Just a few weeks ago I commented on the stress in the retail sector as "big box" landlords continue to experience one setback after another and retailers such as Best Buy continue to reel under the pressure of Internet sales. This week the stress kicks up a notch as OfficeMax and Office Depot announced advanced merger talks to stave off declining sales due to tough Internet competition. At the same time, paper clip giant Staples is also under pressure and is in talks with private equity players to take the company private. Office-supply stores are big victims of the Digital Age, as they find themselves with too many stores carrying too much inventory in spaces that are too large in a transformed marketplace. OfficeMax and Office Depot combined have 2,575 stores, so guess what happens post-merger? It is likely that over 30% of the stores will be shuttered, and that's on top of Staples downsizing it North American square footage by 15%. By my count, approximately 1,000 stores will close and landlords will be scrambling to fill oversized spaces. Alas, the carnage is not over as disintermediation continues to undermine many previously dominant big-box retailers.
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.
JONES LANG LASALLE
Analyst - Capital Markets Group
(WASHINGTON, DC) JLL currently has an opening for an analyst to support their capital markets and real estate investment banking team in Washington DC. The group provides investment brokerage, advisory and investment-banking services to corporations, institutions, public companies, fund managers, financial institutions and property developers. Responsibilities include gathering economic, demographic and real estate market data for input into project specific deliverables; performing complex financial analyses with minimal supervision, including cash flow projections, valuation models, and sensitivity analyses; preparing monthly articles for newsletters and periodic research pieces for special events and presentations; and preparing offering materials for new or existing assignments and pursuits utilizing effective work planning capabilities.
ACADIA REALTY TRUST
Property Management Internship
(WHITE PLAINS) Acadia is currently seeking a qualified intern to join its property management group, who can participate in the day-to-day operations of retail and commercial real estate properties. The successful intern will learn a variety of property management operational strategies, including tenant relations and the selection and supervision of service companies through job shadowing. Property management interns will assist with the following: commercial real estate management with an emphasis on retail store and shopping center management; budgeting and forecasting; assisting in bidding, negotiating and managing vender contracts; and involvement in building and mechanical systems.
ST. PAUL PORT AUTHORITY
Manager of Development Services
(SAINT PAU) The St. Paul Port Authority, the industrial development agency for the City, has an exceptional opportunity for the qualified candidate. Position qualifications include a degree/certification in technical training and/or equivalent experience in engineering, property management and development. Responsibilities include: construction management/oversight; property and project management; understanding of public sector roles and responsibilities; property surveying experience/exposure; knowledge of land use planning and regulations; real estate title work; landlord/tenant relations; and customer service skills.
(BEACHWOOD, OH) The development director sets the strategic direction for the execution of shopping center development and redevelopment. Their primary responsibility is to ensure that the project is completed on budget and within the schedule established by senior management and/or the investment committee of the corporation. Specific duties include driving the development process as to timing, priorities, and procedure; identifying all primary obstacles to the development process including all identifiable infrastructure issues such as roads, utility availability, off-site costs, contamination, soil quality, etc. to bring the site into production; researching sources of funding for off-site costs such as local governments, and assesses the level of interest from large and junior anchor tenants who may be candidates for the project; overseeing the assembling of the consultant team, including architects, engineers, entitlement specialists, and attorneys, as well as the construction team, including site contractors and general contractors; driving the process of shopping center design and layout; and ensuring completion within acceptable time frames by coordinating and managing team members.
FORE PROPERTY COMPANY
Vice President of Construction
(LAS VEGAS) Fore Property Company is currently seeking a candidate for the vice president of construction in their Western Division, located in Las Vegas. This is a senior level position with full bottom line responsibility, working closely with the development partner and managing multi-state operations. Duties include awarding and negotiating clear and concise subcontract agreements and scopes; understanding the permitting processes; coordinating with the municipalities, draw processes, lenders, engineers, architects and related consultants; managing Project Managers, budgeting, SOVs, buyouts, bid spread sheets; and scheduling timely completion of projects as well as managing field and office staff and activities.
Senior Servicing Specialist
(DALLAS) This position is part of the servicing yeam within Prudential Asset Resources. Position will be responsible for performing loan servicing insurance functions inclusive of: obtaining evidence of insurance; reading all types of insurance policies; analyzing loan documents to determine coverage requirements; ensuring investor requirements/guidelines are met; communicating with insurance agents and borrowers to obtain coverage; insurance premium disbursements; problem resolution with borrower/agents and internal departments; analysis of properties in flood zones, seismic maps, etc.; familiarity with All Regs and Agency guidelines for GSE's (FHA preferred); analyzing guide changes and implement as appropriate; and recommending system enhancements.
Senior Facility Director
(REDMOND, WA) The senior facility director will be responsible for business unit's financial performance in market or region within market. Additional duties include providing recommendations for tactical and strategic planning; providing market analysis and asset positioning consultation; assisting in acquisition underwriting and due diligence; assuming responsibility for new business development, including identification of opportunities, client solicitation, proposal development, and presentation; interacting regularly with clients to ensure that objectives are being met; anticipating clients needs; and supervising the planning, budgeting and control of operating and capital expenditures. This position will also oversee and approve the calculation of all special billings; supervise the preparation of annual budgets, forecasts, management plans, monthly performance reports, and variance reports; ensure the delivery of accuracy, timely, and complete reports; and perform regular inspections of properties.
Director of Compliance
(NEW YORK CITY) The director of compliance will be responsible under the direction of the senior vice president for identifying, providing and maintaining comprehensive resources, documents, information on legal obligations, policies, and procedures to assure company-wide compliance with all governing programs, including, but not limited to NYC Rent Stabilization, 421a tax abatement programs, J51 tax abatement programs, HUD affordable housing program regulations, Section 42 Tax-Credit affordable housing programs, Bond programs, building compliance programs, and all applicable Fair Housing and Human Rights statutes. This position will hire, train, maintain and supervise sufficient staff to meet the requirements of the department and will be responsive to the president, regional and district manager/s, the training and development team, owners, asset managers, project-based contract administrators, Agency contacts, and other executives and officers of Related.
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MARCUS & MILLCHAP
(FORT WORTH) Marcus & Millichap Real Estate Investment Services has named Bill Jordan regional manager of its Fort Worth office. Jordan joined Marcus & Millichap in 2010 as a senior agent in the Fort Worth office. His product specialty was retail investments and he was an associate member of Marcus & Millichap's National Retail Group.
DIVARIS REAL ESTATE
(VIRGINIA BEACH, VA) Ashley Grove was named creative director at the firm's headquarters location in Virginia Beach. Grove will work with the director of marketing and research and report to the vice president of marketing, establishing a new creative team to enhance the overall branding of the company. Grove previously worked as a freelance graphic designer and consultant with Amerigroup Corporation.
NEWGARD DEVELOPMENT GROUP (MIAMI) Real estate development firm Newgard Development Group expanded its team of professionals with the addition of four new members. The firm's newest executives include Chief Financial Officer Humberto Vanegas; Controller Edmundo Angulo; Vice President of Construction Luis Riquezes; and Senior Project Manager Rudy Añez. Vanegas has held previous positions with various real estate development companies, including CC Devco Homes, LLC, US Capital Holdings, Related Group of Florida, and H&H Development, Inc. Angulo was most recently with the BBB Group. Riquezes worked at Turner Construction Company and Grupo Eiffel, an engineering firm based in Venezuela. Añez was most recently with 1st United Companies.
HENRY S. MILLER BROKERAGE
(DALLAS) Lyle Cowand joins the HSMB Houston team as senior vice president-corporate services and Nick Limperos as senior vice president to the office-industrial division. Cowand has worked at Transwestern and The Weitzman Group. Prior to joining the Houston Miller team, Limperos was vice president of the industrial services group at the Grubb & Ellis Co.
(MIAMI) Colliers International South Florida announced that Alan Chernin has joined the firm as vice president of retail services. Prior to joining Colliers, Chernin had his own company, Coordinated Real Estate Services, Inc., where he primarily engaged in tenant representation for Fortune 500 corporations.
HANDLER REAL ESTATE ORGANIZTION
(NEW YORK CITY) Handler Real Estate Organization, a boutique, full-service real estate company, has expanded its brokerage division with the addition of industry veteran Diana Rau Siegal as a senior managing director. Prior to joining Handler, she was a senior director at First New York Realty, where she worked for more than two decades as both a tenant leasing representative and a building sales agent.
CUSHMAN & WAKEFIELD
(EAST RUTHERFORD, NJ) Leslie E. Smith has joined Cushman & Wakefield, Inc. as a senior director, based in the firm's Morristown, NJ office. Most recently, he was land acquisition manager for K. Hovnanian Homes, developing new opportunities for residential development.
(PRINCETON, NJ) A10 Capital, a full service, nationwide lending business specializing in small to middle market mini-perm commercial mortgage loans, announced that it has hired Bruce Dashevsky to head up business development efforts in the Tri-State market (Connecticut, New Jersey and New York). Dashevsky previously originated commercial mortgages for Metlife Capital and GE Capital.