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Associate, Commercial Real Estate Asset Manager

Company: Northern Trust
Location: Dallas
Posted on: May 28, 2023

Job Description:

The commercial real estate practice at Northern Trust is focused on managing complex commercial real estate investments held in trusts and estates as well as providing customized advice to clients on their commercial and agricultural properties. Property types include retail shopping centers, office buildings, industrial buildings, multifamily properties, agricultural and vacant land.
Commercial Real Estate Asset Managers represent owners of real estate and are responsible for managing the investment to achieve high returns while minimizing risk. Responsibilities of an asset manager include:

  • Property Analytics including creating and approving budgets, reviewing financial statements, budget to actual variance analysis, property valuations, detailed lease review, market analysis, environmental risk review, and return on investment analytics.
  • Property Operations including collection of rents, CAM and other receivables; payment of invoices; tenant communications regarding lease renewals, delinquencies and rent increases; property taxes including payments, appeals and tracking tenant payments;, tenant and property insurance policy expirations and renewals, CAM calculations and reconciliations. .
  • Other asset management responsibilities include engaging and overseeing property managers; interviewing and engaging leasing brokers to gain market knowledge and maintain property occupancy; engaging other vendors including contractors, appraisers, attorneys, and other service providers; providing construction oversite and managing property dispositions.
  • Annual responsibilities may include preparation and presentation of Reg 9 reviews to Trust Real Estate Committee. This requires a comprehensive understanding of the property valuation and risks to ownership and includes formulating a recommendation of whether the property should be retained or listed for sale. The Associate will support Asset Managers by:
    • Utilizing prior experience in commercial real estate financial modeling and market analysis in the preparation of Property Analytics;
    • Utilizing prior experience with Yardi property management and accounting software to:
      • Set up properties,
      • Prepare budgets and budget to actual variance analysis,
      • Input detailed lease information and provide complete and accurate tenancy reports,
      • Review accounts receivable to insure successful collections,
      • Process accounts payable in a timely and accurate manner,
      • Create and interpret reports as needed, and
      • Maintain the integrity of all property-level data;
      • Working closely with and responding promptly to partners in various departments with respect to the management and/or sale of the asset;
      • Engaging vendors, contractors, appraisers, etc. Coordinating vendor site visits with property managers and tenants.
      • Completing administrative functions as needed or requested;
      • Utilizing Microsoft Office 365 skills including Excel, Word, Outlook, Forms, Teams, OneDrive and SharePoint.
      • Following existing procedures and practices to achieve objectives, solve problems and meet deadlines.
      • Analyzing information and standard practices to make judgments. Qualifications
        • A College or University degree and 2-5 years of commercial or agricultural real estate experience is preferred including experience with financial modeling and investment analysis and with different commercial property types. Specific knowledge of commercial real estate practices and analysis will be critical to achieving success in the role. Experience in agricultural real estate is preferred.
        • Yardi property management software experience is preferred.
        • Intermediate Excel financial modeling experience is required.
        • Strong organizational and communication skills are required.
        • A general understanding of the distinct types of legal ownership structures and how they impact investment control and decision making is preferred.
        • Accountable for own contributions. Self-starter takes the initiative to address the needs of colleagues.
          About Northern Trust:
          Northern Trust provides innovative financial services and guidance to corporations, institutions and affluent families and individuals globally.With more than 130 years of financial experience and over 20,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
          Working with Us:
          As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company that is committed to strengthening the communities we serve!
          We'd love to learn more about how your interests and experience could be a fit with one of America's best banks and most sustainable companies! Build your career with us andapply today.
          Salary range: $108,000 to $120,000. Salary range is an estimate of base pay. Northern Trust provides a comprehensive benefits package, including retirement and pension plan contributions, health and welfare benefits, paid time off, parental and caregiver leave, life insurance, and other wellbeing benefits

Keywords: Northern Trust, Dallas , Associate, Commercial Real Estate Asset Manager, Executive , Dallas, Texas

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