability to manage multiple projects simultaneously and to manage both internal and external teams
- Proficiency in Excel and Argus
- Self-starter with a strong work ethic and a vested interest in the retail real estate profession
- Ability to work within a broader team, as well as independently, as needed to complete tasks
Reporting Relationships
Compensation
The anticipated base salary range for this position is listed below. Total compensation may also include a discretionary performance-based bonus. Note, the range takes into account a broad spectrum of qualifications, including, but not limited to, years of relevant work experience, education, and other relevant qualifications specific to the role.
The firm also offers robust Benefits offerings. Ares U.S. Core Benefits include Comprehensive Medical/Rx, Dental and Vision plans; 401(k) program with company match; Flexible Savings Accounts (FSA); Healthcare Savings Accounts (HSA) with company contribution; Basic and Voluntary Life Insurance; Long-Term Disability (LTD) and Short-Term Disability (STD) insurance; Employee Assistance Program (EAP), and Commuter Benefits plan for parking and transit.
Ares offers a number of additional benefits including access to a world-class medical advisory team, a mental health app that includes coaching, therapy and psychiatry, a mindfulness and wellbeing app, financial wellness benefit that includes access to a financial advisor, new parent leave, reproductive and adoption assistance, emergency backup care, matching gift program, education sponsorship program, and much more.
There is no set deadline to apply for this job opportunity. Applications will be accepted on an ongoing basis until the search is no longer active.
Automate your job search with Sonara.
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