Itchy
You’ve got to love Warren Buffett. In his annual letter to the shareholders of Berkshire Hathaway he lamented that as Berkshire gets bigger and more profitable, he needs more King Kong deals like Burlington Northern last year to show the kind of growth investors have become used to. As he put it, “Our elephant gun has been reloaded and my trigger finger is itchy." He means it, so watch out. Meanwhile, back at the grocery store yesterday, it was announced that Blackstone won the Centro Properties bid to acquire the company’s 588 US grocery-anchored and big box shopping centers, an elephant of a deal that dwarfs Blackstone’s previous bets on the retail recovery. Both stories made me smile because they validate that the recovery is in full force and effect. However, on the real estate front, deal flow is still, at best, moderate, albeit, pricing for core and core-plus assets is shockingly back to pre-2008 levels. At that end of the market it’s becoming super heated, so I hope the elephant gun doesn’t backfire!
Tony LoPinto is a senior client partner and head of Korn//Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
Job OpportunitiesTHE PALMER TEAM
Capital Markets Partner
(SACRAMENTO) The partner will be responsible for underwriting, marketing, structuring debt and equity, and the management of client relationships; among other duties.
SELECTLEADERS
Account Executive – Outbound Telephone Sales
(NEW YORK CITY) The executive will create and/or edit website sales copy optimized for job search engines e-mail campaigns; oversee the delivery of email campaigns; provide the highest level of customer-centric service, while maintaining professional ethics of the company and partner associations in all business transactions; and participate in team efforts, presenting ideas for creative content and assist management in activities and projects as required; among other duties.
ALTUS GROUP
Senior Real Estate Valuation Consultant
(JERSEY CITY) The consultant will be responsible for analytical and appraisal review support for portfolios of commercial real estate properties located across the US, working on transaction-related due diligence engagements, appraisal production assignments, and financial modeling; among other duties.
NEW YORK CITY ECONOMIC DEVELOPMENT CORP.
Senior Planner, Planning
(NEW YORK CITY) The senior planner will define projects, manage consultants and act as liaison to public agencies and community groups; work as a team member with staff of other divisions of the corporation in the preparation of RFPs, and the development and implementation of site specific and area-wide planning initiatives; and supervision of several on-call retainer consultants, including budgeting and contracting; among other duties.
EPN INVESTMENT MANAGEMENT
Vice President – Accounting and Finance
(NORTHBROOK, IL) The VP will be responsible for setting up and maintaining financial accounting systems; preparation of quarterly and annual consolidated financial statements for institutional investors and joint venture partners according to US GAAP and IFRS when required; oversight of accounting and bookkeeping of the company entities and preparation of income tax returns; among other duties.
GENERAL INVESTMENT AND DEVELOPMENT
Portfolio Management Analyst
(LARKSPUR, CA) The analyst will participate in the preparation of the quarterly reports and other periodic reporting requirements of a co-investment partnership; help prepare the annual investment plan; assist in the partnership compliance requirements of the co-investment partnership agreement; and assist in developing acquisition strategies and hold/sell analyses for a co-investment property separate account partnership; among other duties.
SUNTRUST BANK
SunTrust Bank – Community Development
(ATLANTA) The candidate will be responsible for making sound credit decisions while consistently applying the underwriting standards necessary to maintain the credit quality objectives of the company; and ensure the quality of the assigned portfolio and of the overall credit process in support of the mutually agreed upon credit/client strategy and growth and profitability objectives; among other duties.
GREENSTREET REAL ESTATE PARTNERS, LP
Real Estate Analyst
(COCONUT GROVE, FL) The analyst will be responsible for due diligence and financial analysis, market research, and portfolio-level analytics and quarterly reporting; and supporting senior investment and asset management professionals in the acquisition and day-to-day management of office, retail, and industrial commercial real estate properties; among other duties.
No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.
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