Commercial Real Estate Services

The vendor is required to provide commercial real estate services including brokerage, lease administration, property management and real estate accounting services.
1. Brokerage services
•    Lease negotiation and renewals: conduct new lease negotiations and renewals on behalf of the town, securing terms that optimize occupancy, minimize cost, and protect the town’s interests. 
•    Transaction management: manage all aspects of commercial real estate transactions, including acquisitions, dispositions, and relocations, ensuring thorough due diligence, documentation and legal compliance, and inclusion of contingency clauses (inspection, financing, title, appraisal). 
•    Market analysis: provide market intelligence to support future planning and strategic use of town-owned real estate. 
•    Support for strategic planning: advise on space utilization, consolidation opportunities, and future space needs based on town growth projections and in alignment with the town’s comprehensive plan. 
•    Property portfolio oversight: manage and advise on the town’s portfolio of five (5) identified properties which may change due to acquisitions and dispositions, ensuring optimal use, value and alignment with the town’s strategic plan.
2. Property management:
•    Day-to-day operations oversight: manage daily property operations, resolve tenants’ issues and complaints to the extent possible prior to elevating to the town’s involvement, and ensuring all facilities are clean, safe, accessible, and fully operational. 
•    Vendor and contract management: modernize procurement using digital platforms and standardized RFX templates. 
•    Procure and manage third-party vendors for services such as electricity, water, gas, janitorial, HVAC, landscaping, snow removal, trash removal, extermination, window cleaning, equipment maintenance, holiday light installation, and security, ensuring compliance with the town’s procurement policies and the act. 
•    Provide monthly vendor performance reports with ratings and any corrective actions. attendance at a monthly meeting between the vendor and town staff to address and report any issues related to tenant complaints, financial reporting discrepancies, or potential CIP replacement(s). 
•    Maintenance and repair: conduct preventative and corrective maintenance for all town properties.
•    Health and safety compliance: ensure all properties meet federal, state, and local health, safety, and environmental standards, including act compliance and emergency preparedness requirements. 
•    Emergency response coordination: establish 24/7 emergency response protocols, disaster recovery plans, and coordination with town emergency services.
3. Lease administration:
•    Lease document management: maintain and securely store all lease agreements and related documentation. track key dates and notify the town in advance of necessary actions. 
•    Tenant compliance oversight: monitor and enforce tenant compliance with lease terms, including permitted uses, maintenance responsibilities, insurance requirements, and timely payment of rent and other obligations. 
•    Rent roll reporting: provide detailed, up to date rent roll reports to the town on a monthly basis, including current lease status, payment history, outstanding balances, and critical dates.
4. Real estate accounting services:
•    Monthly and annual financial reporting: provide the town with clear, GAAP-compliant monthly financial statements for each property, including income statements, balance sheets, cash flow reports, and budget vs. actual comparisons. 
•    Tenant billing and accounts receivable: issue monthly invoices to tenants, track collections, apply payments and provide AR aging reports. 
•    Coordinate with town finance staff on delinquency resolution and legal escalation when necessary. 
•    Operating and capital budgeting: prepare detailed annual operating and capital expenditure budgets for each property, in collaboration with town leadership. 
•    Provide forecasting and variance analysis to support financial planning and accountability. 
•    Audit support: provide full support for internal and external audits, including documentation, ledger reports, compliance certifications in according with GAAP. 
•    Technology and data reporting: implement cloud-based lease and financial management systems. 
•    Provide real-time dashboards for rent rolls as well as common area maintenance (cam) fees, maintenance tickets and logs, KPI tracking, integrate with town financial software – southern software FMS and support secure document storage and audit trails. 
•    Performance metrics: track and report KPIs including occupancy rates, lease renewal success, maintenance resolution time, and budget variance thresholds. 
•    Tenants shall receive a response within 4 hours of any reported maintenance or leasing concerns and should provide resolution to the issue within 2 business days. 
•    Community engagement: provide quarterly summary posted on town website; support for council briefings as requested; coordination with communications for any public updates related to redevelopment and leasing decisions.

- Contract Period/Term: 3 years
- Questions/Inquires Deadline: October 30, 2025