Description
Are you experienced in collaborating with tenants, architects, engineers, contractors, and other stakeholders regarding development initiatives?
Are you skilled in identifying and evaluating development/redevelopment opportunities, negotiating leases, and overseeing the execution of the development process? If so, apply now!
Realty Income, The Monthly Dividend Company®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats index®. Our purpose is to build enduring relationships and brighter financial futures. For more than five decades, we have invested in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 12,200 real estate properties owned under long-term net lease agreements with commercial clients. The company has declared 634 consecutive common stock monthly dividends throughout its 54-year operating history and increased the dividend 120 times since Realty Income’s public listing in 1994 (NYSE: O). Our company attracts individuals who value integrity, perseverance, and teamwork. If you appreciate working in a professional environment that rewards employees based on merit and values a work-life balance, make sure to apply today!
Job Summary:
The Associate Vice President of Real Estate Development will work in collaboration with the VP, of Development in furthering the company’s internal ground-up development program in addition to supporting the transactional side by focusing on larger-scale redevelopments in the company’s pipeline. You will also work closely with and manage the director-level development managers in identifying development/redevelopment opportunities, negotiating letters of intent and leases, communicating with internal and external contacts, and overseeing the execution of the development process.
The Associate Vice President will lead a team over time to help execute on the company’s development initiatives. The professional will have a breadth of knowledge of all aspects of the development process and be external facing, as they work closely with tenants, architects, engineers, contractors, consultants, municipalities, and other professionals. The Associate Vice President should have the ability to advance relationships with all constituents and will be a key component to the successful execution of the company’s development strategy.
Job Responsibilities:
- Collaborate with the VP, Development In the Execution of the Company’s Internal Ground-up Development Program
- Meet with tenants and other clients to promote the company’s internal ground-up development program; Formulate internal processes to coincide with the tenants’ development programs.
- Conduct the financial analysis necessary and negotiate with the tenant to obtain the optimal terms; Present to Investment Committee.
- Obtain the necessary third-party support (architects, engineers, etc.) to ensure the seamless execution of internal ground-up development; Assess cost/benefit analysis to make recommendations for the skills that should remain in-house versus outsourced; Negotiate appropriate contracts and all terms with third-party support for such projects.
- Collaborate with the VP, Development in the Execution of the Company’s Larger-scale Redevelopments
- Review specific large-scale retail and industrial assets in the company’s portfolio and identify value-creation redevelopment opportunities.
- Assess the risk-profile and return metrics of larger-scale redevelopment opportunities and make recommendations to Investment Committee.
- Review development budget and negotiate fees and associated structures with developers.
- Manage the Company’s Acquisition Funding and Redevelopment Projects
- Manage the mid-level Development managers’ efforts in transacting leasing and the outsourced development of vacant redevelopment and acquisition funding opportunities.
- Assist with evaluating and managing retail redevelopment opportunities on properties in the existing portfolio.
- Assist with evaluating and managing acquisition funding opportunities; Help negotiate deal terms with developers and tenants; Present to Investment Committee.
- Where the company elects to develop in-house for retail redevelopment projects, execute the entitlement process and work with Director of Construction to ensure completion of the project on-time and within budget.
Qualifications:
- Four year Bachelor’s degree. MBA preferred.
- 10+ years of development experience in the real estate industry, with a preferred experience in transaction-related work, entitlement and permitting work, and construction management experience.
- CA Department of Real Estate Salesperson or Broker license.
- Ability to coach and mentor fellow team members, management experience preferred.
- Ability to manage workflow, including effective delegation to third-party support.
- Ability to effectively identify issues, research and analyze complicated matters, assess potential exposure and minimize risk, propose alternative courses of action, and make well-reasoned recommendations.
- Ability to multi-task in a fast-paced business environment and prioritize competing job demands, meeting all deadlines.
- Extensive experience in development, successfully managing projects from start to finish.
- Ability to read, analyze, and interpret common technical documents including but not limited to civil & architectural plans, geotechnical reports and outline specifications, financial reports, and legal documents including but not limited to contracts, lease agreements, amendments, letters of intent, proposals, reciprocal easement agreements (REAs) and CC&Rs.
What you will get in return:
The base salary for this role is in the range of $139,998 – $230,438. You may be eligible for an annual discretionary bonus and an annual discretionary stock award, (dependent on date of hire) to be discussed during the initial phone interview. Base salary and total compensation package are determined by the candidate’s experience, knowledge, education, skills, performance, and abilities, as well as internal equity, company performance, and alignment with market data.
Most US-based full-time and part-time roles come with flexible schedules. We offer a best-in-class benefits package that includes healthcare, dental, and vision insurance for employees and eligible dependents. Our 401(k)-retirement plan has a company match of 50% up to 6% of eligible compensation. Realty Income also offers other wellness, financial, and work/lifestyle-specific benefits, along with 12 PTO hours every month; in addition to 12 paid holidays, and paid volunteer time. Realty Income’s purpose is to build enduring relationships and brighter financial futures, and this starts with you!
Realty Income is an Equal Opportunity Employer. We celebrate diversity and are committed to creating an inclusive environment for all employees. For more information click here. If you require accessibility support to submit your application or other reasonable accommodations to participate in the recruitment process, please contact [email protected], or call 800-375-6700. An employee will respond to your message to begin the interactive process. Please note that this phone number and email address are only for individuals seeking a disability accommodation when applying for a job.