Overview:
When our square shaped burgers made their first sizzle on the scene more than 50 years ago, people knew our approach wasn’t like any other. Same goes for the way we support our employees. Our culture of openness, flexibility, and inclusiveness allows everybody to flourish in their own way. If you’re looking for a career where you can be part of the action as we continue to grow our iconic brand – We got you!
The International Manager – Real Estate Portfolio & Asset Management is responsible for the execution of real estate ownership and leasing strategies for the existing portfolio in Canada & UK and select other countries. This role serves as a subject matter expert for real estate acquisitions/divestitures and leasing needs. Responsible for ensuring financial results are aligned with AOP/LRP and align with overall direction of the company. This role is highly skilled in negotiating talent and requires an extensive understanding of QSR/Wendy’s unit economics from both franchisor and franchisee perspectives. Handles and directs all lease portfolio management activities within the UK and Canada, including re-negotiating of existing leases, evaluating and exercising lease renewals and purchase or sale of fee properties, review/exercising/waiving of ROFRs, transaction opportunities, and managing the portfolio of existing leases and subleases. Supports franchisees with their remodel and rebuild plans through the negotiation of revised lease/sublease terms between franchisor/franchisee and third-party landlords. Responsibilities include corporate restaurant leases and consulting with franchisees on lease management issues. Responsible to manage r&m, renovations, and all activity to support a thriving portfolio of restaurants. Primary contact for all Insurance claims and responsible for risk management and to ensure the portfolio is operating in compliance with local authorities and brand standards. Primary liaison to Tim Horton’s/RBI: Asset Management, Construction, Operations and Owners on behalf of the Partnership for Wendy’s/Tim Horton combo locations. Analyzes and negotiates eminent domain claims as needed. Partners with the Development team on Real Estate Strategy for the existing portfolio of restaurants.
Responsibilities:
1) Directs the improvement of our existing portfolio of restaurant and office properties through lease negotiations for additional tenure, shorter current term and reduced rents, and also manages property dispositions, condemnations and other miscellaneous property issues. Responsibilities include detailed analysis of the Wendy’s leasehold position and setting strategic objectives for each lease negotiation (US and Canada). Tasks may include:
-
Lease Abstraction – Works with autonomy to:
- confirm document terms are consistent with the lease and approved deal terms,
- clarify language intent and deal points;
-
accurately abstract critical data and communicate key points to company;
- abstract critical lease information for new leases into Tango Database; process and document property transactions to company via deal memos;
-
Contract Modifications – Acts as lead and point person to:
-
Manage lease terms for new leases, renewals and amendments, abstract terms into Tango database; export and distribute critical date and property reports.
- abstract new data and communicate updates to the company (including notifying accounting of any amounts that should be accrued)
-
Surrender
-
communicate multiple lease interpretations relating to surrender and the identifying and articulating risks of each; communicate with legal, franchisee, real estate, and landlord to reach resolution and/or settlement (e.g. legal risks of closing operations prior to contract end dates, performing major repairs upon vacating).
-
surrender requirements upon business closures;
-
Respond to time-sensitive property questions and/or requests, etc. on a daily basis from operations, real estate, risk, tax and accounting groups (i.e., provide counsel regarding property boundary and maintenance responsibility, document interpretation, property history, company protocol, etc.).
2) Review and assess franchisee requirements and intent related to current lease or sublease. Communicate pros/cons of alternate negotiation strategies and probability of outcome with franchisee
3) Engage with landlords and internal partners regarding desired amendments to leases/subleases and potential acquisitions or lease terminations. Present well prepared and fact-based proposals with landlords.
4)Upon agreement with landlord and/or Wendy’s, prepare lease/sublease amendments overview profile for REAC review and approval.
5) Upon REAC approval, work with Wendy’s legal to capture the terms of the approved amendment. Continue to engage with landlord/Wendy’s/franchisee until lease amendment is executed and all systems are updated.
6) Manage and liaise with UK PM and RSM, establish, and control all aspects of Wendy’s UK leased and sublease property budgets including all CAM components, insurance premiums, preventative maintenance programs, associated property tax components, and applicable utilities. Includes developing realistic and accurate CAM budgets and communicating regularly with the tenant community so that monthly CAM contributions are reflective of actual operations that do not result in significant over or under payments. Also includes collaborating on the development of the annual operating plan, with respect to any R&M, capital investments, Legal, and Consulting Fees so that developed budgets support the AOP.
Qualifications:
- Bachelors Degree Business or Real Estate
-
In Depth knowledge of Real Estate Leases and land valuation
-
Excellent negotiation and verbal and written communication skills
-
A minimum of 5 years of experience negotiating leases for single tenant users, preferably in the restaurant or retail industry.
Expected Work Location (In Office): It is expected that you will primarily perform work at the Wendy's Canadian Restaurant Support Center 5515 North Service Rd STE 201 Burlington ON L7L 6G4 Canada or at other location(s) as designated by the Company. You are required to work in the office at least 3 days a week. Changes to work location arrangements are subject to managerial approval and business needs. #LI-Onsite
Wendy’s was built on the premise, "Quality is our Recipe®," which remains the guidepost of the Wendy's system. Today, Wendy's and its franchisees employ hundreds of thousands of people across more than 7,000 restaurants worldwide with a vision of becoming the world's most thriving and beloved restaurant brand.
The base pay range for this position is listed below. The base pay actually offered will take into account internal equity and budget for the open position and also may vary depending on the candidate’s job-related knowledge, skills, and experience, among other relevant factors. This range does not include an estimated value for any benefits, bonus, or other incentives that may be applicable based on position. The target annual bonus for this role is 20% of annualized base salary, based on actual company and personal performance.
