Caulked cracks flashing on tilt up concrete after painting

by A Property Manager
(Steve)

Exterior walls made of tilt up concrete. Found some cracks and had them caulked with Sikaflex 1A.

Painted the walls with Sherlastic and the caulk line is flashing through the paint.

Because the caulk was applied during a time of rain and high humidity, I think it had not fully cured.

I wonder if I can fix this problem by

A.) Removing the sherlastic
B.) Letting the caulk fully cure and
C.) Painting over the cured caulk with a primer

What kind of primer should I use? perhaps a shellac based primer? and then re-applying the Sherlastic.

Please advise

Thanks
Steve