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Vice President of Property Development
TCF Bank
Plymouth, MN, United States
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Description
Responsible for strategically managing a portfolio of retail and corporate real estate on behalf of TCF, which includes over 300 owned and leased properties located throughout the United States. Must be able to deliver projects within a matrix environment in order to support TCF’s business objectives by managing risk and delivering optimal cost and value to the enterprise. Accountable for developing real estate strategies and transaction negotiation strategies for TCF’s real estate portfolio. Negotiate and execute real estate transactions for the leasing, buying, selling and redeveloping of the retail branches and corporate offices. Must be able to negotiate contracts with developers, tenants, buyers, landlords and other third parties, including draft business terms in contracts. Must understand and ensure the enterprise and transaction decisions comply with applicable regulatory requirements and return on investment hurdles. Must understand options from a financial perspective, including how the options will impact TCF’s financial statements. Must drive consensus with a range of internal business customers and manage third party relationships. Must have excellent project management, change management, collaboration and communication skills.
Major Areas of Accountability
A. Develop strategies for real estate properties that are supported by current market conditions and projected market conditions based on a 5-7 year real estate cycle. Assess external market conditions to identify opportunities and risks in TCF’s real estate portfolio.
B. Lead internal and external cross-functional team of attorneys, developers, architects, facilities, business analyst, real estate brokers and internal business customers to pro-actively identify strategic opportunities, negotiate leases and purchase/sale contracts, and to build, retrofit and re-develop owned sites. Provide subject matter expertise for all commercial real estate functions. Work closely with executive leadership by advising and implementing portfolio strategies and real estate deals in order to impact operating leverage.
C. Negotiate the business terms for real estate transactions and work with attorneys to ensure accurate, consistent and favorable legal language.
D. Develop accurate financial models to drive fact-based decisions and support cost reduction strategies and return on investment hurdles. Understand how strategies and specific transactions will impact TCF’s financial statements and budgets. Analyze acquisition and investment opportunities consistent with M&A strategy.
E. Market non-utilized leased properties to outside parties and track all available space for internal use and determine market rates for these properties. Interface with commercial real estate market and appraisers to determine market values.
F. Build strong relationships with commercial real estate industry professionals by networking and attending commercial real estate industry events in order to keep up to date on best practices and market trends.
G. Stand-up and oversee processes to manage real estate transactions and approvals. Plan and participate in post-closing integration efforts.
I. Ensure third parties are performing to their contracted obligations and are meeting business expectations. If performance issues develop, identify problems and root causes to effectively resolve issues. Monitor and report on key performance indicators (KPIs).
Minimum Qualifications
Education
Required:
• Four-year college degree in real estate, accounting or related field
Preferred:
• JD, CPA or MBA
Work Experience/Skills:
Required:
• 10+ years’ previous experience in transactional work within the Commercial Real Estate industry.
• Working knowledge of Sharepoint, Excel, Word, Microsoft Office and lease management software.
• Knowledge of the real estate industry, property management and accounting procedures as they relate to real estate.
• Ability to work independently and make decisions, prioritize tasks and complete quality work in an unsupervised manner.
• Excellent verbal, written and executive presentation skills.
• Strong negotiation skills.
• Ability to deal with ambiguity, address all stakeholder needs and execute negotiation strategy to meet business needs and goals.
• Strong critical thinking, with analytical and problem solving acumen and ability.
• Ability to travel up to 30% of the time.
Preferred:
• Experience in the financial services industry or retail industry.
• Experience in Lean, Six Sigma or other process improvement methodologies