Associate Director, Asset Management, Industrial

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Position Overview:

The Associate Director, Asset Management, Industrial (the “Associate Director”) is responsible for assisting with developing and implementing a proactive property-level commercial renewal, leasing, and disposition program in accordance with the industrial portfolio's goals and objectives. The Associate Director negotiates renewals, new leases, and sale transactions to maximize the performance and value of various assets in the non-retail portfolio.

The Associate Director must function efficiently and effectively in a professional environment and typically will handle highly critical, confidential, and sensitive materials. This position requires a strong understanding of net lease single and multi-tenant commercial industrial properties, and familiarity with finance, accounting, and property underwriting.

Key Responsibilities:

Negotiate Lease Renewals and Manage Industrial Tenant Relationships: 

• Review, analyze, and recommend lease renewal strategies for industrial tenants. Negotiate lease renewals with industrial tenants in advance of lease expiration. Manage industrial tenant communication activities, including tenant inquiries regarding all matters of property and lease, including lease terms, renewals, property conditions, lease assignments, subleases, and rent (collection, default, concessions, workouts). 
• Review and assess industrial tenant and property-level financial performance. 
• Formulate strategic recommendations and effectively present for discussion with the Senior Vice President and Associate Vice President of Asset Management, as well as the Investment Committee as appropriate. 
• Prepare and extend counter offers for lease and sale. 
• Effectively communicate directly with industrial tenants and internal team members as needed during the negotiation and pending transaction process. 
• Prepare and deliver instructive, detailed amendment and lease requests to the Legal Department to initiate the formal transaction process and/or review requests prepared by designated team analyst(s). 
• Review with Property Management the proposed scope of work for property repairs and replacements when a tenant’s request is outside the lease requirements and make recommendations as to how to proceed to manage relationships with tenants. 

Re-Lease or Sell Vacant Properties: 

• Assist with the management of industrial property activities, including portfolio review of upcoming lease expirations to evaluate vacancy and re-lease or sale strategy. 
• Analyze market and trade area, zoning, property taxes, demographics, easements, and use restriction considerations for vacant industrial properties. 
• Lead interviews and evaluation of local brokerage representation.  
• Hire and manage brokers throughout the entirety of the listing period/process. 
• Assist with the negotiation of lease and purchase offers and draft letters of intent (“LOI’s”) outlining business terms for approval by the SVP and AVP. 
• Research and interview tenant and/or buyer prospects for credibility and feasibility to successfully consummate a transaction.  Underwrite the creditworthiness of tenants via review of financial statements, tax returns, asset/bank statements, credit reports, landlord, and other references. 
• Work in concert with the Legal Department to finalize a contract with the tenant and/or buyer.  Monito