Shine Associates, LLC
Associate, Asset Management, Industrial
Asset Management - Boston, MA - Full Time
POSITION SPECIFICATION
ASSET MANAGEMENT ASSOCIATE
ASSET MANAGEMENT ASSOCIATE
Shine Associates, LLC has been retained to search, identify and recruit an Asset Management Associate on behalf of our client (‘Company’). The position will be based in Boston, MA.
CONFIDENTIALITY
Shine Associates, LLC has been exclusively retained on this assignment. Information contained in this position specification as well as any other information concerning the Company provided or verbally discussed is confidential. All materials and discussions are to be utilized for the sole purpose of a candidate’s personal review of the career opportunity.
CLIENT DESCRIPTION
Our client and its affiliated entities comprise a fully integrated principal investment firm focused exclusively on multi-tenant light industrial real estate. Since 2005, its affiliates have sponsored a series of investment vehicles dedicated to the light industrial sector including value-add and core-plus strategies. With its national footprint, the company is one of the premier institutional industrial operators and fund managers.
The Company and its affiliated entities make-up a vertically integrated real estate operating company, which has demonstrated an ability to manage investments, operations and dispositions through market cycles. The Company believes its ability to quickly analyze, complete due diligence and close acquisitions sets it apart from other fund managers and operators. The Company attempts to add value by stabilizing under-managed or distressed assets, aggregating a critical mass of industrial properties and adding institutional quality management to an inefficient asset class. The company’s investors include large pensions, insurance companies, endowments, foundations and family offices.
KEY RESPONSIBILITIES
Business Plan Execution /Property Level Reporting
- Assist in setting annual performance goals – budgeted NOI, gross leasing targets, net CF. Create annual business plan for each asset.
- Review and monitor annual property level budgets.
- Perform financial and qualitative analysis to assess the performance of acquisitions and developments via financial modeling, cash flow, and market analysis using a combination of Argus software and Excel.
- Assist in securing and modeling project financing and/or refinancing and manage loan compliance according to established loan terms.
- Assist in monitoring / evaluating the business plan including leasing strategy, market leasing assumptions, major capital expenditures, financing, and general business plan execution. Interact with project managers to oversee the full scope of operations.
- Produce quarterly asset reports summarizing property level performance, market activity, recent leases, construction activity and property “watch list issues.”
- Participate in monthly and quarterly property management operations calls.
- Provide strategic decision making as needed (e.g. tenant issues, capital/R&M). Provide quarterly write up for internal use.
Leasing
- Working with 3rd party brokers negotiating leases, tracking leases and ensuring final execution. Managing internal leasing team if any.
- Lease Analytics – NER, budget vs actual for every deal, Ensure lender compliance with all leases.
- Provide credit analysis of prospective tenants as needed.
Capital/Project Management
- Assist in overseeing management of capex projects.
- Track all vacant units and Make Ready projects. Ensure that the team is delivering units to meet leasing goals and expectations.
Valuation
- Maintain on-going sale and lease comps database for relevant transaction in each property submarket.
- Provide inputs (MLA, capital) for quarterly valuations. Review and sign off on final FMV value.
Acquisition
- Manage on-boarding plan with property management team. Ensure business plan is proceeding on schedule and tracking UW budget.
Dispositions
- Prepare investment committee memorandums for dispositions and assist in the presentation of hold/sell recommendations at the investment committee level.
- Conduct due diligence of legal documents, financial reports, operating projections, sales comps, surveys, and marketing information.
- Help manage disposition process for assets identified for sale.
Portfolio Management
- Monitor and analyze the financial performance of existing properties and funds. Prepare and maintain property valuations, hold/sell analysis, and financing analysis using discounted cash flow models, cap rate analyses, and sale comparisons.
- Complete internal asset valuations on a quarterly basis and coordinate the appraisal process on a semi-annual basis.
- Direct hold/sell analysis on an on-going basis.
- Assist in the preparation of semi-annual asset reforecasts used in periodic presentations to the partners.
- Assist in preparing recurring fund deliverables and analysis for institutional investment partners as needed.
- Perform quarterly property tours.
PROFESSIONAL QUALIFICATIONS
- 3-5 years of post-undergraduate experience in an analytical role, real estate focused role.
- Prior experience with the industrial asset class strongly preferred
- Strong Excel and Arugs financial modeling and analytical skills, with an ability to create situation-specific analyses that pertain to real estate.
- Excellent oral and written communication skills (specifically in the context of presenting asset-level performance metrics)
- Self-motivated, with quick responsiveness and a sense of urgency
- Attention to detail in an environment that will require the candidate to juggle multiple projects under minimal supervision
- A commitment to perform high-quality work in a collaborative environment on a growing team
- The successful candidate will be a team player above all else with an inherent ability to work in collaboration with professionals at all levels throughout the organization.
COMPENSATION
Competitive base salary: bonus based on individual and firm performance.
Our client is an equal employment opportunity employer. All employment decisions and personnel actions at the firm are administered without regard to race, color, religion, creed, national origin, ancestry, gender, age, disability, sexual orientation, gender identity and expression, genetic information, veteran status, military service, or any other category or class protected by federal, state, or local laws. It is committed to diversity in its most inclusive sense.
CONTACT INFORMATION
Shine Associates, LLC
www.shineassociatesllc.com
45 School Street, Suite 301
Boston, MA 02108
Shine Associates, LLC
www.shineassociatesllc.com
45 School Street, Suite 301
Boston, MA 02108
Hillary H. Shine, Principal Kelsey E. Shine, Director
Cell (203) 613-3562 Cell (508) 494-6569
[email protected] [email protected]
Chandlee N. Gustafson, Associate
Cell (978) 201-3100
[email protected]
