Executive Director of Retail Operations

4 days ago

Dallas, Texas, United States Northwood Retail LLC Full time
Job Description:

Executive Director of Retail Operations

Job Summary:

The Executive Director of Retail Operations will be responsible for overseeing the day-to-day operations of a high-profile mixed-use property in Dallas. This individual will work closely with the Senior Vice President of Operations and other senior members of the Northwood Retail team to ensure the property is managed efficiently and effectively.

Key Responsibilities:

  • Manage in-house and contracted personnel to ensure center operations are carried out efficiently and effectively.
  • Direct property associates by establishing job requirements and responsibilities and monitoring quality of work.
  • Responsible for bidding, negotiating, and managing third-party contracts to achieve best-in-class service at competitive rates.
  • Conduct weekly site inspections to ensure the project is maintained to high standards and within budget.
  • Review, coordinate, and complete any lease-required Landlord Work and Tenant Improvements, in addition to implementing the capital budget.
  • Help negotiate any tenant rent reduction, termination, or lease modification requests.
  • Ensure timely collection of rents, receivables, sales reports, and insurance certificates.
  • Ensure real estate taxes are paid, engage tax consultants, and oversee the appeal process to keep tax assessments as low as possible.
  • Develop a 5-year capital plan for the project and execute on the approved plan.
  • Responsible for developing the annual budget from start to finish and executing the approved budget/asset plan.
  • Responsible for tracking and contributing to all aspects of income generation.
  • Maximize property cash flows by managing CAM and operating costs, implementing cost-saving programs when appropriate, and maximizing the percentage of recoverable expenses received from NNN tenants.
  • Analyze the financial aspects of the property, including monthly reporting and tracking of the annual budget, including variance analysis.
  • Oversight of on-site property accountant to ensure monthly financial statements, property reports, and budgets are completed timely and accurately.
  • Review CAM reconciliations, NNN billings, and recoveries for accuracy.
  • Approve A/P, process payables in conjunction with Nexus Payables platform and accounting.
  • Responsible for lease administration, including but not limited to lease compliance, tracking of critical dates and clauses, reporting requirements, and compliance with tenant exclusives, prohibited uses, and co-tenancy.
  • Send possession notices, get commencement letters executed, and complete other required lease documentation promptly.
  • Facilitate tenant move-in/move-out process.
  • Read and understand all leases, particularly newly executed leases.
  • Responsible for adhering to all lender requirements, including but not limited to submitting budgets, quarterly financials, and obtaining lease approvals.
  • Ensure compliance with all property regulations and project documents (ECRs, REAs, Development Plan, etc.).
  • Assist operations, construction, and lease administration teams with Tenant Improvement closeout and funding requests.
  • Leasing support and involvement:
    • Have a thorough knowledge of the Dallas retail and office market, including all competitive properties and area demographics.
    • Stay abreast of trends within the real estate industry.
    • Monitor lease expiration schedules, meet with tenants regularly, and recommend future course of action to retain existing tenant base.
    • Develop and maintain a good working relationship with the property's leasing team to ensure lease-up and optimal tenant mix to achieve maximum rent and sales productivity.
    • Assist in negotiating Letters of Intent (LOIs) and leases in conjunction with leasing, legal, and asset management.
    • Pay particular attention to ongoing lease requirements, co-tenancy, CAM/recovery language that will impact the property for the duration of the lease.
    • Assist leasing efforts: show space, make suggestions about the merchandising mix, motivate any 3rd-party leasing team, provide all pertinent info to assist leasing spaces quickly, review/respond to LOIs and information requests, review leases, and help get deals done.
    • Help create best-in-class leasing and marketing materials.
    • Marketing oversight, tenant relations, and public relations:
      • Maintains a responsive open line of communication with tenants, including handling tenant complaints, lease enforcement, and compliance with the center rules.
      • Visit tenants regularly. Serve as the liaison between tenants and ownership. Review their business/sales/performance so you are aware of successful operator trends and any potential future bankruptcies or closures.
      • In conjunction with Marketing Director, responsible for developing, managing, and executing the marketing plan/budget to increase traffic and drive sales.
      • Review marketing programs, advertising, and events to ensure they are innovative, targeted, and effective for the market, shopper, and goals.
      • Reinforces and maintains relationships with local businesses, community groups, and governmental entities. Keeps an eye on community trends.
      • Opens and communicates with local police, fire, and civic authorities.
      • Ability to serve as a spokesperson and community leader to bring goodwill to the project.

Qualifications:

  • 5+ years of commercial property management experience with direct employee supervision and a strong emphasis on retail properties and/or mixed-use projects.
  • Undergraduate degree in a related field.
  • Excellent written (including writing financial reports) and oral communication skills. Serves as the main point of contact for the project with senior management and ownership.
  • Strong work ethic and ownership of work.
  • High degree of initiative, motivation, and ability to self-start.
  • Ability to effectively manage multiple tasks.
  • ICSC, IREM, or other trade organization designations preferred.
  • Demonstrated ability to lead teams to success preferably over multiple disciplines, including onsite operations team, accounting, construction, leasing, asset management, and marketing.
  • Strong financial skills, including analysis of real estate investment return and valuation measures, tenant sales & financial information, property financials, etc.

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