Director Real Estate Portfolio Management

Target•Minneapolis, MN

2d•Hybrid

About The Position

A role in Real Estate means the opportunity to develop and drive Target’s market-based growth strategies by identifying, acquiring and developing extraordinary guest-facing properties. You’ll use your negotiation skills to execute competitive and risk-balanced transactions. You’ll be a key player on the team that manages the lifecycle of our stores, site selection of new properties, the scope of remodels and existing property portfolio negotiations and property disposition. Foundationally, the Director, Real Estate Portfolio Management (RPM) develops and implements strategy for Target Corporation’s existing store real estate portfolio which maintains or enhances the value, integrity, flexibility and viability of the company’s real estate assets. This work includes cooperation with internal and external partners to prioritize investments across remodels, new stores, and other potential uses of capital. The Director, RPM will hire, develop and retain a highly qualified negotiation team in RPM to support organizational goals, as well as be responsible for overseeing and executing responses to internal and external requests relating to existing real estate issues, including participating in and at times managing portfolio initiatives.

Requirements

Four-Year College Degree, JD or MA preferred
7-10 years total experience
7 years of Commercial Real Real Estate experience, retail preferred
Deep Real Estate Law knowledge
Demonstrated Team Leadership experience
Professional knowledge and competency with advanced real estate contract principles and terminology
Proficient in Microsoft Office Suite
Excellent oral, written, analytical and organizational skills
Team player with excellent interpersonal skills who is self-directed, detail-oriented and has strong time management skills

Responsibilities

Direct the negotiation of all pertinent real estate legal documents governing existing stores including implementation and coordination of activities necessary to enhance the company’s rights, obligations, approvals and entitlements relating to modification of shopping center developments.
Hire, develop and retain a RPM negotiation team consisting of RPM Negotiators and Analyst(s) to deliver measurable value and consistently operate in an active and strategic manner regarding real estate matters, including creation and direction of training programs to enhance staff knowledge and professional development.
Build a culture of accountability, agility, enterprise before individual or team mindset, and creative solutioning
Establish, develop and maintain cooperative working relationships with shopping center developers, landlords and real estate counterparts in other retail companies.
Develop geographic regional expertise, including site and market knowledge, demographic changes, synergistic co-tenancy and competition activity to create value across our portfolio through expansions, relocations, remodels, closures, sales of excess property, and improved guest experience at our sites.
Direct the work of external consultants, engineers and legal counsel to ensure performance benchmarks and brand standards are met or exceeded.
Serve as business decision maker for litigation counsel for private actions and public takings affecting the company’s real estate portfolio.
Develop strategy and lead process for city assessments or takings through condemnation or eminent domain proceedings.
Provide direction regarding analysis of developer requests, balancing business objectives against business risks to create strategic opportunities for leverage in unrelated negotiations including identifying store expansion opportunities and/or existing restrictions.
Provide oversight and direction on the negotiation of terms and conditions affecting retail locations for the purchase or extension of leased locations.
Manage the seamless integration of new stores into the existing store portfolio.
Build productive and trusting relationships with internal partners (including Property Management, Legal, Store Design, Construction Project Management, Product, Data, Store Operations, Finance, Government Affairs, etc.).
Develop strategy for Developer/Landlord led real estate initiatives, to enable negotiation team to exercise influence and provide oversight over these external entities which ensures brand standards are met or exceeded
Forge partnerships with internal departments (including Strategy & Operations, Finance, Property Management, Legal, Store Design, Construction Project Management, etc.) and represent Real Estate on evaluation and resolution of factors impacting existing stores, including investment prioritization and allocation, remodels, order pick-up, drive-up, and other current and future strategies.
Ensure integrity of real estate records and information entered into numerous databases to facilitate the timely follow-up on critical dates, the generation of up-to-date internal reports, and produce a reliable source of information from which senior leadership may base corporate planning and strategy, and the establishment and improvement of processes which govern these records, information, and reporting.