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Paralegal - Lease Administration Manager

Company: Velocity Venture Partners
Location: Dover
Posted on: January 15, 2022

Job Description:

VELOCITY VENTURE PARTNERS

PARALEGAL- LEASE ADMINISRTATION MANAGER - Job Description --Reports to: - Senior Vice President - Asset Management & Operations
Purpose:The Asset Management Department is charged with the day-to-day implementation of policies, procedures, and programs that will maximize the Owners return on investment and assure a well managed, well maintained property, placing emphasis on positive response to the concerns and needs of the merchants/tenants, in coordination and conjunction with the Owner's goals and objectives.
Scope:
A.------Review Leases / Amendments a.----------Run credit reports when applicableb.--------Check lease / amendment / renewals for accuracy before releasing for distribution to tenantc.----------Review lease packet to ensure appropriate documents / exhibits are attached to the lease
B.------Review and Summarize Executed Lease--

  • Check lease for accuracy
  • Prepare lease abstract/summary and distribute to the property managers for review.
  • Make sure Security Deposit is paid; forward to Accounting
  • Check for completed tenant profile; signed lease application and credit report if applicable
  • Follow up if above documents have not been received or corrections needed
  • Ensure that insurance certificates and HVAC contracts are received before file is turned over to PM
  • Set up and maintain binder with all lease restrictions and exclusives
    C.------Distribution of Lease:a.----------Prepare Welcome letter and send out with executed lease; explaining tenant's responsibilities and contact information for utility companiesb.--------Send accounting notification to transfer utilities.
    D.------Set up Tenant files: a.----------Prepare a physical file for original copy of lease and correspondence b.--------Ensure that lease documents and attachments are scanned into Yardi.c.----------Prepare file for percentage rents, if applicabled.--------Input Tenant's information in Yardi including all terms of lease; options when applicable and posting of security deposit
    E.------Confirmation of Lease terms and Rent a.----------Initiate Rent Commencement-set up base rents, escalations and additional rents in Yardi.--Consider any cam or pro-rata share changes.--Set up spread sheet for additional rent. Send invoices and letter to tenantb.--------Advise tenant of lease start, expiration and option notice datesc.----------Complete Tenant file, create ticklers d.--------Forward copy of turnover letter to Owner's assistant
    F.--------Lease Renewals / Option Noticesa.----------Make changes on lease abstract/summary, in Yardi and on Excel rentb.--------Review Original lease and amendments for accuracy; correct as needed.--Highlight all additions and changes. c.----------Make all necessary adjustments to Yardi, terms, new rent, etc.d.--------Mail lease and invoices, advising tenant of new termse.----------Notify assigned property management of changes f.----------Option notices reviewed and administered as aforementioned
    G.----Assignment and Amendmentsa.----------Check for accuracy b.--------Administer changes for relocations and expansions c.----------Change all records, physical file, Yardi and rent rolls d.--------Send correspondence and invoices to tenante.----------Notify property manager of changes
    H.------Available Listings (monthly)a.----------Deliver a copy of the previous month's listings to the PM's, Leasing and Senior Vice President - Asset Management & Operations. b.--------Make any necessary changes to the listingc.----------Email the updated Available Listings to the leasing and or Brokersd.--------Collect, review and forward web-site information to be modified.
    I.----------Tenant Move Outa.----------Send letter to tenant 90 days prior to lease expirationb.--------Submit utility transfer to APc.----------After file is received from PM, review the account according to the PM's report and forward to Accounting if adjustments are required.d.--------Close out file--J.--------Monthly Responsibilities a.----------Print and review lease expiration reports and review with property managers, Leasing and Senior Vice President - Asset Management & Operations
  • Stop rent for vacating tenants or charge holdover rent for all holdover tenants
  • Prepare lease expiration report and distribute to Asset/Property Management Dept.
  • Coordinate with Asset/Property Management regarding closings, advising of which files to close
    K.----Quarterly Commission Reportsa.----------Prepare quarterly broker reports if applicableb.--------Prepare quarterly commission reports if applicable
    L.------Maintain Rent Rolls a.----------Transfer all information from leases to the Rent Rolls including rents, escalations, terms, full net and R&M exceptions--b.--------Remove vacating tenants c.----------Move up all rent escalations to page oned.--------Periodic audit of Rent Rolls for accuracy, checking proper dates, escalations and square feet.e.----------Setup unit and tenant information for properties obtained through new construction or acquisitions.--f.----------Develop reports utilizing Yardi information as needed. --
    M.--Maintain Rules and Regulation a.----------Remove and add Tenant exclusives, property specific for all formats (industrial, office, retail, etc.)
    N.------Maintain Percentage Rent Filesa.----------Track percentage rents and maintain percentage rent files, if applicable
    O.----Conducts Annual Lease File Audita.----------Ensure proper documents are in central lease files; including:b.--------Lease Commencement and Possession Lettersc.----------Certificates of Occupancyd.--------Fully executed Leases, Amendments and Assignments--P.--------Reconciliationsa.----------Responsible for all tax reconciliations and billingb.--------Responsible for all CAM reconciliations and billings (refunds/collections)c.----------Manage tenant relationships regarding all reconciliations
    SummaryMust have strong financial/property accounting background plus solid interpersonal skills, ability to multitask, and advanced skills in Microsoft Office products, particularly in Excel.--Candidate must have a minimum of 5 years direct experience in industrial, retail or office lease administration including abstracting, tax reconciliation and billing, CAM reconciliations, and managing tenant relationships.
    In the execution of the responsibilities, the Lease Administration Manager is held accountable for his/her independent action(s), within the guidelines of the Position Description.
    The Lease Administration Manager will assume any additional duties and responsibilities as delegated by the Senior Vice President of Asset Management & Operations. --------------------

    Disclaimer:--This represents a broad overview of the Lease Administration Manager position and is not intended to be an all-inclusive job description, but a highlight of key functions and expectations.

Keywords: Velocity Venture Partners, Wilmington , Paralegal - Lease Administration Manager, Executive , Dover, Delaware

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