Closing the Book
Remember when it was such a joy to visit the local book store and browse around for hours. Then the local dusty bookstore was replaced by big box Borders and Barns & Noble where you could not only browse but also sip a double mocha butterscotch vanilla skim latte. This weekend I passed what was one of the few remaining neighborhood bookstores that showcased wonderful table top books. One would think the table top niche would be immune to the onslaught of digital. Alas, not true, the store was "out-of-business." Well, the book worm turns again. Borders is liquidated and gone, and Barns & Noble is shrinking. The company announced that it expects to shutter one-third of its stores over the next decade at a pace of 20 per year. I seems to me that the fate of Barnes & Noble is still out with the jury. Random House, the world's largest publisher of consumer books, says e-books now make up about 22% of its global sales, up from almost nothing five years ago. The head of a major publishing rival says he expects e-books will be as much as 50% of his total book sales in the U.S. by the end of 2014. No doubt about it, it's another indicator that it's a Bear Market for big-box landlords.
Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
SHORENSTEIN REALTY SERVICES, L.P.
Asset Management Services
(SAN FRANCISCO) Primary duties include performing asset management related analysis with an emphasis on developing Argus models and property valuations for properties within the portfolio. Specific duties include performing accurate and complete net present value analysis for properties within the portfolio within established timeframes; thoroughly analyzing the impact of lease transactions to property value and yield within established timeframes; thoroughly reviewing assigned sections of the monthly MAP report to ensure assumptions and forecast are consistent with the investment strategy for the asset within established timeframes; and ensuring timely deliverables for property distributions and contributions.
Director of Real Estate Brokerage Services
(COLUMBUS, OH) Duties include leading, managing and growing the Company's real estate division comprised of agents and brokerage support staff; collaborating with the CEO and COO to create, implement strategic growth plans and initiatives for the brokerage division throughout the company; assuming leadership for agent recruiting and developing programs and initiates to retain those agents; and reviewing, revising, and implementing company policies and procedures as they relate to the brokerage division.
SAN FRANCISCO INTERNATIONAL AIRPORT
Associate Deputy Airport Director
(SAN FRANCISCO) SFO is seeking candidates with extensive domestic and/or international experience in the development, management, and operations of luxury, high-end hotels. This high-level in-house position will oversee activities from conception to build out and continue on as the asset manager on behalf of SFO. Bachelor's degree and ten years of progressively responsible hotel-hospitality experience required.
BIOMED REALTY TRUST
Senior Property Manager
(CAMBRIDGE, MA) Under general direction, this position will oversee and coordinate all property management, maintenance and construction activities for the Company's growing portfolio of biomedical and office properties. Specific duties include overseeing all property management, maintenance, and construction activities associated with commercial and lab tenants; directing activities or workers engaged in operating and maintaining several facilities and equipment in buildings such as laboratory, office and manufacturing buildings; inspecting facilities and equipment to determine need and extent of service, equipment required, and type and number of operation and maintenance personnel required; and preparing budgets, monthly accruals, quarterly variances, timelines, and plans to meet property management and accounting requirements.
Associate - Investments
(LOS ANGELES) Duties include analyzing potential acquisition and development opportunities to include cash flow modeling, property valuations, investment analyses (IRRs, sensitivity tables, etc.), and joint venture structuring; supporting deal team by independently performing market research of investment districts and other market data by utilizing CIM resources, such as relationships with external experts, to inform decision making; supporting the transaction due diligence and closing processes; and collecting due diligence materials, utilizing information to adjust underwriting, and coordinating with legal and accounting departments to facilitate the closing of a transaction.
Senior Portfolio Manager, Real Estate
(CHICAGO) Position will be responsible for the development and execution of corporate real estate strategies, for two of America's Regions, each with approximately 1 to 2 million square feet and 100+ office locations. Working in a dynamic environment, the Senior Portfolio Manager is expected to achieve measurable targets in service quality and reduce real estate lease and operating costs within the assigned Regions.
(SAN FRANCISCO) The investment analyst will be responsible for providing support to regional offices through underwriting, due diligence, servicing, closing and various support functions; planning and scheduling own workload and coordinating the workload of other analysts to best utilize time and most efficiently provide commercial real estate research and analysis services; preparing an appraisal report utilizing the three approaches to value and developing a final valuation estimate; coordinating due diligence, inspection properties, reviewing building plans, calculating building sizes, orders and analyzing credit reports and other pertinent underwriting criteria; and preparing summary analysis of leases for use in investment reports.
THE COLLIER COMPANIES
Regional Community Manager
(TAMPA, FL) The Collier Companies is looking for a regional community manager to be based out of Tampa, FL. The portfolio of real estate is a combination of by-the-bed student housing and garden-style conventional assets. Duties include leading a region of at least 6 assets; writing annual budgets and staying within plan for expenses; growing revenue above the market average; mentoring community managers and on-site staff; utilizing Yardi and Yield Star efficiently; and approaching each asset with a unique and successful marketing/leasing plan.
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MARCUS & MILLICHAP
(SAN DIEGO) Marcus & Millichap Real Estate Investment Services has promoted Douglas A. Danny and Christopher J. Zorbas to first vice president investments. Most recently, Danny and Zorbas held the title of vice president investments. They are both located in the San Diego office.
(PHOENIX) Colliers International announced the promotions of Jeffrey Sherman and Trevor Koskovich to vice president, multifamily properties. Sherman and Koskovich specialize in the acquisition and disposition of investment-grade, income-producing multifamily properties and portfolios.
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CHESTNUT HILL REALTY
(BOSTON) Jerome L. "Jerry" Rappaport Jr. has joined with Chestnut Hill Realty CEO Ed Zuker and his son, Robert Zuker, to found CHR Investors, an affiliate of Chestnut Hill Realty that will focus on real estate investment primarily in New England's multifamily housing sector. For the past two years, Rappaport has been consulting with Chestnut Hill Realty to help develop a strategic plan and research various capitalization options to continue sustainable growth.
(CHARLESTON, NC) Greystar, the nation's largest apartment operator, is pleased to announce the hiring of Lance Hanna, as Managing Director of Development for its student living portfolio. In his new role, Lance will be responsible for shaping and implementing the development strategy of Greystar's sponsored projects in the student housing sector.
(ATLANTA) Wood Partners has hired real estate veteran Robert Hanrahan as senior vice president of asset management. Based in Wood Partners' Atlanta office, he will provide direction and leadership in carrying out the company's operational strategy and execution for its growing multifamily portfolio. Spanning a 25-year multifamily and commercial management career, Hanrahan has worked for top companies such as RREEF, one of the world's largest real estate investment managers.
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