What are the responsibilities and job description for the Real Estate Asset Manager position at Valvoline Inc.?
This is a full-time, exempt (salaried) individual contributor position eligible for a hybrid work arrangement (office and work from home), based out of the corporate office in Newton, Massachusetts. The position is within the Corporate Development department and reports directly to the Vice President, Real Estate.
The Real Estate Asset Manager will have an active role in the Company’s owned and leased real estate portfolio with responsibilities that include (i) establishing relationships and maintaining communications with third-party landlords, (ii) timely exercising third-party lease renewal options in consultation from the Vice President, Real Estate, (iii) securing third-party landlord approval for tenant / capital improvements and signage, and (iv) managing third-party tenant / subtenant relationships. The role will also involve working with the Vice President, Real Estate on acquisitions with responsibilities that include (i) developing brokerage relationships, (ii) drafting letters of intent, and (iii) reviewing due diligence materials. The Real Estate Asset Manager may provide input to strategic decisions that affect the functional area of responsibility and resolve issues requiring coordination within the department, other departments and Operations. The role works in close collaboration with the Real Estate Associate, with potential opportunity to assume supervisory responsibilities with the Real Estate function. This position relies on experience in the field and/or related areas; familiarity with a variety of the Company’s practices and procedures; and sound judgment to plan and accomplish goals.
ESSENTIAL JOB FUNCTIONS INCLUDE BUT ARE NOT LIMITED TO
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the job which include the following day-to-day duties:
Key Responsibilities
Relationship Management
- Build and maintain relationships with Landlords and their agents, as well as shopping center property managers and leasing agents to become primary point of contact in designated markets
- Manage relationships with tenants occupying Company owned property and subtenants of leased property
- Develop brokerage relationships to understand market trends in designated markets
- Provide regular portfolio updates, including status of third-party lease renewals, to the VP, Real Estate and certain members of Senior Leadership
- Communicate effectively with all parties involved in the asset management process.
Asset Management
- Maintain third-party and owned property rent rolls by operating company
- Maintain an accurate third-party lease database
- Generate reports to assist VP, Real Estate with portfolio management decisions
- Develop third-party lease renewal strategies, in consultation with the VP, Real Estate
- Assist in determining market rent
- Assess the redevelopment potential of a property
- Identify and assess the competitive market set
- Prepare letters to timely exercise third-party lease renewal options
- Coordinate lease amendments memorializing the renewal terms with Legal Team
- Review and process third-party landlord change of ownership requests
- Review and process landlord and tenant estoppel requests with assistance from Legal Team
- Request Subordination, Non-Disturbance Agreement with assistance from Legal Team when third-party Landlord financing necessitates
- Secure third-party landlord approvals for tenant improvements/renovations, signage, painting, etc.
- Communicate with Regional Vice Presidents, General Managers, Area Managers and Service Center Managers on matters impacting service center operations
- Field questions from service and capital departments concerning maintenance and repair responsibilities for leased service centers
- Manage property dispositions and/or repositioning strategies for excess owned properties to maximize property value
- Manage re-leasing/lease termination for excess leased service centers to minimize competition
- Coordinate timely delivery of real estate schedules and associated documents for year-end audit
- Monitor operations of certain service centers for compliance with special permits and variances
- Assist VP, Real Estate or members of Senior Leadership with special projects or assignments
Acquisitions
- Develop brokerage relationships in designated markets to help source opportunities
- Draft / coordinate Letters of Intent with VP, Real Estate and Legal Team
- Assist with property due diligence and closing
- Review and distribute seller supplied due diligence materials
- Order, review and report Phase 1 Environmental Site Assessments results
- Draft or review/approve closing statements
QUALIFICATIONS
Skills and Competencies
- Strong financial analysis and reporting skills
- Knowledge of real estate market trends
- Organizational skills: ability to multi-task and manage workflow with focus on priorities and deadlines
- Detail oriented: strong numerical skills, thorough and precise recordkeeping
- Critical thinking: ability to understand and interpret commercial leases, easements and CCR’s
- Reliability: dependable, strong follow through, self-sufficient
- Communication: clear, concise written and verbal communication skills
- Interpersonal skills: ability to work effectively with internal and external partners
Education and Experience Requirements
- Bachelor’s degree in finance, real estate or related field, or comparable work experience in Commercial Real Estate
- 5 years of previous asset management experience
- Relevant certifications (IREM, CCIM, etc.) are a plus.
ENVIRONMENTAL & PHYSICAL REQUIREMENTS
- 80 -85% of work in a climate-controlled internal office environment working under normal office conditions
- 15-20% of work visiting markets the Company operates to gather market intelligence and understand acquisition and development opportunities.
- While performing the duties of this job, the employee is regularly required to sit, stand, walk, use hands and fingers to feel and handle, reach with arms and hands, see, talk and hear, as well as incidentally be required to stoop, kneel and crouch, lift weight or exert a force up to a maximum of 25 pounds.
The above description is not intended to be an "all-inclusive" list of the duties and responsibilities of the job described, nor is it intended to be such a listing of the skills and abilities required to do the job. Rather, it is intended only to describe the general nature of the job.
