Asset Management Associate – Phoenix, AZ
EastGroup Properties has an opportunity for an Asset Management Associate in our Phoenix office. This position will assist in the oversight of an industrial real estate portfolio in the areas of property management, leasing, financial reporting, tenant improvements, as well as assisting in investment and development analysis.
Summary of Job Duties
- Maintain an understanding of market conditions for the assigned portfolio, with regular trips to designated markets.
- Tour all vacant spaces and make sure they are in marketable condition.
- Tour any spaces related to in-process (or upcoming) construction upgrades.
- Assist with lease negotiations (new and renewal) with EastGroup’s third-party leasing representatives.
- Help oversee EastGroup’s in-house Property Managers with daily interaction related to the operation of the properties.
- Understand monthly property management reports generated by Asset Manager while consistently monitoring leasing statistics and budget forecasts.
- Maintain financial results (budget and same store sales) for each market.
- Assist with underwriting potential acquisitions, including capitalization rate evaluation, risk and return analysis.
- Assist in managing the due diligence and activities related to the acquisition and disposition of any properties.
- Track acquisitions and developments within each market.
- Build relationships with brokers in assigned markets to stay informed on upcoming market and potential “off-market” acquisition opportunities. This includes attending Commercial Real Estate events in markets typically hosted by NAIOP, SIOR, NATCAR, etc.
- Assist in identifying potential land acquisitions for development.
- Help prepare investment committee memorandums related to potential acquisitions as well as future development projects.
Education & Experience
- Bachelor’s degree in business, real estate, economics, or related field; advanced degree a plus.
- 3+ years’ experience in commercial property management, leasing or development.
Knowledge, Skills & Abilities
- Solid understanding of financial terms and principles, with ability to conduct complex financial analysis.
- Excellent communication (both written and verbal) skills are required.
- Demonstrates sound judgment, ability to analyze and solve problems involving multiple factors in various situations.
- Strong inter-personal and customer service skills with the ability to maintain effective tenant relationships.
- Strong organizational skills with attention to detail.
- Proficient with all Microsoft applications and experience with property management software, preferably Yardi.
Some travel will be required for periodic asset management related property visits and select acquisition due diligence. Property visits may include tours of properties under development or in some phase of construction.
Office environment has little exposure to excessive noise, dust, extreme temperatures and the like.