Lease Analyst in Irving, TX at Michaels

Date Posted: 5/16/2023

Job Snapshot

  • Employee Type:
  • Location:
    3939 West John Carpenter Freeway
    Irving, TX
  • Job Type:
  • Experience:
    Not Specified
  • Date Posted:

Job Description

Support Center - Irving

For nearly 50 years, Michaels has been the destination where Makers get inspired, learn, shop, and create. We strive to cultivate an inclusive shopping environment for all Makers and work environment for all Team Members, providing a place of belonging and empowering everyone to bring their creative dreams to life. At Michaels, every Team Member is encouraged to hone their craft with opportunities for personal and professional growth. From our Stores and Distribution Centers to Artistree and our Support Center, our best-in-class team is passionate about leaving the world a better, more creative place by contributing to every “make”.

Michaels is an Equal Opportunity Employer. We are here for all Team Members and all Makers to create, innovate and be better together.

The Lease Compliance Specialist is responsible for analysis and administration of all real estate transaction documentation, from the acquisition of new assets by lease or fee, to the subsequent sale or sublease of those assets. This position also manages day-to-day lease obligations by providing direction to the appropriate department for any contractual obligations while maintaining relationships with internal and external customers. In addition, this position is also responsible for payment of all amounts due by The Michaels Companies under the Lease. This position works with other internal business partners in General Accounting, Accounts Payable, Loss Prevention and Facilities to ensure all payments made, under the Lease, are correct and all amounts owed are collected.

Major Activities

Rent payments

  • Responsible for the timely and accurate payment of all Lease required charges, including rent and triple nets.  
  • Prepare the monthly rent payment for the assigned territory consisting of approximately 220 stores, to include minimum rent and one-time debits/credits.  Also included is the preparation of ensuring the appropriate vendor is reflected.

Annual Reconciliations

  • Receive the annual quarterly, monthly expense reconciliations.  
  • Review the Lease and reconciliations to ensure the Landlord has met the correct criteria for payment.
  • Reconciliation dispute - contact Landlord regarding incorrect billings and protest amounts being billed and resolve in accordance with the terms of the respective Lease.    As appropriate, negotiate a settlement with the Landlord for disputed amounts after discussion with Manager.

Accrual preparation/response to General Accounting’s Questions

  • Common Area Maintenance, Insurance and Real Estate Tax payments require an accrual to ensure the store has the funds to pay amounts owed.  
  • Analyzing past amounts to determine if there are historical trends which will affect the future cost and project the appropriate increase using this information.
  • Verify all previous accruals have been set up appropriately in general accounting.
  • Determine if the amount is pre-paid and adjust the accrual accordingly.

Sales Reporting and Alternative Rent

  • Review and verify the gross sales reports prior to submission to the Landlord.
  • Verify the threshold is in accordance with the Lease.
  • Establish is appropriate deductions have been made.
  • Prepare paperwork for payment, required, and upload into AMT with appropriate back up.

 Asset Management

  • Maintain reports to determine all Asset Management issues.
  • If the lease has not already been abstracted, abstract the lease to determine all non-favorable provisions and prepare a detailed memo of explanation.  
  • Prepare a timeline, detailing the milestones to timely handle the disposition of the asset Issue.  
  • Execute landlord changes.

Store and Lease Surveys

  • Review Lease Agreement for Co-Tenant requirements, Exclusives, Non-construct Areas and Prohibited Uses – creating opportunities for Fuel For Growth.
  • Prepare and distribute questionnaire to various departments.
  • Delegate maintenance issues to the proper team.

Temporary Storage Agreements

  • Obtain store’s requirements and confirm with District Manager what type of storage is needed and verify whether the Lease Agreement already allows them.
  • Prepare memo to obtain approval from Operations.
  • Contact property owner and negotiate a License Agreement.

Store closings and lease terminations, budgeting, and special projects

  • Prior to closing prepare a Notice of Store/Facility Closing or Termination Form and review lease for rights to hold a liquidation sale.
  • Address all outstanding issues with the Landlord.
  • Assist construction in removal of signs.
  • Other duties as assigned

Minimum Education  

  • Bachelor’s Degree in Accounting, Real Estate or Business, or 8+ years in commercial real estate 

Minimum Special Certifications or technical skills  

  • Microsoft Office: Outlook, Excel, Word, Access
  • Crystal Report software

Minimum Type of experience the job requires  

  • 2+ years related experience within the commercial real estate industry (e.g., Property Manager, Property Accountant, Lease Administrator)
  • Experience interpreting complex Leases
  • Experience with a Property Management database

Preferred Type of experience the job requires  

  • 2+ years retail experience 

#LI-LS1 Applicants in the U.S. must satisfy federal, state, and local legal requirements of the job.

To review a comprehensive list of benefits, please visit Michaels Benefits

CA, CO, CT, WA, RI and select New York cities only - To review pay ranges for the position you are applying for, please visit Michaels Pay Ranges - CA, CO, CT, WA, RI, and select New York cities only.

Michaels is committed to the full inclusion of all qualified individuals. In keeping with this commitment, Michaels will assure that people with disabilities are provided reasonable accommodations. Accordingly, if a reasonable accommodation is required to fully participate in the job application or interview process, to perform the essential functions of the job, and/or to receive all other benefits and privileges of employment, please contact Customer Care at 1-800-642-4235 (1800-MICHAEL).

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