Property Manager, Commercial

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Real Estate
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FRA06N Requisition #
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I. Summary of Responsibilities:

The responsibilities of the Property Manager position within CKE Restaurants, Inc. include oversight of property management for all Carl’s and Hardee’s operated restaurant properties, related office, storage and surplus properties, third-party disposition and franchised properties and closed properties. 

Reporting directly to the Director, Real Estate Asset Management, the primary responsibilities of the Property Manager include oversight of the Property Management: (1) management and maintenance of all Carl’s and Hardee’s properties, including company, franchise and third-party, operating and non-operating; (2) analysis and interpretation of leases and other real estate-related documents; and, (3) appropriately and knowledgeably engaging the assistance of legal counsel as necessary. 


II. Duties and Responsibilities:

The Property Manager oversees for the following regular duties. 

1. Maintenance and management issues for all Carl’s and Hardee’s properties, with concentration on restaurants located in shopping centers having leases with common area maintenance rights and responsibilities and closed properties creating liability for the company;
2. Negotiate agreements between Landlord and Carl’s or Hardee’s (ie: signage rights etc.)
3. Review lease agreements and work with landlord (when required) and Telecommunications to negotiate cable company agreements for cable installation in restaurants.
4. Manage all closed store maintenance properties.  Working with ouside companies to determine work that needs to be done and controlling expenses to minimize expense to the company.
5. Coordinate and review all property inspections.  Determine what action is necessary and review bids.
6. Dispute resolution between landlord and franchisee with an emphasis on maintaining a good relationship with both parties.
7. Coordinate parking lot maintenance and repair work to control costs and maintain access to restaurants.  Minimize disruption to restaurant.
8. Resolve disputes regarding insurance certificates and landlord requirements;
9 Negotiation of disposition subtenant rent delinquencies as appropriate in concert with Real Estate Asset Managers and Director.   Negotiates settlements or payment agreements when necessary.
10 Obtains credit and business approval for new disposition tenants or assignments.  Coordinates required documents and payments with attorney’s and escrow companies.
11 Communication with Carl’s and Hardee’s landlords, property management companies, attorneys, CPA’s, etc. regarding common area related issues and closed store maintenance issues, including interpreting common area lease provisions, shopping center covenants, easement agreements, negotiating resolutions and monitoring repair work until completion including negotiating monetary settlements as appropriate.  The Property Manager works directly with the Real Estate Asset Managers and Director to ensure all common area repair issues and closed store problems are handled in accord with the documents governing the property. 
12 The Property Manager interfaces with the company’s Surplus Property Brokers regarding property inspections, repairs, maintenance and disposition sale or sublease turn-over.
13 The Property Manager negotiates with outside brokers and interested parties regarding  closed properties deals.
14 The Property Manager coordinates return of all leased properties to landlords and negotiates a settlement of any disputes regarding the condition of the property.
15 The Property Manager may engage legal counsel when appropriate to ensure the property rights of Carl’s and Hardee’s are upheld as well as obligations met.  The Property Manager must have sufficient legal acumen to determine when a matter has legal implications that could lead to litigation, and seeks to avoid such by negotiating resolutions at the onset. 
16 Review and approve all legal invoices.  


The Property Manager performs the following occasional duties;
1. Research and preparation of various reports as requested by other company departments such as Marketing or Accounting.
2. Research various expense billings (i.e. utility bills, insurance, etc.) as necessary and appropriate.
3. Assits with any other projects as needed.

Training and Education

 

A college degree, preferably in Business Administration or

Accounting, with college level or above course work in Real Estate Principles,

Real Estate Finance, Commercial Leasing and Accounting; 

Working knowledge of Microsoft Excel, Word, PeopleSoft Accounting

system and Real Estate Asset Management System (SLIM);

Strong verbal and written communication skills; management experience and good Inter-personal skills; strong negotiation skills.

 
Experience
 

Minimum of ten years experience in commercial Property Management, including

Lease Accounting and Real Estate Finance, and a comprehensive understanding of Commercial Real Estate Leases and related legal issues.

  

Problem Solving/Decision Making

 

The Property Management function has tremendous potential for financial and legal impact upon the company. The Manager must have sufficient accounting and finance background to oversee all shopping center common area invoicing and reconciliation, to appropriately assist in the preparation of budgets and variance reports and to oversee common area and percentage rent payables and receivables and base rent receivables. The Property Manager must have a solid understanding of real estate principles to participate in decisions that will have short-term and long-term financial impact on the company’s real estate assets. Additionally, the Property Manager must have sufficient legal acumen to negotiate disputes that have potential legal implications, and to seek a

resolution before they reach litigation. In the alternative, the Property Manager will seek appropriate legal counsel to guide the dispute to resolution or through a court proceeding. Furthermore, the Property Manager seeks to manage and maintain properties in order to avoid liability for the company, particularly in regard to the company’s closed property portfolio.

 

The Property Management Department assists in the management of the restaurant properties and surrounding shopping center property governed by the lease or other covenants, conditions and restrictions and regularly takes calls from restaurant operations’ personnel regarding necessary common area repairs. These requests for repairs may range from problems concerning conditions of parking lots, landscaping, lighting and parking to security, fire and safety hazards, environmental and city ordinance related matters. Property Management provides legal notification to the management company pursuant to the terms and conditions provided in the lease agreement and property-related documents relative to common area issues. The issues may or may not be resolved quickly. Although contractually obligated to perform repairs and maintain the common areas, the property owner/landlord may neglect its obligations, ignore legal notices and/or refuse to perform for financial or other legal reasons.  The Property Manager must exercise good judgment in seeking to reach a resolution rather than going to litigation.  The Property Manager reviews all high level common area matters with the Real Estate Asset Manager or Director responsible for the portfolio to obtain direction on resolution, legal intervention and/or litigation.

 

Reporting Duties

 

The Property Manager reports directly to the Director, Real Estate Asset Management and works in concert with the Real Estate Asset Managers and/or Directors for each restaurant concept.

 

Staff Oversight

 

The Property Manager has a oversees one employee who is the Lease Administrator for franchise direct properties and assistant property manager assisting both the Property Manger and the Real Estate Manager for DOT takings. 

 
Contacts
 

Routine outside contacts include Carl’s and Hardee’s Landlords, property management companies, attorneys representing both the company and other parties, tenants and subtenants, contractors, adjacent tenants, franchisees, CPA’s, etc.  Routine internal contacts include regional vice presidents, district managers, restaurant general managers; Facilities Maintenance Department personnel; all levels of management within the Accounts Payable and Accounts Receivable Departments, the Risk Management Department and the Legal Department.

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