ainbow USA Inc.is one of the fastest growing junior, kids, plus, and petite specialty apparel chains. Headquartered in Brooklyn, NY and founded in 1935, Rainbow is a fashion leader to its 14-49 year old customers.
There are almost 1100 stores in 38 states including Puerto Rico,and the Virgin Islands operating under various trade names, such as Rainbow, Rainbow Plus, Rainbow Kids, 579, and Marianne's. Rainbow's customers appreciate and purchase fashion apparel, but are value conscious and look to Rainbow to provide fashion forward trends at inexpensive price points.
We are very successful in our market niches and enjoy growing sales and profit above the market average. We are in growth mode and add 60-80 new stores per year on average.
Rainbow employees enjoy being part of a progressive and rapidly growing organization. Our staff is hard working, loyal and dedicated. In addition, we provide many opportunities for growth and a career path. Indeed over 60% of our management team is promoted internally.
A Lease Administrator provides afinancialanalysis for propertymanagementand lease administration by overseeing all aspects of the Data Management and Lease Accounting functions for approximately (number of location) collecting value of property and rental rates in the market. Insure management that all rent-related costs have been thoroughly documented, verified & accounted for and that pertinent lease terms are correctly entered into Rainbow's system, activated, updated & enforced.
- The Lease Administrator participates in lease negotiations
- Thorough knowledge of RETAIL LEASE terms and conditions- including the ability to abstract leases and comprehend rent obligations
- Ability to perform accounting functions relating to construction allowances; Monthly Rent & Escrow Payments; Accruals of unpaid invoices; Allocation of prepaid expenses
- Undertake financial reviews on owned and leased properties
- Keep records of property values and rents in the market
- Rent analysis and rent payment processing
- Client/vendor relationship management
- Maintain lease tracking database
- Activate general Ledger accounts and starting dates for all monthly payments.
- Prepare accrual schedule for all significant rent-related costs which are not being paid currently for store.
- Oversees landlord's audits of sales & any subsequent charges
- Ensuring lease documents are interpreted accurately, all payments of rent and operating expenses are in compliance with lease terms, and payments are timely processed
- Verification and abstraction of lease information, including updating our database of lease information
- Responsibility for new store setup, such as obtaining vendor payment information and contacts, welcome packages, and database updates
- Drafting lease correspondence and notices, addressing and resolving landlord/tenant issues, and monitoring leases/amendments for rent commencement, operating expense changes, changes in ownership, and lease terminations
- Overseeing day-to-day landlord relationships regarding account receivables, sales reporting and maintenance issues
- Researching and preparing comparative and financial analysis of real estate matters, and keeping current records of all leased properties
- Reviewing operating expense payments, reconciliations, billings and estimates. This includes comparing calculations to lease requirements/provisions
- Monitoring commencement and ongoing co-tenancy requirements worldwide
- Analyze and validate Leases, sub-leases, Mater Leases, Amendments, Letter Agreements and Waivers to accurately reflect data in database
- Accurately process Legal Notices and payment
- Maintain thorough knowledge of the Lease provisions. Interact with Landlords and/or their property managers to provide required information to perform the job requirements
- Act as a liaison between the Company and its Landlords regarding all matters concerning the lease commencement and notice requirements
- Update required information into the database management system
- Work with Operations/Construction Department on Construction Allowance Schedule & Recovery Process to ensure we collect from Landlords timely
- Coordinate Certificates of Insurance for all new stores and renewals for existing stores
- Backup other Lease Administrators in performance of review and approval related to Data Management and Lease Accounting obligations
- Conduct Lease Analysts with regard to procedures, lease interpretation, and billing calculations
- Special Projects as assigned by manager
Required Skills And Experience
- Minimum education level of Bachelor's degree or significant related experience.
- Minimum of 3 years work experience in Retail Lease Administration, Real Estate , Accounting, Real Estate Law, Property Management or related field
- The developed ability to interpret lease provisions is a must
- Negotiating experience, attention to detail and strong interpersonal skills required
- Demonstrated ability to understand/influence the business and build effective partnerships
- Analytical (assessment, decision making, problem solving)
- Ability to work independently with minimal supervision, and take initiative to investigate and resolve problems using sound judgment
- Must have ability to understand legal terminology and interpret Lease clauses; and ability to verbally discuss issues with Landlord agents
- Excellent oral and written communication.
- Project management and prioritizing skills.
- High quality detail.
- Results orientated.