Vice President, Asset Management Commercial

Description

Enriching lives through investment and service is the mission at the core of everything we do at Holladay. The Vice President of Asset Management – Commercial (Southeast) is responsible for maximizing the value, performance and strategic direction of Holladay’s commercial portfolio in the Nashville, Orlando and Savannah markets, which includes medical office, office, flex, industrial and retail/mixed-use assets. Based in Nashville, this role integrates the financial and strategic leadership of Asset Management with the operating leadership of Property Management: the VP owns each asset’s business plan, leads the Regional and Senior Property Managers who execute it, and supports each office’s leasing strategy with the market analysis, deal economics and transaction management needed to fill space and retain tenants. The ideal candidate blends analytical rigor with operating credibility and builds strong relationships with tenants, health-system partners, JV/equity partners, brokers and lenders.

Essential Duties and Responsibilities include but are not limited to the following:

• Works closely with the CEO, COO, CFO, Chief Development Officer, Market Leaders, Capital Markets, JV/equity partners, leasing brokers, lenders and property management teams.

Asset Strategy & Financial Performance

• Lead asset management for all assigned Southeast commercial assets, including annual business plans, value-creation and repositioning strategies, risk mitigation and hold/sell recommendations, to maximize NOI and long-term asset value.

Leasing & Tenant Relationships

• Support each office’s leasing strategy, set by the Market Leader, by providing market, rent and deal-economics analysis and helping set marketing plans, target rents, and tenant improvement (TI) and leasing commission (LC) budgets with leasing brokers.
• Manage transaction execution with brokers and Legal: review and negotiate letters of intent, new leases, renewals, expansions and amendments in line with Holladay’s lease approval process. Analyze the economics of each deal, including net effective rent, free rent, TI/LC costs and tenant credit.
• Monitor the rent roll and lease expirations, and track critical dates such as renewal options, termination rights, rent increases and co-tenancy provisions. Proactively address upcoming tenant rollover.
• Maintain strong tenant relationships, including with health-system and physician tenants; monitor tenant financial health and collections, and identify retention and expansion opportunities.
• For medical office assets, understand health-system ground leases, rights of first refusal, use restrictions, and fair-market-value requirements for physician leases (Stark/Anti-Kickback), working with Legal.
• Oversee operating expense (CAM) reconciliations and recoveries to ensure they are accurate and timely and comply with lease terms.

Financial Performance & Capital

• Identify, monitor, rate and mitigate risks at each property, including tenant concentration and credit, lease rollover, physical condition and market conditions.
• Lead monthly calls with partners and property management to review financial performance, leasing activity, operations and the progress of capital and tenant improvement projects.
• Review, analyze and report on monthly property financial statements and rent rolls. Compare actual performance with underwritten and budgeted assumptions on an ongoing basis.
• Monitor and review capital expenditures, building improvements and tenant improvement projects to ensure spending stays within approved budgets and scope.
• Lead annual business plans, operating, leasing and capital budgets, and reforecasts, and recommend them for approval.
• Track debt covenants, debt service coverage tests and lender reporting requirements. Lead regular hold/sell, disposition, refinance and recapitalization analyses with Capital Markets, including Argus cash flow models.
• Travel to properties for site inspections, tenant visits and market surveys (lease comps, vacancy and new supply).

Property Management Leadership

• Lead, coach and hold accountable the Regional and Senior Property Managers for Southeast assets; ensure operations follow Holladay Operating Policies (HOPs) and approved business plans.
• Oversee operating excellence (tenant satisfaction, preventative maintenance, life safety, building systems and capital planning) in partnership with Facilities and Construction; approve major vendor and service contracts.
• Partner with Development on new Southeast projects and acquisitions, including due diligence, lease-up and operational handoff.

Systems, Reporting & Relationships

• Process property-level information and coordinate updates to Management’s internal systems and external reports (e.g., quarterly investor reports).
• Provide excellent customer service to all stakeholders by responding promptly and accurately to questions and information requests and providing clear communication.
• Represent the team on systems development and process improvement efforts to maximize efficiency and improve issue identification.
• Foster good working relationships with all internal team members, tenants, brokers and external partners.
• Other responsibilities as assigned.

Requirements

Qualifications:

• Bachelor’s Degree in business, finance, real estate or other related field of study.  A Master’s Degree is preferred. CPM, CCIM, RPA or similar designation strongly preferred.
• 10+ years of progressive commercial real estate experience in asset management, leasing and/or property management leadership, including leading property management teams.
• Working knowledge of commercial lease structures (gross, modified gross, NNN), lease abstraction and CAM reconciliations.
• Proficiency in Argus Enterprise preferred. Experience with Yardi or similar property management software a plus.
• Strong command of commercial real estate finance, valuation, debt and financial modeling. Medical office experience strongly preferred, including work with health-system tenants; office, flex, industrial and retail experience a plus.
• Knowledge of Southeast markets, particularly Nashville, Orlando and Savannah, preferred.
• Ability to manage multiple assignments, meet tight deadlines, coordinate and communicate effectively, and build new and existing relationships.
• Strong negotiation skills, and excellent oral and written communication and presentation skills.
• Excellent analytical skills related to financial modeling and Excel.
• Ability to synthesize financial and leasing analysis into a written summary.
• Strong interpersonal relationship abilities.

 Holladay Mission and Values: All associates are expected to live Holladay’s Mission and Values in their everyday interactions with each other, external clients, and stakeholders as defined below:

Mission: Enriching lives through investment and service

ENRICH Values:

· Entrepreneurial – We are empowered to dream and take risks, to challenge conventional wisdom and demand continuous improvement, to innovate, create, and inspire change.

· Nurture – We encourage and support the growth and development of each other, our clients, and our communities.

· Respect - We recognize and acknowledge the inherent value of others.

· Integrity – We do the right thing.  We exhibit a consistently high moral compass.

· Community – We are a family.  We have fun, serve others, and freely give of our resources.  We recognize our responsibility to make our communities and world a better place.

· Health - We support the physical, financial, and professional health and well-being of each other and those we serve.

Compensation:

The VP, Asset Management – Commercial (Southeast) compensation will be based on experience and qualifications.  This range is subject to local, state and regional dynamics and may be adjusted up or down depending on market conditions.

Supervisory Responsibility:

· Directly supervises Regional and Senior Property Managers and, through them, property management teams for assigned Southeast assets

Travel:

· Regular travel to Orlando and Savannah assets (approximately 20–40%).

Promotional Opportunity:

Associates with more than twelve (12) months of service may request consideration to transfer to other jobs as vacancies become available and will be considered along with other applicants. To be considered, Associates must have a satisfactory performance record and have no disciplinary actions during the last twelve (12) months. Management retains the discretion to make exceptions to the policy.

This description is not all inclusive and duties may vary based on portfolio needs.