Senior Vice President
JRW Realty is looking to hire a Senior Vice President to help rapidly expand our capacity to source creditworthy net-leased necessity-based retail and healthcare assets to meet our clients’ growing acquisitions needs. JRW Realty specializes in sourcing and brokering net-leased real estate on behalf of its clients and is also the exclusive broker for ExchangeRight Real Estate.
In 2019, JRW Realty sourced approximately $619 million in net-leased acquisitions on behalf of our clients. In 2020, JRW Realty sourced more than $685 million in net-leased acquisitions despite the impact of COVID. We have seen a significant increase in demand from our clients for net-leased acquisitions in the second half of 2020 and early 2021 given their recession-resilience, and are targeting at least $800 million in acquisitions in 2021.
ExchangeRight is a vertically integrated real estate company with over $3.2 billion in assets under management, the majority of which JRW Realty has helped to source and broker. ExchangeRight pursues its mission to empower people to be secure, free, and generous by providing and managing REIT and 1031- exchangeable investment offerings on behalf of its investors. JRW Realty helps ExchangeRight strategically acquire long-term, net-leased assets backed by investment-grade corporations that operate successfully in the necessity-based retail and healthcare industries. JRW Realty is currently on pace to help ExchangeRight add over $800 million in additional net-leased acquisitions each year. For more information on JRW Realty, visit www.jrwrealty.com, and for more information on ExchangeRight, visit www.exchangeright.com
As our new Senior Vice President, your primary role and focus will be to help JRW Realty source on- and off-market net-leased retail and healthcare properties for ExchangeRight’s REIT and 1031-exchangable investment offerings. Primary avenues for accomplishing this goal include:
o Developers: Develop and expand relationships with developers that turn into an active acquisition pipeline. ExchangeRight is able to provide forward contracts, developer financing, and other creative means to help lock in properties that fit its acquisitions criteria.
o Tenants: Expand sale-leaseback opportunities with our targeted tenant profile. You will be tasked with initiating new tenant relationships and expanding existing relationships that have not been fully established that can result in seller introductions, blend and extend opportunities, and more traditional sale-leaseback acquisitions.
o REITs: There are a number of REITs and other larger real estate portfolio owners that may warrant focus and attention to build relationships to facilitate acquisitions and disposition opportunities over time.
o Owners: Pursue other real estate owners of our targeted tenant profile. We have a large database of owners of net-leased properties and there may be opportunities to focus on larger owners or properties within this database to source acquisitions. Moreover, ExchangeRight provides a unique suite of 1031 and 721 exchange options for investors who are willing to sell but only hesitant because of a lack of exit options.
o Grocery-Anchored Parcel/Ground Lease Splits: Additionally, there may be opportunities to focus on parcel and ground lease splits wherein ExchangeRight can acquire a grocery-anchored center and split off the grocery tenant for ExchangeRight’s DST or REIT platforms and retain the in-line space for Telos Capital’s value-added platform.
o Brokers: Though our preference would be to focus on off-market properties where there is more potential for added value, we believe that there will be opportunities to deliver acquisitions via the brokerage channel as well. While we already work with most major brokerages and an extensive network of net-leased-focus brokers and agents within those brokerages, a candidate may have relationships with certain brokers or agents that we don’t and may be able to source additional properties via these channels.
This role works closely with the acquisition and legal closing teams of ExchangeRight, fulfilling anything required of JRW Realty to close a deal. In addition to the sourcing aspect of the role, ensuring sellers are being responsive and fulfilling their obligations in alignment with ExchangeRight’s closing timeframe will be a requirement.
It is likely that ExchangeRight will eventually focus on other asset classes over time and as appropriate based on macroeconomic and cyclical trends. Telos Capital, its sister company owned by the same principals that focuses on value-add investments, will also provide additional acquisitions opportunities over time. We would expect that this expansion of focus will be subordinated to ExchangeRight’s net-leased acquisition priorities for at least the next couple of years.
What you need for this position:
· Brokerage-related experience and real estate industry knowledge
· Excellent written / verbal communication skills
· Detail-oriented and strong interpersonal skills
· Existing relationships with developers or tenants that we are targeting are a strong plus
What you'll be doing:
· Developing a robust on- and off-market pipeline and helping to source and close acquisitions with owners, developers, and sale-leasebacks with tenants. You will be working closely with the President, and the CFO and Managing Partners of ExchangeRight to source at least $100 million in the first year.
· Building and deepening relationships with broker and agents with whom we are not already working, REITs, developers, and tenants. This will be accomplished through existing relationships, utilizing our extensive database of contacts, initiating key meetings, attending net-lease conferences, and extensive calling efforts.
· Preparing and presenting investment opportunities to the President and ExchangeRight CFO and Managing Partners.
· Engaging in negotiations and transactions to source acquisitions that are a fit for our criteria, and also helping to ensure that deals are closed with accuracy and speed.
What’s in it for you?
· Fast-paced, growing real estate company with natural career progression and access to executive management team
· Competitive compensation
· $470/month employee covered medical benefits plus 50% coverage of any amounts above $470, if applicable
· Paid time off (15 days per year for the first two years, 20 days from years 3 – 5, and 25 days beginning year 6)
· Profit sharing and cash balance plan following one year of service. Both plans are 100% company funded and have vesting requirements.
JRW Realty’s passion is to empower people to be secure, free, and generous. We seek to accomplish this by putting others first and we use the acronym, “FIRST” to identity how we will work together to reach this goal. These core values set the tone for the culture we nurture in the office. We apply these principles when evaluating performance and we expect all team members to be in alignment with these expectations:
Fidelity – We are faithfully committed to achieve the best outcome for those whom we serve.
Integrity – We do what is right and we steward investors’ wealth the same way we do our own.
Responsibility – We take proactive personal ownership in everything we do.
Servant-Heartedness – We serve our clients, each other, and our community with humility and generosity.
Tenacity – We relentlessly go above and beyond approaching our work with healthy sense of urgency.
Job Type: Full-time
- Dental insurance
- Health insurance
- Paid time off
- Vision insurance
- Fully Remote
- www.jrwrealty.com www.exchangeright.
- Only full-time employees eligible
- Remote interview process
- Virtual meetings