PGIM Real Estate - Associate
Posted in Real Estate 18 days ago.
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Location: Madison, New Jersey
PGIM Real Estate is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.0 billion ($50.5 billion net) as of September 30, 2017
PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, please visit http://www.pgimrealestate.com.
PGIM Real Estate currently has an outstanding career opportunity for an Associate level Asset Manager working on behalf of the core plus real estate investment funds. The role entails directing partners, property managers and leasing brokers on a portfolio of assets that are in a joint venture or wholly-owned. These investments currently include office, retail and residential properties that have different risk profiles that range from core to value add. This position is based in Madison, NJ and reports to a Vice President located in the region.
Duties & Responsibilities:
- Under the direction of senior asset managers, provide general management and direction for a diversified portfolio of properties. This includes frequent contact and direction with property managers, operating partners or leasing brokers.
- Prepare analyses of various investment decisions - leasing; financing; acquisition; hold/sell.
- Negotiate common real estate contracts, including leases, loan documents, purchase and sale agreement, development service agreements, and property management/leasing agreements.
- Monitoring of the construction process on development investments to ensure quality of construction.
- Review quarterly appraisals for factual accuracy and consistency with other similar properties.
- Oversee/assist in the budget process and preparation of the annual strategic plan for each property.
- Review periodic property reports and track operating performance. Prepare quarterly updates summarizing results.
- Provide assistance to the transaction team for both the acquisition and disposition of properties.
- Bachelor’s degree in finance or related field required, emphasis in real estate preferred; MBA a plus.
- 5 years of related commercial real estate experience required.
- Experience working across different property types (office, multi-family, retail, etc) is a plus.
- Awareness of portfolio goals and ability to initiate plans for individual investments that contribute to these goals.
- Understanding of real estate agreements including leases, purchase and sale agreements, management and leasing agreements, partnership agreements and loan agreements
- Understanding of basic real estate terms and concepts such as net leases, gross leases, contracts, rents, percentage rents, operating expenses, capital expenditures, recovery of expenses, property types
- Understanding of basic finance concepts such as NOI returns, cash flow returns, internal rate of return, present value/discounted cash flow, capital markets
- Understanding of transaction due diligence process
- Ability to use financial and valuation software including Word, Excel, Argus Enterprise and Resolve
- Ability to perform market research
- Capability of simultaneously handling multiple assignments
- Ability to direct and monitor the activities of others on a systematic basis
- Ability to negotiate acceptable terms with a third party
- Ability to prioritize, multi-task, make thoughtful decisions and execute on objectives
- Must be a strong team player and have strong interpersonal skills
- Strong written and oral communication skills.
Any applicant selected for this position will be required to submit to an extensive background screening and a credit check. Failure to comply will eliminate an applicant from consideration for this position. Any negative information obtained as a result of the background screening may result in the disqualification of the applicant from this and any other position in Prudential.
All candidates must be authorized to work in the United States. Prudential is an Equal Opportunity/Affirmative Action Employer and is committed to diversity in its workforce.
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