Job Summary

The Senior Manager Real Estate Portfolio is responsible for all aspects of real estate development and portfolio optimization in their respective region. The role is responsible for new and relocated Drugstores, all Specialty Local Rx growth and portfolio optimization within the region. Contributes strategic insight into the new and existing store base within assigned region. Develops and maintains knowledge of regional market trends and makes recommendations to create financial value. Focuses on maximizing financial performance, identifies, and executes opportunities to to increase efficiencies. Preserves and increases earnings to achieve the highest portfolio value while mitigating risk through successful negotiation of property disposition, lease and financial restructuring activities. Works closely with market leaders and cross functionally with Walgreen Co enterprise leadership.

Given the rapid change in consumer behavior, this position must be informed and engaged concerning technological and strategic changes in the industry. The Senior Manager Real Estate Portfolio is on the front-line of “future-proofing” the retail distribution network and ensuring maximum optionality for all locations.

Job Responsibilities

• 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.
• Contributes to developing and executing individual strategies for each asset in portfolio with focus on creating and generating the maximum value for the Walgreen Company.
• Manages real estate assets of over 1,000 stores, which account for over $500 million in rent expense.
• Maintains and manages data within the asset management database with emphasis on reviewing and managing performance metrics to guide future strategies.
• Makes recommendations to internal and external resources to negotiate rent reductions for existing stores and execute disposition process.
• Prepares monthly asset management reports to align with division strategy and objectives to track progress and further drive value creation activities.
• Develops and executes Annual Capital Plan for each asset to increase portfolio value.
• Proactively 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.)
• Develops and implements capital plan for each asset.
• Communicates asset strategy with internal stakeholders across the enterprise and coordinates with other departments. Collaborates with fellow REPM’s in constructive and innovative ways to drive enterprise value via real estate.
• Conducts ad-hoc analyses and reporting, as requested.
• Actively involved in local and national trade associations (ICSC, Corenet, Urban Land Institute, and others)

Walgreens Disclaimer-

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 omni-channel 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.

An Equal Opportunity Employer, including disability/veterans.

Basic Qualifications

• Bachelor’s degree and at least 4 years experience in the real estate industry OR a high school diploma/GED and at least 7 years’ experience in 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 managing external resources (landlords, brokers, contractors) to develop strategies that meet department goals within budget and established timelines.
• Experience in applying advanced quantitative and analytical skills.
• Experience in identifying operational issues and recommending and implementing strategies to resolve problems.
• At least 2 years’ experience planning, developing, and managing departmental expense and capital budgets.
• At least 2 years’ of experience of direct leadership and/or cross functional team leadership.
• Willing to travel up to 25% of the time for business purposes (within state and out of state).

Preferred Qualifications

• Bachelor’s Degree in Finance, Economics or Real Estate.
• CFA .
• MBA in Real Estate Finance or Corporate Finance.