Acquisitions Associate

Job Description

* * * LOCAL APPLICANTS ONLY * * *

COMPANY DESCRIPTION

Hackman Capital Partners, LLC (HCP) is a privately-held, real-estate investment and operating company that focuses on commercial and industrial properties in major U.S. markets. Founded in 1986, we’ve invested more than $4.0 billion in properties across 41 states—having owned, through our affiliated entities, over 400 buildings totaling 35-plus million square feet. Recognizing the growing demand in urban markets, we were one of the early pioneers of converting industrial properties into creative office and media space in Southern California.  HCP is also a leading owner and operator of independent full-service studio and production facilities, with a portfolio of 60 soundstages on over 70 acres of land and approximately 3.6 million square feet of studio, production support and office space.

HCP’s most notable Southern California projects include Television City Studios, a 780,000 square-foot television and broadcast facility with an opportunity to develop 1.2 million square feet; The Culver Studios, a 14.3-acre film and television studio campus and home of Amazon Studios The Culver Steps, a 1.16-acre, mixed-use development, directly adjacent to The Culver Studios and also home to Amazon Studios; Manhattan Beach Studios, a 587,000 square-foot studio on 21.8 acres; a 75,000-square-foot creative office conversion at 5500 West Jefferson Boulevard in Los Angeles; a 550,000-square-foot creative campus conversion in El Segundo; the Beats/Apple Southern California headquarters; and Westwood One Studios. Hackman Capital Partners is currently constructing approximately 1 million square feet of creative office and media-related campus space in Southern California.

JOB DESCRIPTION

Hackman Capital Partners, LLC (HCP) is seeking an Investment Associate to support the growth of HCP’s Studio Media Platform and Urban Infill strategy. The Investment Associate will be involved in all aspects of acquisitions and will work closely and collaboratively with internal stakeholders and external consultants to help underwrite, finance, perform due diligence, close, and other investment processes for prospective acquisition opportunities within these investment strategies. Investments will include strategic operational studios, studio warehouse conversions, portfolio and one-off transaction, joint venture investments, and development of both purpose-built studios and warehouse conversions. Initial priority markets are Los Angeles, New York, Vancouver, Toronto, and London. Investments will also include well located properties in urban infill and high barrier to entry markets primarily in Southern California. Primary acquisition targets are covered land plays of properties with current income and a clear path to a higher and better use through re-entitlement. The goal is to acquire properties in and around locations where other investments have been made to take advantage of market knowledge, entitlement processes, relationships and reputation to move quickly and maximize off market opportunities.

The successful applicant will have a relentless worth ethic, possess strong technical skills and quantitative reasoning, demonstrate a willingness to self-start and problem solve, and bring a deep passion for real estate. Moreover, this highly visible position has tremendous long-term growth potential within HCP.

RESPONSIBILITIES

• Financial Modeling. The core responsibility of this role refining, updating, and manipulating a complex financial model. The Investment Associate will work with the Acquisition, Asset Management, Entitlement, and Development teams to manage the pro-forma analysis, including, but not limited to, the following facets of the project.
  • Underwriting. Utilize and integrate ARGUS cash flow projections into HCP’s financial model to drive underwriting and valuing of acquisition targets. Evaluate development opportunities and build and consolidate development projections into the acquisition financial model.  Run sensitivity analyses and matrices of potential outcomes.
  • Writing Investment Memorandum. Prepare investment memoranda and recommendations to investment committee
  • Financing. Compare loan options and perform financing analyses (Debt Yield, LTV, etc.), prepare required documentation to close financings, and monitor capital markets to ensure effective use of leverage on the project.
  • Disposition & Waterfall Analysis. Project NOI and cash flow at property and analyze liquidity events with appropriate sensitivity testing (full sale, partial sale, timing of sale, etc.), representing financial performance utilizing a variety of return metrics – IRR, MOIC, yield on cost, cash on cash, among others.
• Ad Hoc Analyses. The Investment Associate will also be responsible for performing additional analyses, as they arise, including:
  • Underwrite acquisition opportunities, across asset classes, for properties in close proximity to portfolio properties.
  • Build and maintain reports and databases on land sales, forward supply/absorption, market rents and concessions, competitor positioning, and other statistics.
  • Assist in all phases of internal budgeting process and other required reporting (investors, lenders, etc.).
• Closings. Perform a range of responsibilities to facilitate acquisition and financing closings, including due diligence, checklist management, third party report review, and ongoing communications with lender, seller, and broker closing specialists.

QUALIFICATIONS

• Bachelor's degree from an accredited university.
• 3+ years of financial modeling and underwriting experience, and preparation of investment committee material with a commercial real estate investment/operating firm, commercial real estate development company, major investment bank, hedge fund, private equity firm, asset manager, etc.
• Expertise in Excel, ARGUS, Word, and PowerPoint. Per the responsibilities of this role, applicants must be able to apply complex formulas to develop and modify financial models and cash flow projections for operating assets and development project, with complicated waterfall distributions.
• Familiarity with leases, purchase and sales agreements, property management agreements, listing agreements, partnership agreements, loan docs, construction agreements, consulting agreements, vendor agreements, and intercreditor agreements.
• Outstanding analytical, quantitative, and problem-solving ability.
• Strong work ethic; high level of initiative, willingness to self-start, be resourceful, and ask questions; commitment to accurate, high-quality work product; excellent oral and written communication skills; and a passion for real estate.