LINCOLN, NEB. — The Lied Center for Performing Arts in Lincoln has begun “Building the Future,” a $35 million privately funded addition and renovation to Nebraska’s Performing Arts Center, which is located at the University of Nebraska-Lincoln. The project will include a new entrance along Q Street as well as enhanced lobbies, a new studio theater and numerous other enhancements. Construction site preparations began in early February following the project’s approval by the University of Nebraska Board of Regents. Lied Center performances and programs will continue throughout construction. The project is slated for completion in fall 2027. The Lied Center opened in 1990 and was created with support from the Lied Foundation Trust. The center serves over 200,000 people per year at performance events, conferences and conventions and through its partnership with Lincoln’s Symphony Orchestra as the orchestra in residence. The Lied Center’s current venue spaces are dedicated to season performances, rental events and special programs. The new studio theater, totaling 11,150 square feet, will provide space for K-12 and Husker student performances. With space for performances, workshops, arts education classes and rehearsals, the new studio theater will enable independent activities to take place even when a national touring performance …
OMAHA, NEB. — Investors Realty Inc. has arranged the sale of Brentwood Square Shopping Center in Omaha for $9 million. Brentwood Square Plaza LLC sold the 224,187-square-foot property to Brentwood I Acquisition LLC. Harbor Freight is the anchor tenant. Ember Grummons and Tim Kerrigan of Investors Realty represented the seller. The transaction also included an 89,359-square-foot land lease.
IOWA, MINNESOTA AND NEBRASKA — Marcus & Millichap has brokered the $41.6 million sale of the Yellow Brick Road Portfolio, a collection of 18 triple-net-leased early childhood development centers in Iowa, Minnesota and Nebraska. Spencer Berkley, Mark Ruble, Chris Lind, Zack House, Jon Ruzicka and Adam Lewis of Marcus & Millichap represented the sellers, Ben Ditzer and Bob Carlson of Triple Net Capital, and procured the buyer, a Florida-based real estate investment trust. The portfolio included a range of lease structures and ownership entities. Two additional assets were sold separately to private buyers prior to the sale of the remaining 18 properties.
OMAHA, NEB. — The Annex Group has broken ground on Central at Columbus Park, a 156-unit affordable housing community in Omaha. The nearly $60 million property will feature one-, two-, three- and four-bedroom units for households earning a range of income levels starting at 30 percent of the area median income. Amenities will include a parking garage, community room, computer room, fitness room, storm shelter and bike storage. Project partners include BVH Architecture, Lange Structural Group, Engineering Technologies Inc., REGA Engineering, Terracon, RMD Group, Wells Fargo, NP Dodge, Nebraska Investment Finance Authority (NIFA), Front Porch Investments and the City of Omaha. Wells Fargo provided more than $24 million in federal equity, and the bank’s debt team served as construction lender and senior permanent lender, contributing over $42 million and $24 million, respectively. NIFA allocated 4 percent tax credits and issued $28 million in tax-exempt bonds. The City of Omaha issued tax-exempt bonds and awarded a 20-year tax-increment financing package, which is intended to offset property taxes throughout the compliance period. Front Porch Investments and the State of Nebraska, Department of Economic Development Housing Trust Fund provided soft funding, contributing $3 million and $1.8 million in proceeds, respectively. The project marks …
OMAHA, NEB. — Investors Realty Inc. has brokered the sale of Old Mill Business Campus in Omaha for $8.3 million. Located just off the West Dodge Road and I-680 interchange, the 66,273-square-foot, multi-tenant flex building was fully occupied at the time of sale. Ember Grummons and JP Raynor of Investors represented the seller, NewStreet Properties. Nick Suarez of Newmark Zimmer represented the buyer, K.C. Residence LLC.
OMAHA, NEB. — Federal Realty Investment Trust (NYSE: FRT) has acquired Village Pointe, a 453,000-square-foot, open-air shopping center in Omaha. The retail REIT purchased the property from the undisclosed seller for $153.3 million. “Village Pointe checks the key boxes for us: affluent demographics and growing population, clear unmet retail demand, proven retailer success in the location and a truly dominant asset,” says Don Wood, president and CEO of Federal Realty. Situated on Omaha’s west side on West Dodge Road, Village Pointe draws nearly 6 million annual visits and serves a trade area of over half a million people, with visits averaging one hour in duration. The center was 96 percent leased at the time of sale to national and premium lifestyle retailers — including Apple, lululemon, Sephora, Coach, Bentley, Nordstrom Rack, Madewell — many of which are exclusive to the market. Scheel’s, a large-scale sporting goods retailer, shadow-anchors Village Pointe. Other tenants include Cheddar’s Scratch Kitchen, North Italia, DSW, Best Buy, Old Navy, Warby Parker, Urban Outfitters and Marcus Village Pointe Cinema. Federal Realty has noted the value-add opportunity at Village Pointe via elevating the tenant mix and enhancing merchandising. Founded in 1962, Federal Realty Investment Trust is based in North …
LINCOLN, NEB. — Mid-America Real Estate Corp. has arranged the sale of East Park Plaza, a 214,029-square-foot shopping center in Lincoln. Anchored by Russ’s Market, the property is also home to Marcus Theatres and Famous Footwear. Rick Drogosz and Patrick Corrigan of Mid-America represented the seller, Starwood Property Trust. Broad Reach Retail Partners was the buyer.
By Sam Rolfe, The Lerner Company It seems Omaha’s retail market shows no signs of slowing down from a position of strength, which received a tangible boost when the metro-area population hit the magic 1 million mark. It’s funny that this population hurdle opens the eyes of retailers so much more than 970,000 would, but there’s no doubt that it does, and the market has reacted accordingly, with year-over-year asking rents up 5.4 percent. The seemingly rapid growth and development have not vastly affected the city’s historically strong fundamentals and high occupancy rates however, with the vacancy rate in the metro at 4.4 percent. This low vacancy is partially a byproduct of the historically low supply that has plagued the market in recent years. Over the last decade, we have seen vast westward growth and somewhat stagnant activity in the urban core and central region. Although the westward march continues, it is now coupled with large amounts of urban development, making the city’s retail market strong within eastern submarkets. The old adage “retail follows rooftops” has held true throughout this growth cycle, as retail developments follow the suburban growth of both homes and apartments. One example of this is at …
LINCOLN, NEB. — Timpte Inc., which designs and builds trailers, has launched operations at its new facility in Lincoln that will produce and ship agricultural equipment nationwide. The project represents a $28 million investment, bolstered by an additional $7 million allocated to manufacturing technologies and equipment. Timpte moved its Lincoln operations from 3400 W. O St. to the larger facility, which totals 190,000 square feet. The new location houses Thunderstone Manufacturing LLC operations, equipment trailer product lines and serves as the company’s national parts distribution center. The new facility will produce between 8,000 and 10,000 grain trailer tarps each year. Timpte has added about 20 employees at the Lincoln site and expects to employ more than 100 people there in the next few years. The project sits on more than 1 million square feet of land, allowing for future expansion.
NEBRASKA — Casino operator WarHorse Gaming LLC has secured refinancing of $300 million in startup loans for a five-year deal that will launch the next phase of casino expansions and construction of a new casino in Nebraska. U.S. Bank organized the deal, which includes Capital One, KeyBank, The Huntington National Bank, BOK Financial and Comerica Bank. WarHorse is expanding its casinos at horse racetracks in Omaha and Lincoln. The $70 million expansion of the Lincoln casino will include larger gaming areas for machines, more table games, a new steakhouse and a high-end sports bar. The Omaha expansion was completed in April. New construction of a third casino in South Sioux City is scheduled to begin next summer.
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