Real Estate Manager

Purpose of Role:
Work with Real Estate Director to drive strategic growth and support retail, corporate and supply chain locations within an assigned organizational region. Competence in lease and purchase procurement from strategic site selection thru closing. Manage existing stores within an assigned organizational region by executing lease renegotiation using break-even-analysis, modeling and market insight. Manage sale of excess properties.

Have a strong knowledge of an assigned real estate territory to help formulate a strategy to optimize store locations within a market, including site analysis, demographic profiling and site selection, relocation, and closing. This will include collaborating with Market Insights, Operations, Legal and Finance.

Experience in managing the real estate processes of site selection, disposition and lease renegotiation, managing outside professionals in each process.

Responsibility Statements:
Working with internal business partners, determine the optimal deployment into new markets or the key optimal market coverage to compliment the current Lowe's locations, in coordination with Operations, Market Insights, Engineering and Construction, Facilities and Legal business partners. Project Manager for each project within assigned region, managing outside consultants, brokers and attorneys through the entire process. Project budgets can range from $5MM to $30MM in Cap X.
Within an assigned area, target existing leased locations with notice dates of 5 years or less for renegotiation, 20 -30 locations are reviewed annually with each region, with an estimated aggregate annual rent of approx. $20MM-$30MM) . Locations will be reviewed for potential rent reductions, while ensuring that location will be accretive to Lowes long term financial feasibility. Responsible for full market knowledge, including but not limited to historical market conditions, current shifts in retail or demographics, potential relocations, potential closures and the effect if any on positive sales transfers to sister stores, and ultimate financial effect to the market. Each Real Estate Manager will manage a group of outside consultants throughout the negotiations. Collaborate with Operations, Market Insights, Facilities and Legal (including review of original lease provisions against current lease provisions).
Manage and market sale of excess property. Ensure Lowe's gets the highest market value for each property at a profit higher than current book values. Review all existing sites, where a carveout can be created, while not sacrificing Lowe's operations, but placing a use that will create more traffic complimentary to Lowe's store operations. Manage al outside brokers and consultants in negotiations with buyers/landlords from initial deal through execution of all legal documents. Coordinate with Operations, Engineering and Construction, Facilities and Legal.
Support Corporate Facilities with needs for office space for Regional offices or store support facilities. Identify all relocation possibilities for each regional office, while reducing annual occupancy expenses at each office. Manage process The Real Estate manager will manage the process from site selection, deal negotiation, REC approval and final document negotiation. Ensure all business partners are involved in process to insure full support. Each Real Estate Manger will work directly with the Regional Vice President of the region.
Coordinate with Lowe's Supply Chain the optimal deployment of new distribution facilities that will support Lowes optimal growth of its supply chain network. Manage site selection through documentation negotiation. Responsible for Project Management of each location from Site Selection through lease execution. Manage all activities of outside brokers. Annual Rent budgets at each location, typically exceed $1MM.
Build and promote strategic partnerships within the commercial real estate industry, both retail and industrial disciplines, among landlords, developers, and brokers. Manage all outside brokers and consultants.
Conduct site tours for operations and Senior Management review of potential sites.
Manage and prepare all REC/CAC documents for committee review of all new locations for retail and non-retail locations. Coordinate with all business partners to get all relevant information in for review as it relates to each location.
Ensure that every transaction is within Lowe's financial guardrails and Internal Rate of Return, meets all operational needs and is fully vetted with all relevant business partners.
Support the Maintenance Supply Headquarter business in expansion of branches to a national presence in the US. Work with the business and Lowes Market Insight team to identify future markets for expansion. Manage outside brokers. Negotiate real estate terms from onset through lease execution. Ensure every deal meets Lowes ROIC and IRR financial hurdles.
REQUIRED EDUCATION/EXPERIENCE:
Bachelor's Degree preferably in Business Administration, Real Estate, Engineering, Architecture, or Construction
7 years' experience as a Real Estate Acquisition Manager working with multiple sites in a large retail real estate firm, preferably big-box
7 years' experience in real estate managing negotiations of $10M+ in purchases or leases

PREFERRED EDUCATION/EXPERIENCE:
7 years' experience in managing and negotiating multiple deals from market reviews through lease execution
5 years' experience in disposition of Corporate Real Estate retail/supply chain
3 years' experience in lease renegotiations
Certified Commercial Investment Member (CCIM) designation

About Lowe's:
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Based in Mooresville, N.C., Lowe's supports its hometown Charlotte region and all communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

About Lowe's in the Community:
As a FORTUNE 50 home improvement company, Lowe's is committed to creating safe, affordable housing and helping to develop the next generation of skilled trade experts through nonprofit partnerships. Across every community we serve, Lowe's associates donate their time and expertise through the Lowe's Heroes volunteer program. For the latest news, visit Newsroom.Lowes.com or follow @LowesMedia on Twitter.