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Commercial Real Estate Controller

Big-Box Retail Power & Lifestyle Centers | Syndicated Real Estate Ownership Structures

Reports To: Chief Operating Officer

Location: Houston, TX

Industry: Commercial Real Estate - Retail Shopping Centers / Syndicated Real Estate

About the Role

We are seeking a highly experienced, hands-on Commercial Real Estate Controller with deep expertise in retail shopping centers, specifically big-box retail power centers and lifestyle centers, as well as real estate syndication accounting and investor ownership structures.

This is not a generic corporate accounting role and not a large-company oversight-only role. Our properties are held through syndicated real estate structures, so the Controller must understand both property-level retail CRE accounting and investor-level reporting, distributions, capital calls, ownership allocations, and multi-entity reporting across syndicated ownership structures.

The ideal candidate has worked in a smaller real estate ownership, operator, sponsor, or syndication environment where they personally owned the details rather than relying on a large accounting department underneath them. This person must be able to operate hands-on in a fast-moving, less structured environment while partnering with ownership, property management, lenders, CPAs, and investors.

Key Responsibilities

Financial Reporting & Portfolio Oversight

• Prepare and oversee monthly, quarterly, and annual financial reporting for multi-entity retail real estate portfolios.

• Deliver accurate ownership, investor, lender, and partner reporting packages.

• Perform detailed variance analysis tied to occupancy, recoveries, capital expenditures, debt service, distributions, and operating performance.

• Maintain integrity of financial statements, balance sheets, cash flow reporting, and supporting schedules.

• Own month-end and year-end close processes in a hands-on manner, including review of journal entries, reconciliations, and property-level reporting.

Syndicated Real Estate Accounting & Investor Reporting

• Manage accounting for syndicated real estate ownership structures, including multiple entities, ownership percentages, investor classes, and property-level ownership allocations.

• Prepare and/or review investor reporting packages, capital account schedules, distribution calculations, capital calls, equity contributions, and investor-related accounting support.

• Coordinate with outside CPAs and tax advisors regarding K-1 support, tax reporting packages, entity-level records, and annual tax preparation needs.

• Maintain clear records of investor contributions, distributions, preferred returns, ownership changes, and entity-level financial activity.

• Understand the financial reporting needs of a real estate sponsor/operator where properties are not simply owned outright but are held through syndicated entities and investor structures.

CAM Reconciliations, Tenant Recoveries & Retail Lease Accounting

• Directly oversee and review annual CAM reconciliations for retail shopping centers.

• Understand and apply lease language related to CAM caps, gross-ups, pro-rata share calculations, administrative fees, exclusions, recoverable expenses, real estate tax recoveries, and insurance recoveries.

• Respond to tenant CAM questions, disputes, and audit requests professionally and accurately.

• Partner closely with Property Management to ensure expenses are coded properly and recoverability is protected.

• Review and improve billing accuracy for rent, CAM, taxes, insurance, tenant charges, and other recoveries.

• Identify expense leakage, coding errors, under-billing, and recovery issues before they become ownership losses.

Cash Management, Lender Reporting & Reserves

• Manage portfolio cash flow forecasting and treasury functions across multiple entities.

• Oversee reserve tracking, replacement reserve draws, escrow activity, and lender-required reporting.

• Coordinate with lenders regarding covenant compliance, draw requests, escrows, debt service, and reporting obligations.

• Monitor operational deficits, cash needs, investor funding requirements, and capital planning.

• Support refinancing, acquisitions, dispositions, and due diligence from both property accounting and syndication reporting perspectives.

Budgeting, Forecasting & Operational Support

• Lead annual property and portfolio budgeting processes, including CAM budgets and recovery assumptions.

• Prepare forecasts and identify operational risks, cash needs, under-recovery, and expense leakage.

• Analyze NOI trends, recoverability exposure, tenant billing accuracy, and property-level performance.

• Provide practical financial guidance to ownership and property management rather than purely theoretical accounting responses.

Leadership & Work Style

• Lead, manage, and develop accounting staff while remaining personally hands-on in the work.

• Build and improve SOPs, reporting processes, close calendars, and internal controls.

• Operate effectively in a smaller, entrepreneurial, ownership-driven environment without needing a large accounting team or corporate infrastructure.

• Work closely with Property Management, Asset Management, Ownership, lenders, CPAs, and investors.

• Be direct, accountable, calm under pressure, and comfortable working with strong personalities and direct communication.

Required Qualifications

• Bachelor degree in Accounting, Finance, or related field preferred; equivalent hands-on CRE accounting experience may be considered.

• CPA preferred, but not required if the candidate has strong hands-on syndicated real estate and retail CRE accounting experience.

• Minimum 7+ years of Commercial Real Estate accounting experience.

• Direct experience with real estate syndications, investor reporting, investor distributions, capital calls, ownership allocations, and multi-entity structures is strongly preferred and should be specifically screened for.

• Minimum 3+ years of retail shopping center accounting experience strongly preferred.

• Strong experience with retail CAM reconciliations, tenant recoveries, retail lease structures, lender reporting, reserves, and multi-entity accounting.

• Yardi experience strongly preferred; advanced Excel skills required.

• Experience in a smaller real estate ownership/operator/sponsor environment strongly preferred over large-company oversight-only experience.

Required Personality & Work Style

• Hands-on Controller, not only a high-level financial executive.

• Comfortable personally owning details across accounting, investors, lenders, and property operations.

• Direct and confident without being combative.

• Thick-skinned, adaptable, calm under pressure, and able to handle direct feedback.

• Able to operate in a fast-moving, sometimes chaotic environment without becoming overwhelmed.

• Comfortable defending conclusions and decisions with facts and detail.

• Able to work independently without excessive hand-holding.

• Not overly corporate, vague, or dependent on a large team beneath them.

Compensation

Compensation is competitive and based on experience, qualifications, and demonstrated retail commercial real estate, syndication accounting, and hands-on Controller experience.