Job Location:
Del Amo Fashion Center
PRIMARY PURPOSE:
This position is responsible for the consistently high production of deals in leasing space in new and existing regional malls. Simon Property Group has been named Fortune’s Most Admired Real Estate Company 7 times in the last decade. This is a resume-building opportunity to work with the #1 real estate developer in the world and one of the best leasing teams in the country.
PRINCIPAL RESPONSIBILITIES:
The successful candidate’s responsibilities will include, but not be limited to:
- Cultivates desirable prospective tenants; sells them on the advantages of wanting to be located in SPG center; responds to inquiries from retailers wanting to locate in SPG centers.
- Qualifies potential tenants by reviewing their financial statements and checking references; negotiates terms of lease on behalf of SPG for highest return to the Owners, including such items as space, basic and percentage rent, term of lease, extra charges, construction allowances, etc; reviews with immediate supervisor and obtains approval of next level of management.
- Communicates and coordinates with the Legal department to have documentations prepared incorporating the terms agreed upon and appropriate to the specific property; initiates preparation of tenant space; notifies construction department to send shell drawings and Constructions guidelines to tenant.
- Canvasses the market to identify potential tenants; visits existing retail facilities in the center’s community and neighboring communities at local shopping centers, central business districts and suburban retail areas; contacts retailers by phone or in person to obtain additional information and assess the level of interest on the part of the retailer and SPG in leasing space; reviews industry publications to identify potential national and regional tenants and maintain an awareness of industry trends.
- Evaluate retailers for their desirability as tenant in a specific SPG center; evaluates general merchandise and brands carried, price points, level of service offered, store design and general store appearance; maintains records of potential tenants for future reference; assists Mall Managers in existing centers in the identification of desirable retailers to fill vacant spaces.
- Develop leasing plans for new centers; reviews center performance and consults with the appropriate VP, Development to determine required rent per square foot; consults with Property Management for an estimate of CAM charges and taxes, and with Energy Engineering for central system charges; review market research and consults with retail in the area, and the type of tenant desired or recommended; identifies desirable space location fort tenants in each category throughout the center based on planned merchandise mix and traffic flow.
- Attends leasing conventions and other industry events in order to represent SPG and its properties: creates interest in SPG properties and shares information on new and exiting developments with interested parties canvasses for potential tenants; exchanges information on industry trends.
- Communicates with and reports to partners, lenders, and others as applicable, the status of leasing activity, as needed.
- Prepares annual budgets on center by basis for review and approval by senior management.
Problem Solving Environment
Constraints: The incumbent is guided by broad managerial direction in accomplishing both short-term and long-term objectives. The incumbent should be self-motivated, self-directed and exercise independent judgment.
Difficulties: The primary challenge of this position is to lease space for its highest and best use, opening on-time and at terms which will provide the highest return to the Owners. Significant travel (50%) and a flexible work schedule are required.
MINIMUM QUALIFICATIONS:
- Bachelor’s Degree
- 2-4 years retail leasing/selling experience
- Working knowledge of merchandising mix and retailing
- Working knowledge of deal structures and lease terminology
- Negotiation and closing skills
- Well-developed oral and written communication skills.
»Salary/Wages –” The salary range for this position is $125,000 - $150,000. Actual compensation within that range will be dependent upon various factors, including an individual’s skills, experience, and qualifications.”
»Benefits – “Simon offers a comprehensive benefits package, including, but not limited to, medical, dental, and vision coverage, 401(k), life and AD&D insurance, disability insurance, flexible spending accounts, and paid time off.” (Full-time jobs only)
»ICP Bonus - “This is a bonus-eligible position. Bonus award amounts are determined annually based on factors such as your position, achievement of individual performance goals, company's overall performance, as well as management's assessment of your individual performance.”
»Discretionary Bonus – “This position may be eligible for a discretionary bonus, which may be awarded at the sole discretion of management based on management's assessment of your individual performance”