The real estate portfolio manager (REPM) provides real estate transaction management for the idle property disposition program. The idle property portfolio includes 1000+ properties and is valued at approximately $1B. Transaction activities include real estate sales, subleases and lease termination buyouts. The manager will work closely with the idle property team including management of third party broker/vendor negotiations. Process and manage transactions, during the idle property lifecycle, from initial assignment to deal execution. Preserves and increases earnings to achieve the highest portfolio value while mitigating risk through successful negotiations. Collaborate with internal partners including finance, legal and market strategy. Biweekly presentations to Walgreens leadership at Real Estate Committee. The REPM will report to the assigned Geo Lead and collaborate with fellow REPM's in constructive and innovative ways to drive enterprise value via real estate.
Job Responsibilities
Manages real estate assets of over 500 stores, which account for over $250 million in rent expense.
Develops and executes individual strategies for each asset in portfolio with focus on creating and generating the maximum value for the Walgreen Company.
Conducts market and sub-market analysis on rents, demographics, supply & demand, sales comparables, lease comparables to create informed data driven strategies, programs and methods to maximize the financial and operational return on assigned real estate portfolios.
Maintains and manages data within the asset management database with emphasis on reviewing and managing performance metrics to guide future strategies.
Collaborates with internal and external resources to negotiate rent reductions for existing stores.
Prepares monthly asset management reports to align with division strategy and objectives to track progress and further drive value creation activities.
Contributes and executes Annual Capital Plan for each asset to increase portfolio value.
Manages portfolio of existing assets to ensure optimal leasing strategy.
Maintains active involvement in the real estate, legal, and financial fields that relate to Walgreens' business, including industry networking and continuing education groups (i.e. ICSC, CCIM, etc.)
Directs internal and external resources to property execute disposition process.
Communicates asset strategy with internal stakeholders across the enterprise and coordinates with other departments.
Conducts ad-hoc analyses and reporting, as requested.
Walgreens (walgreens.com), one of the nation's largest drugstore chains, is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), a global leader in retail and wholesale pharmacy. Walgreens is proud to be a neighborhood health, beauty and retail destination supporting communities across the country, and was named to FORTUNE* magazine's 2019 Companies that Change the World list. Approximately 8 million customers interact with Walgreens in stores and online each day. As of August 31, 2019, Walgreens operates 9,277 drugstores with a presence in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, along with its omnichannel business, Walgreens.com. Walgreens also provides specialty pharmacy and mail services and offers in-store clinics and other health care services throughout the United States, most of which are operated by our health care strategic partners.
Basic Qualifications
Bachelor's degree and at least 2 years of experience in healthcare industry OR High School Diploma / GED and at least 7 years of experience in the real estate industry.
Experience applying financial principals and concepts for underwriting real estate investments (RR, NPV, Cap Rate, ROIC, Cost of Capital, EVA, etc.)
Experience presenting and reporting on project plans and cost benefit analyses to appropriate stakeholders, executives and senior management.
Knowledge of store-level details, including lease terms, financial performance.
Experience in negotiating real estate contracts (including lease renegotiations, property disposition, vacant property subleases).
Experience in applying advanced quantitative and analytical skills.
Experience in identifying operational issues and recommending and implementing strategies to resolve problems.
At least 1 year experience of cross functional team leadership.
Willing to travel up to 25% of the time for business purposes (within state and out of state).
Preferred Qualifications
MBA in Real Estate, Finance, Economics, or Development.
Experience in managing external resources (landlords, brokers, contractors) to develop strategies that meet department goals within budget and established timelines.