Real Estate Property Manager

REAL ESTATE PROPERTY MANAGER
Location: Newark, NJ

Status: Full-time / Exempt

SHIFT CAPITAL

SHIFT is an impact real estate investment group who takes an integrated approach to developing equitable inclusive communities that thrive. We are a Certified B Corporation® who deploys capital into real estate projects in underserved neighborhoods, in order to catalyze shared prosperity, build wealth for the existing community, and strategically preserve affordability.

OUR NEWARK PARTNERS

Hanini Group is an award-winning real estate firm with more than 10 years of experience developing high caliber loft-style residential, retail, commercial and corporate properties. With more than $300 million of development projects under its belt, the firm is especially known for its successful track record in taking historic properties in Newark, New Jersey and rehabilitating them, top to bottom. Many of these buildings, beautifully restored to their former glory, have quickly become landmarks and popular focal points in the city. The firm has expanded beyond Newark and has taken on large, marquee projects in the greater New York City metropolitan area, such as Northern New Jersey and Brooklyn.

CoInvestment Partners (“CoIP”) is an investment company deploying a thematic approach aimed at improving the resilience of [sub]communities, both physical and virtual. As part of the firm’s mission, CoIP’s real estate portfolio focuses on deep value add strategies, primarily across underserved communities. The firm executes as an owner-operator implementing an ‘origination-to-exit’ model. CoIP owns interests in approximately $600 million in real estate assets including $150 million in active ground-up developments, spanning across the northeast Amtrak corridor.

THE STRATEGY

The Venture has recently purchased an existing portfolio of $150 million in assets and is in the process of acquiring an additional 300,000 SqFt of office space. The first phase of this execution will focus exclusively on the execution of the current portfolio consisting of 707 Broad Street, 153 Halsey Street, and 261 University Avenue.

ROLE OVERVIEW

SHIFT Capital is seeking a Real Estate Property Manager to assist in the value-added execution of assets located in the heart of Newark, New Jersey. You will have extensive property management experience including a thorough grasp on financial reporting, building systems, and facilities management. Our ideal candidate has a passion and demonstrated knowledge of office properties and will be required to be on-site in Newark, New Jersey. This opportunity is perfect for you if you like to execute a vision, can work in complex environments and are passionate about cities and communities.

• Be an integral part of a small team with a focused mission of social investing in underserved communities of Essex County, NJ.

• Execute a place-based strategy where real estate is utilized to empower communities along with other stakeholders

• You will be part of almost all business functions that are required to reposition and operate an institutional real estate portfolio: Leasing, Property & Asset Management, Construction of Tenant Improvement, Capital Projects, Accounting

• As core responsibility [for at least the first year], the individual will be the primary property manager for a portfolio of three properties (the "Portfolio") located in Newark, NJ: two office towers and a sizable parking garage. The business plan for the Portfolio includes $60 million in renovations, additional lease-up, repositioning and rebranding. The Property Manager will have a managerial role functioning as the intermediary between the asset manager, ownership and the various teams.

JOB HIGHLIGHTS

1. Compensation: Competitive base salary, based on experience

2. Career growth opportunity: Hands on experience to through a complex repositioning of approximately a million SqFt of office space

RESPONSIBILITIES

Property Management

• Work alongside the Senior Asset Manager to assist in managing the commercial office properties. Multi-tasking and flexibility are essential skills needed in this role.

• Negotiate contracts and supervise all contractor services related to the physical operation of the property.

• Display in depth knowledge of building mechanical systems and collaborate with Chief Engineer on stationary engineering initiatives.

• Provide support to development group including, but not limited to: owner relations, quality control during construction, program development and building start-up

• Work with internal and external teams to ensure the successful completion of projects to the satisfaction of all key stakeholders – tenants, investors, local and state government authorities, property management and engineering, and the ownership team

  • Recommends, justifies, develops and coordinates projects that enhance the value of the office buildings

  • Works with Chief Engineer to assign employees to duties such as maintenance, repair, or renovation and obtains bids for additional work from outside contractors, pursuant to client and JLL guidelines

  • Capable of managing construction projects such as tenant improvements, restroom renovations and major repair and maintenance projects, etc

  • Responsible for lease administration process, tenant billings, collections.

  • Upon execution of the Lease, GM assists the Project Manager (if applicable) and Chief Engineer in the tenant construction coordination process, prepares the set-up of accounting information to collect specified rents and develops lease abstracts

  • Maintains intimate knowledge of lease agreements; ensures compliance from an accounting standpoint and acts upon from an operations point of view

  • Employs or contracts for onsite management and engineering personnel, as delineated within the operating budget, management plan and/or management services agreement

  • Acts as primary contact for service contractors and vendors

  • Reviews purchases of supplies and equipment for use at managed office buildings

Financial and Accounting

• Oversee completion of annual budget, income and expense, and capital improvement plan.

• Complete monthly accruals, work with accountant on monthly/quarterly reporting requirements.

• Oversee achieving annual budgeted revenue, operating and capital expenses.

• Ensure timely and accurate reporting (monthly, quarterly)

• Assist in completing financial audits

Tenant Relations

• Build and maintain tenant relations with key contacts.

• Assist in managing tenant option rights and information

DESIRED VALUES, QUALIFICATIONS & SKILLS

The ideal candidate will value:

• Whatever it takes approach!

• Communicator: Open, articulate and proactive in discussing issues and sharing information

• Maintain a calm demeanor in emergencies.

• Self-Starter: Able to take things and run with them. Strategically prioritizes multiple tasks in a proactive manner

• Principled: Is ethical; has the utmost integrity and is a positive example for others to emulate. Embraces our grand vision and colossal mission

• Detail Oriented: Able to get in the weeds, understand things, and ensure others do too

• Thinker: Maintain exceptional organizational, problem solving and analytical skills with the ability to process and convey information with key attention to detail and consistency

AND HAVE A BACKGROUND & SKILLSET THAT INCLUDES:

• Minimum of seven (7) years of commercial real estate or property management experience including budget preparation/financial reporting, familiarity with building systems, and administration, people management, tenant relations

  • Experience preparing budgets, CAM reconciliations, and other types of related financial reports is required

• Must have working knowledge in various budget applications

• Strong background in project management

• Previous experience with office properties required

• Advanced knowledge of Microsoft Office and functional knowledge of Yardi

• An undergraduate degree is required with a track record of strong academic performance

COMPENSATION

This is a full-time role with an annual salary range of $95,000 - $110,000 based on level of experience. This position includes company standard benefits:

• Stellar medical, dental and vision health benefits

• 401(k) contributions and matching

• Vacation, sick and paid holiday time off

• Opportunity for advancement in a growing organization

• A culture based on our values and that matters!

WHAT WE EXPECT FROM OUR TEAM

As a Certified B Corporation®, we are driven to put purpose first, paramount to profit made. We believe that by putting purpose first, we are driving stronger long-term outcomes for communities, society and our investors. Our values guide our purpose and ground our work.

Creative – resourceful decision making, integrating both independence and collaboration

Unflappable – confident, flexible, deliberate, and diligent in crisis and in calm

Relentless – driving towards the goal, stopping only at completion

Compassionate – understanding for the communities and stakeholders we work with