Tulsa Police Department(TULSA, Okla.) — Oklahoma police arrested a mother on Tuesday who allegedly set her home on fire, stabbed her 11-year-old daughter and fled the scene with her 7-year-old daughter in tow.Police said they located 39-year-old Taheerah Ahmad in downtown Tulsa in her vehicle Tuesday after a witness noticed a car matching the given description. She was in a parking lot along with her 7-year-old daughter, Hafsa, for whom an amber alert had been issued. Police said the girl was safe and taken into police custody.Authorities had been searching for the woman and child since Monday. Ahmad she allegedly abused her three daughters, stabbing her oldest child multiple times, before fleeing in a black Lexus SUV, police said.Ahmad told officers on Tuesday that she became upset after she saw two of the children reading a book, according to police. They did not say what the girls may have been reading at the time.She was taken into custody on charges of assault and battery with a deadly weapon with intent to kill, child abuse and first degree arson. It was not clear early Wednesday if she had retained an attorney.Police said they arrived at Ahmad’s home Monday night to find the kitchen on fire and the 11-year-old in critical condition, suffering from multiple stab wounds.One of Ahmad’s other children, a 9-year-old who managed to escape to a relative’s home, told police that her mother had “duct-taped their hands, put socks in their mouths” and began stabbing her older sister, police said.The 9-year-old said she broke free to call for help, but her mother had already fled the scene with her younger sister by the time help arrived, according to police.“The story that we received was that the 7-year-old helped the 9-year-old escape the residence,” a police spokesperson told reporters Monday. “This is very fluid. It’s moving very fast and we have a traumatized witness who has given us information.”The 11-year-old was taken to a local hospital and was listed in “very severe” condition, according to the spokesperson, who said the child “was stabbed so many times that the officers” couldn’t count the number of wounds.Police were unsure of where Ahmad was headed, but they noted that she had prevoiusly lived in Tennessee and Texas. The Tulsa Police Department posted a picture of the witnesses credited for locating the woman, thanking them for their assistance.“Big thanks to Anastasia and Emily for seeing the suspect’s vehicle and calling 911,” the police department said in a tweet. “Emily, a mother herself, had been concerned about the child and noticed a car matching the description. After calling the police, we responded within minutes and found the suspect and victim.”A police spokesperson said Ahmad may be suffering from mental health and/or drug-related issues.Copyright © 2018, ABC Radio. All rights reserved.
Tuesday, April 13, 2021What’s next for you is the first priorityfor us! With over 45 programs from associate to doctoral degrees,South University is a private institution dedicated to providingeducational opportunities that spark the intellectual, social andprofessional development of a diverse studentpopulation.Our 120-year story—past, present andfuture—is a history formed by the many individuals who havedeveloped the education and spirit of community that have becomeour pledge to the students, faculty, staff, alumni and supportersof South University. Online and at our 8 locations and 2 learningsites, we take pride in our welcoming environment; one-on-onesupport and personalized attention that helps students define goalsand identify the means to pursue them. Our small classes featurehands-on experiences that not only shape students’ skills andexcellence in their chosen fields but also shape their charactersthrough encouraging community involvement, volunteerism and thepursuit of life-long learning.Visit www.southuniversity.edu today to learn moreabout what makes us stand apart as a place to Belong, Believeand Become, a place where you can make a difference in thelives of students eager to learn and grow. Benefits:*Medical*Dental*VisionFSA/HSATuition Assistant ProgramLong/Short Term DisabilityLife InsuranceEmployee Assistance Program401KGenerous Paid Time Off12 Paid Holidays* includes domestic partner coverage The incumbent mustassure that the South University philosophy is considered incarrying out the duties and responsibilities of this position:quality services to clients; development, growth, involvement, andrecognition of employees; sound economic principles; andmaintenance of an environment, which is conducive to innovation,positive thinking and expansion. POSITIONSUMMARY:The Director ofDidactic Education is responsible for oversight of all aspects ofthe didactic phase of the Physician Assistant Program. It isexpected that the Director of Didactic Education will provideeffective leadership toward meeting program and Student LearningOutcomes related to the pre-clinical phase of the program. TheDirector of Didactic Education will work with the Program Directorand other members of the PA Faculty to ensure that studentsconsistently meet the program’s Student Learning Outcomes. TheDirector of Didactic Education will work to ensure that theprogram‘s didactic phase is in compliance with all ARC-PAaccreditation standards pertaining to didactic training. TheDirector of Didactic Education should work in synergy with his/hercounteract at other PA program campuses within South University. KEY JOBELEMENTS:Performs Facultyresponsibilities as outlined in the Faculty job description and theFaculty Supplement to the South University EmployeeHandbook.Designs and deliversinstruction in alignment with the South Universitymodel.Relatesprofessional/life/industry experience to learning by continuingprofessional/ technical skills development, and introducingprofessional/industry perspective intocourses.Promotes studentsuccess by showing flexibility and exhibiting a passion forteaching and students.Serves as aninstructor in the PA program includingProvides input toassist with ongoing program assessment, improvement, andaccreditation activities.Communicatesconsistently and eﬀectively with Supervisors, UniversityAdministrators, Faculty, and other South UniversityDepartments.Manages the learningenvironment through keeping accurate records and enforcing academicpolicies consistent with the University, College/School, Campus, orOnline Division.Adheres to universitypolicies as described in the Employee Handbook, the FacultySupplement to the Employee Handbook, job description, or otherseparate guidelines.Remains in compliancewith South University’s academic policies and procedures,educational policies, both SACSCOC and programmatic accreditationstandards, and state agencyregulations.Serves as an academicadvisor and provides remedial instruction asneeded.Assists with theinvestigation of student problems requiring academic actionsaccording to South University policies andprocedures.Assists with thecurriculum development and revision/process regarding the program(as necessary).Attends identifiedmeetings with the Program Advisory Council (PAC), which meets atleast twice per year.UpholdsProgram/Department/College initiatives designed to achieve studentoutcomes, and Campus/communityrelations.Serves as the Co-Chairof the PA Department’s Curriculum Committee in conjunction withcounterpart(s) from other PA program(s) within thedepartment.Oversees curriculumdevelopment, which includes the design and implementation of theprogram’s Didactic phase with the program’s Student LearningOutcomes and PA competencies.Oversees evaluation ofthe didactic phase of the program to include didactic course,student, and instructionalfaculty.Works with the ProgramDirector to coordinate recruitment of full time and adjunct Facultyfor the didactic phase of theprogram.Works with the ProgramDirector to design and implement Faculty development initiativesfor didactic instructional full time and adjunctFaculty.Participates in theprogram’s admissions process to include application review,candidate interviews, and selectionmeetings.Collaborates with theDirector of Clinical Education and Assistant Director of DidacticEducation on ongoing assessment of student performance towardattaining the program’s Student LearningOutcomes.Participates inservice and/or scholarly endeavors appropriate to the role ofDirector of Didactic Education and PAFaculty.Completes professionaldevelopment and in‐serviceactivities each year as outlined in the facultysupplement.REQUIREMENTS:Terminal Degree as a Physician Assistant; CurrentNCCPA Certification; eligible for state licensure as aPA.Three (3) years academic experience(preferred); 5 years clinical experience(required).Experience in PA/Medical classroom teachingand PA Education Administration highly(preferred).Excellent communication skills, both verbal andwritten.Strong interpersonal skills with studentand staff populations.Strong computerskills. MS Office Suite, WebAdMITENVIRONMENT:The work environment characteristicsdescribed here are representative of those an employee encounterswhile performing the essential functions of this job. Reasonableaccommodations may be made to enable qualified individuals withdisabilities to perform the essential functions.The term “qualifiedindividual with a disability” means an individual with a disabilitywho, with or without reasonable accommodation, can perform theessential functions of the position.While performing the duties of this job, theemployee is regularly required to communicate professionally inperson, over the telephone, through email and other electronicmeans, move about the office or school, handle various types ofmedia and equipment, and visually or otherwise identify, observeand assess.SouthUniversity is an Equal Opportunity Employer and embraces diversityas a critical step in ensuring employee, student and graduatesuccess. We are committed to building and developing a diverseenvironment where a variety of ideas, cultures and perspectives canthrive. Other detailsJob Family AllPositionsPay Type SalaryRequired Education Bachelor’s Degree South University, the right direction for abrighter future.
George Floyd died in Minneapolis on May 25 after being pinned down by three police officers — one of whom kept his knee on Floyd’s neck for eight minutes and 46 seconds.Footage of the brutal arrest sparked outrage across the county, setting off a wave of protests against police brutality and racism. Major cities such as New York and Los Angeles saw some of the most heated demonstrations.The protests in some cases were accompanied by looting and violence, which prompted retailers in some cities to board up their storefronts just as cities began reopening from coronavirus shutdowns. It presented another challenge for gateway cities seeking to reestablish themselves as safe and desirable places to be in the era of Covid-19.The social upheaval, which continues, carries huge implications for political leaders, police and the real estate industry, which has confronted its own record on diversity and its historically close relationship with law enforcement. Following the news of George Floyd’s death, protests and looting in Manhattan and the outer boroughs put the city and property owners on high alert. (Photo by Paul Dilakian)PreviousNext12345678910111213141516171819202122232425
Clockwise from top left: Boston Properties’ Owen Thomas; Empire Real Estate Trust’s Tony Malkin; Equity Commonwealth’s David Helfand; Columbia Property Trust’s Nelson Mills; SL Green’s Marc Holliday; Vornado Realty Trust’s Steve Roth; and Brookfield’s Brian Kingston (Getty)A pattern has emerged among office landlords reporting their third quarter results: The vast majority of tenants kept up with rent payments, but an equal number also kept their workers away.Investment firm and REIT executives reported strong rent collections across much of their office portfolios, a positive sign for their immediate bottom line. At many of their earnings calls over the past two weeks, CEOs emphasized their efforts to create a safe environment for tenants.But they acknowledged that the work-from-home environment has persisted longer than expected, as fewer tenants brought employees back to the office.On its Oct. 22 call, SL Green reported that just 15 to 20 percent of tenants returned to their offices, acknowledging the previous projection — 50 percent physical occupancy after Labor Day — was overly optimistic.“It’s hard to put a finger on it. It’s always sort of right around the corner,” CEO Marc Holliday said during the call. “It feels imminent and yet the numbers don’t bear that out. Eighty to 85 percent of the people who work in office buildings are still at home. And that’s frustrating.” SL Green — as with several other landlords — has brought most its employees back to the office, offering them perks such as subsidized commuting, meals and childcare, Holliday said.David Helfand, president and CEO of Equity Commonwealth, shared a similar problem. Occupancy was just 10 percent across the REIT’s four remaining office buildings, which total about 1.5 million square feet.“Our buildings are open,” Helfand said. “And while many tenants continue to be cautious about their return, we’ve implemented precautionary measures to promote safety when they are ready to come back.”While the offices may be empty, tenants are paying their rent. Of the eight landlords whose third quarter earnings calls The Real Deal reviewed, seven had rates of 95 percent or higher: Boston Properties, Paramount Group, Columbia Property, Equity Commonwealth, SL Green, ESRT and Vornado. Brookfield Property Partners — which reported a $135 million net loss — did not disclose its collection rate during Friday’s earnings call. But CFO Bryan Davis said the firm’s rent collection “in our core office business has remained normal.”Tony Malkin’s Empire State Realty Trust, which owns the Empire State Building and other office properties in New York City, Westchester and Connecticut, reported physical occupancy at just 15 percent in the New York offices from July through September. Malkin said the company — which reported its second consecutive quarterly loss — invested in costly renovations to improve environmental quality even before the pandemic. At its properties outside the city, return to work rates rose. About 45 percent of tenants in its Westchester buildings were back, and 55 percent in Connecticut had returned.Read moreSL Green’s lament: Office comeback “always right around the corner”Boston Properties’ Q3 income drops 17%Columbia Property Trust collects 98% of its rent in Q3Paramount Group back at work, but tenants waiting until 2021Steve Roth: No Democratic sweep is good news for NY real estateEmpire State Realty Trust reports second consecutive quarterly lossBrookfield Property Partners reports $135M net loss in Q3 This content is for subscribers only.Subscribe Now Message* Paramount Group CEO Albert Behler said the company had extended lease expiration deadlines for tenants.While Paramount’s employees are back in the office, Behler said he expected the “vast majority” of tenants to return to the office in early 2021.Boston Properties’ CEO Owen Thomas projected an even slower pace of return. He estimated workers will return to office in the second half of 2021, depending on when a Covid vaccine becomes widely available. Thomas said the company, which reported a 17 percent drop in income, only had about 16 percent of tenants return to its offices in Q3.Vornado Realty Trust CEO Steve Roth also said a full return to office would be unlikely before a vaccine hits the market. Pfizer’s announcement that its trial vaccine was over 90 percent effective in preventing Covid-19 in its volunteers sent real estate stocks soaring on Monday. In the meantime, Roth said he isn’t mandating his employees return to the office.“Out of respect for our employees, we have basically said that if you are uncomfortable with the health risk of returning to the normal office environment, then by all means please continue to work from home,” he said. But he added, “Now, we’re not going to let that go on forever.”Nelson Mills, president and CEO of Columbia Property Trust, didn’t say how many tenants had returned to the landlord’s buildings. While Columbia Property collected nearly 98 percent of its rent in the third quarter — it operates 7 million square feet of office space, mostly in New York, San Francisco and Washington, D.C. — Mills acknowledged “physical occupancy is down across the industry.”Contact Akiko Matsuda Email Address* Full Name*
L.A. rapper/producer Ty Dolla $ign‘s (real name Tyrone Griffin) bus was pulled over by Wisconsin Police for supposed vehicle equipment violation early Wednesday morning. After smelling strong odors of marijuana coming from the bus, officers decided to conduct a roadside investigation of the bus. Dane County Sheriff’s K-9’s alerted officers to several suspect locations on the bus, which led to the seizure of 42.2 grams of marijuana, which included 18.2 grams of butane hash oil, and 28 pieces of paraphernalia.According to reports, twelve people were on the bus, with seven of those being arrested on various charges, including suspicion of drug possession and possession of drug paraphernalia. We have a feeling Ty wasn’t feeling very “Irie” after this early morning encounter with police.Ty’s representative claims that the rapper was not on the bus, as he was taking the easier route by plane to his Iowa gig, maintaining that it was his band and entourage on the bus, though authorities claim they arrested someone going by the name Ty Dolla $ign. Will we ever know if it was Ty on the bus? This story is shrouded in mystery (or pot smoke).[via Channel3000]
As increasingly more eSports drivers gain traction on the national stage, the conversation often turns to: How would eSports drivers fare on a real track, in a real car? Thanks to Sunoco’s eWorld vs. Real World challenge, a pair of Richmond Raceway eSports’ elite competitors had a chance to square off with current Monster Energy NASCAR Cup Series driver Bubba Wallace in a series of events that provided a pathway to the answer.The challenge was split into two parts: an iRacing experience and a real-world track experience.RELATED: Full eNASCAR coverageRichmond Raceway eSports drivers Malik Ray (No. 90 Sunoco Toyota) and Jimmy Mullis (No. 46 Sim Seats Toyota) defended their home turf against Wallace (No. 43 Richard Petty Motorsports Chevrolet), as they sat behind the wheel of a Sim Seats driving simulator. The trio of drivers competed at virtual Richmond Raceway to see who could lay down the quickest lap time.The second part of the challenge featured a real world at-track experience. Each challenger wheeled a US Legends car at Charlotte Motor Speedway’s quarter-mile track, battling to see who could put together the fastest four-lap run.After the conclusion of both segments, each driver’s recorded times were totaled, and the winner was crowned. Check out the video above to see the full experience play out and who ended up with the ultimate bragging rights.
Marilyn Manson took to Instagram on Wednesday to reveal that Netflix documentary star Joe Exotic once came to him asking the musician to support his unsuccessful gubernatorial campaign.At one point when Tiger King star, whose real name Joseph Maldonado-Passage, was running for governor of Oklahoma, he reached out to the infamous shock rocker for political support. On Wednesday, Manson posted a screenshot of a Twitter DM he received from Exotic back on January 16th, 2018. In the message, Exotic asked for Manson’s endorsement, while maintaining he was “not asking for money. Just to use your name as an endorsement.”Related: Resurfaced Britney Spears VMA Performance Features ‘Tiger King’s “Doc” Antle [Video]For the few who have yet to watch Netflix’s Tiger King: Murder, Mayhem And Madness, Joe Exotic is a proud “gun-toting gay redneck” who operated one of the largest big cat private zoos in the United States. Throughout the seven-episode series, viewers are taken through the turbulent business of owning and breeding big cats, and meeting the colorful characters involved. At one point in the saga, which involved over five years of filming, Exotic decides to run for president in 2016. When that doesn’t work out, he turns his sights on running for governor of Oklahoma in 2018. Enter Manson.In Exotic’s pitch to Manson, he asserted that he is “Trying to speak for the real people for a change and get some people help with addiction in this State that no one cares about.”Why Exotic came to Manson for an endorsement is not entirely clear, though there are several plausible explanations. The first, and most obvious, is that they are both societal outcasts. Exotic and Manson both act in such outlandish ways that have removed them from the norm of society, whether it be Manson’s stage persona or Exotic’s larger-than-life personality (however real that may be). There are also some elements in Exotic’s pitch that seem to be tailored to Manson.Related: Artist Behind Beloved Joe Exotic Classics Eyes Music Industry Breakthrough Thanks To ‘Tiger King’ [Videos]One of Exotic’s main points in his 52-word pitch was that he plans to “Get some people help with addiction.” Manson has never been shy about his use of drugs, as he told Rolling Stone in 2017 that he has even smoked human bones to get high (though he does not recommend it). Although Manson hasn’t publicly sought treatment, it appears that Exotic thought that helping people with addiction would be a way to win Manson’s favor. There is also Exotic’s phrasing of “this state that no one cares about.” That could refer to the people struggling with addiction or the state itself. Either way, Manson was born Brian Warner in Canton, OH, another “State that no one cares about” that is also suffering an unprecedented drug epidemic. Perhaps Exotic hoped to touch Manson’s Midwestern heartstrings in an effort to gain his support.Whatever his motivations were, his move was ultimately unsuccessful. Manson captioned the Instagram post with a simple, “Nope. Don’t F*ck With Cats.”Read Exotic’s full pitch below and try for yourself to decipher his motives.
Ozamay (Junior) Pullin and Lidney Thompson, Nederland teammates in the early 1950s, were visiting their old hometown this week when they met up with a Bulldog who came along 30 years later, Coach Monte Barrow.Pullin and Thompson, now 85 and 84, are hoping to return Aug. 1 for the 18th annual Morgan-Adkins old timers’ luncheon. Event spokesman Ronnie Vize said plans are proceeding for the gathering, while staying alert for COVID-19 restrictions.Pullin laughingly labels himself “the worst quarterback Bum Phillips ever had.” Thompson played on the freshman team at the University of Houston, and lettered three years after one season as a redshirt. He coached football and boxing at the Harris County Boys Home for a year, got homesick and was hired on as a boilermarker helper at Neches Butane.Thompson then returned to UH for a semester, finished his degree and began a three-year stint as an assistant at Groves Junior High.He was at Itasca in 1967, then began a seven-year stretch at Newton, culminating with a 56-26 win over Spearman for the Class 2A crown in 1974.Thompson earned his master’s degree at McNeese State University, and was in roles as a principal and superintendent at Chester and Newton. His coaching resume also includes stops as Beaumont French, Beaumont Forest Park, Little Cypress-Mauriceville, Silsbee, Port Arthur Stephen F. Austin, Hemphill, DeRidder and Merryville, Louisiana. His senior season, 1952, Nederland managed to go 5-5, laying the groundwork for five straight district titles and the eventual state championship in 1957. Thompson was a strapping 6-foot-1, 170-pound end when he became the first Bulldog all-stater in 1953.Lidney Thompson’s storied career as a player, administrator and coach began and ended in Nederland and Newton. He was the Bulldogs’ first all-stater in 1953 and coached in five state championship games in Newton. (Russ Devillier/Special to The News)The careers of Thompson and Barrow provide stark contrasts in paths to success. Thompson made a myriad of stops while coaching in five state championship games for the Newton Eagles.Barrow was an assistant for 24 years before succeeding Larry Neumann as head coach. He begins his fourth year at the helm when Nederland opens a new season Aug. 28 at West Orange-Stark. The latter was as an assistant to son-in-law Tod Stark.He was on Curtis Barbay’s staff when the Eagles won it all in 1998, blanking Daingerfield, 21-0. Nineteen years later, Thompson would again be on the sidelines when W.T. Johnston’s Eagle outfit beat Gunter in the 3A Division II finals. Newton repeated in 2018, edging Canadian. Last year’s team made it to the regionals.Thompson and his wife Jackie have been married for 59 years. They have three daughters and six grandchildren. The old Bulldog stays in shape with regular two-mile walks at their home in Rayburn Country.Pullin is a sprightly Cajun widower who now lives in Clinton, Tennessee, near his son Tommy. He makes the 830-mile trip to Nederland alone several times a years, visiting his sister Mary Kirkendall.He was born in Groves, moved to Nederland in the ninth grade and married his sweetheart, Earlene Hooks.They were together for 62 years before her passing in 2016.Pullin recalls that their wedding at Hillcrest Baptist was attended by two carpenters who were working on the pastor’s adjacent home. He worked at Texaco before going to B.F. Goodrich in Port Neches and becoming a supervisor.The thrifty young couple used savings to invest in the Wick ’N Sticks chain, owning 12 stores in four states before taking early retirement to enjoy travel.
Moore, Purdue’s standout receiver, returned for his first game of the 2020 season and made his mark early with the Boilermakers’ first score. The Gophers struggled to contain him as Moore hauled in 15 receptions for 116 yards, but Minnesota had a stellar performance from its own in Chris Autman-Bell. The redshirt junior led all Gophers receivers with five catches for 129 yards.Through the first four games, Minnesota was easily the worst rush defense in the Big Ten. The Gophers initially looked to be improving, holding Purdue to only 31 yards on 11 attempts in the first half. But the unit came back down to reality in the second half as the Boilermakers finished with 125 yards on the ground.The Gophers were susceptible to big plays throughout the game, including a 47-yard touchdown reception by David Bell bringing the Boilermakers right back into the game coming out of halftime. Minnesota and Purdue went on to exchange touchdowns on the next four possessions.Both teams were without key players coming into the matchup due to either injury or COVID-19. Defensive linemen Keonte Schad, Rashad Cheney Jr. and Boye Mafe along with defensive back Benjamin St. Juste were sidelined for the Gophers. As for Purdue, backup Plummer was pushed into the starting role, as starter Aidan O’Connell did not travel to Minneapolis with the team. Plummer finished with 367 yards and three passing touchdowns.Minnesota will travel to Madison next weekend in a border battle for Paul Bunyan’s Axe against Wisconsin. After the win, Fleck talked about how this game meant a lot to the program given the condensed season along with the challenges society is facing with COVID-19 among other issues. The Gophers wore the phrase ‘End Racism’ on the back of their jerseys.“This win isn’t going to go down as one of the greatest wins in Gopher history, but I told [the team] I’ll never forget this day,” Fleck said. “I’ll never forget this game because of what it meant, what it represented, how they won it, with all the adversity. That’s ‘Row the Boat.’ That’s the culture.” Gophers survive against Purdue after questionable penaltyMinnesota almost blew an 11-point lead but were saved by an offensive pass interference penalty followed by an interception.Emily UrferGophers running back Mohamed Ibrahim carries the ball at TCF Bank Stadium on Friday, Nov. 13. The Gophers fell to the University of Iowa Hawkeyes 35-7. Brendan O’Brien, Sports ReporterNovember 20, 2020Jump to CommentsShare on FacebookShare on TwitterShare via EmailPrintIn a back-and-forth game Friday night, Minnesota survived 34-31 against Purdue thanks to a questionable penalty toward the end of regulation.The Gophers almost surrendered an 11-point lead they had going into halftime. Purdue’s quarterback Jack Plummer threw a touchdown pass to tight end Payne Durham that would have given the Boilermakers a three-point lead.Instead, offensive pass interference was called on Durham and nullified the score. The next play linebacker Josh Aune was the hero for Minnesota and came up with a game sealing interception. The turnover was the first time in the second half the Gophers’ defense stopped the Boilermakers’ offense.“When I saw the replay, it could have probably went either way but there’s a lot of contact,” head coach P.J. Fleck said. “It’s a bang-bang play and those things get called. It happened to swing our play and again I didn’t get a great look at it.”Missed opportunities in the kicking game for Purdue helped the Gophers come out victorious. Late in the first half, linebacker Mariano Sori-Marin blocked a field goal attempt after a touchdown by Rondale Moore was overturned and ruled incomplete. The Boilermakers later missed another field goal in the second half.In what has become automatic, Mohamed Ibrahim logged another impressive performance of more than 100 rushing yards and multiple rushing scores. Ibrahim added three touchdowns to his season total.
During turbulent economic environments, many institutions and individual property investors lack the local market knowledge, vendor relationships, licensing, staff, experience or operational knowledge to effectively manage and/or reposition distressed real estate assets. As such, the day-to-day management oversight and short- to midterm turnaround planning has been assigned to local market asset managers.Role of an asset managerThe necessity of a local market asset manager has proliferated over the years as real estate has gone from individual to institutional ownership, and from the management of a few properties in a single market to large portfolios located in dispersed geographical areas. The focus of an asset manager is on the decisions that impact the property’s financial performance and, ultimately, ownership’s investment returns. An asset manager generally oversees property managers, leasing and investment sales brokers, architects, engineers, contractors, attorneys and other related vendors. Duties of an asset manager include devising and implementing turnaround plans; insurance and real estate tax reviews; negotiating leases and tenant relations; procuring and managing contractors and suppliers; budgeting and contracting for tenant build-outs and capital improvements; financial analysis and reporting; and positioning assets for sale.Advantages of an asset managerHaving a local market asset manager who provides leadership and guidance to an investment group’s real estate assets is imperative to be able to react to and anticipate market changes and implement solutions when positioning assets for sale. Asset managers have extensive market expertise, know the dealmakers in their respective markets and have the ability to think strategically and execute tactfully. As such, engaging a local market asset manager will yield better investment operating performance, quicker lease-up of vacant space and more timely execution of sale.Disadvantages of an asset managerThe main disadvantage is that property owners may lose some control to the asset manager. Depending on the investment structure of the ownership entity, property level decision-making would shift from the owner to the local asset manager. Contrary to some, this hierarchical structure streamlines property level decision making and allows asset managers to react quickly to local market dynamics and tenant and buyer needs. Due to the dislocation in the commercial real estate market, national groups have delegated property-level decision making to regional and local market asset managers.Financial institutions, special servicers, investors, developers and owners of real estate holdings should strongly consider engaging a local market asset manager to reposition their underperforming assets. An asset manager has extensive market expertise, knows the dealmakers in their respective market, and has the ability to think strategically and execute value preservation or enhancement plans.The real estate market is extremely competitive. In an environment with negative net absorption, declining effective lease rates and expanding cap rates, owners are jockeying over the same tenants and buyers. A local market asset manager will be the difference in reacting to local market changes and maximizing investment returns and/or loan recovery.Arizona Business Magazine Jul/Aug 2010