Acquisitions Manager — Retail

Position Description:

Greenleaf is an owner-operator of commercial and multi-family real estate in the Southeast, with a vertically integrated platform spanning acquisitions, asset management, property operations, and private capital. The Acquisitions Manager — Retail is responsible for originating, underwriting to LOI, and closing net lease and multi-tenant retail acquisitions, including replacement product sourced specifically to satisfy §1031 exchange deadlines across the portfolio.

This role owns deal flow. It does not own the investment committee model or the capital stack.

Responsibilities

Sourcing and Origination

• Build and maintain relationships with net lease brokerage teams, regional retail brokers, and developers holding forward-takeout inventory across the Southeast
• Originate off-market opportunities through direct franchisee outreach, sale-leaseback conversations with operators, and developer relationships
• Maintain a documented deal pipeline in Asana with stage, decision date, and a recorded kill reason for every pass
• Source and track exchange-eligible replacement product against active §1031 identification and closing deadlines, working backward from the 45-day and 180-day clocks
• Track and report market cap rate movement by tenant credit and remaining lease term on a quarterly basis

Underwriting to LOI

• Screen inbound offering memoranda using the standardized Greenleaf retail screen model and produce a one-page deal summary within 48 hours of receipt
• Analyze tenant credit: corporate versus franchisee guaranty, guarantor financial strength, unit count, and lease-level guaranty structure
• Abstract leases for term, options, rent escalations, percentage rent, landlord obligations, roof and structure responsibility, co-tenancy, exclusive use, assignment and sublease rights, and early termination provisions
• Evaluate unit-level performance where available: sales per square foot, rent-to-sales ratio, four-wall EBITDAR coverage, and store ranking within the tenant's system
• Underwrite rent basis against market: replacement rent under a dark scenario, dark value, and residual land value
• Analyze the trade area: traffic counts, daytime population, household income, retail voids, competitive supply, and drive-time demographics
• Build cap rate and spread analysis against current lending terms and identify negative leverage before a deal reaches committee
• Draft letters of intent and negotiate primary business terms

Due Diligence and Closing

• Own the due diligence checklist and calendar from PSA execution through closing, including all contingency expirations and deposit hard dates
• Coordinate third-party reports: survey, Phase I, property condition assessment, appraisal, and zoning
• Order and review estoppels and SNDAs; escalate any estoppel exception that conflicts with underwriting
• Conduct site visits and produce photo-documented site reports
• Review title, survey exceptions, and service contracts; flag items requiring cure prior to closing
• Coordinate with legal on PSA negotiation, assignment, and closing documents
• Deliver a complete closing file and underwriting handoff package to Asset Management and Finance within 10 days of closing
• Presentation and Reporting
• Present investment memoranda to the leadership team for all deals proceeding past LOI
• Maintain the retail acquisitions pipeline report covering closed, under contract, LOI outstanding, and the dead deal log

Skills and Experience

• 3 or more years in commercial real estate acquisitions, net lease brokerage, or retail development
• Demonstrated closed transaction history with references from counterparties
• Fluency in NNN lease structures, sale-leaseback mechanics, cap rate and spread analysis, and §1031 exchange timing
• Advanced Excel, including the ability to work within existing model architecture rather than rebuilding from scratch
• Working knowledge of CoStar, Placer.ai or equivalent foot traffic data, and disciplined CRM usage
• Valid Georgia driver's license and willingness to travel throughout the Southeast

Compensation Structure:

• Base salary plus commission on each property you identify and close, equity bonus, and general partner bonus
• Monthly Vehicle Allowance
• Bonus Program
• Benefits: 401(k) retirement and a comprehensive benefits suite including Medical, Dental, Vision and Life insurance
• Dreams: Share your personal/professional goals and we'll help you reach them

Greenleaf is an Equal Opportunity Employer. We perform background checks and drug screens. We are also in a tobacco free work environment.