Sunday, December 22, 2024
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DevelopmentLeasing ActivityMidwestNebraskaRestaurantRetail

Lockwood Construction Begins Demolition of Former Charleston’s Restaurant in Omaha

by Kristin Harlow

OMAHA, NEB. — Lockwood Construction has begun demolition work on a former Charleston’s restaurant space in Omaha. Terra Gaucha, a Brazilian steakhouse, will open in the 8,788-square-foot space. The new location marks the restaurant’s first venture into Omaha. The building will feature an expanded dining area to accommodate private dining, an expansive wine wall and open bar concept, and extensive exterior updates and landscaping to coincide with other Terra Gaucha locations. The restaurant is expected to open in May 2025.

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Leasing ActivityMidwestNebraskaRestaurantRetail

Travelers Taproom Opens at Northwest Commons Shopping Center in Grand Island, Nebraska

by Kristin Harlow

GRAND ISLAND, NEB. — Travelers Taproom has opened a 4,139-square-foot taproom at Northwest Commons Shopping Center in Grand Island, a city in central Nebraska. The Staenberg Group manages the property at 2230 N. Webb Road. Travelers Taproom offers a self-pour experience, where guests can choose from 60 rotating taps featuring local beers, ciders and seltzers. There is also a whiskey, bourbon and wine bar. Travelers Taproom is inspired by the owners’ travels across the country. Additional tenants at the shopping center include Dick’s Sporting Goods, Burlington, T-Mobile, Spectrum and Pro Image Sports.

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AcquisitionsMidwestNebraskaRetail

Marcus & Millichap Arranges $6.4M Sale of Retail Strip Center in La Vista, Nebraska

by Kristin Harlow

LA VISTA, NEB. — Marcus & Millichap has arranged the $6.4 million sale of Val Verde Place Shopping Center in La Vista, a southern suburb of Omaha. Located at 9631 Giles Road and built in 2000, the property totals 48,712 square feet. Chris Garavaglia, Alex Perez and Austin Sweet of Marcus & Millichap represented the seller, a private equity group based on the East Coast, and procured the buyer, a Midwest-based 1031 exchange investor. The asset closed at 99 percent of the list price.

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DevelopmentMidwestMixed-UseNebraska

Prominence Global Unveils Plans to Develop 260-Acre Catalina Mixed-Use Project in Valley, Nebraska

by Kristin Harlow

VALLEY, NEB. — Prominence Global LLC has unveiled plans to develop Catalina, a 260-acre mixed-use project in Valley, about 25 miles west of Omaha. Colliers is the leasing agent. Situated near Highway 275 and Meigs Street, Catalina will feature a commercial district with retail and flex opportunities along with a residential component for single-family and multifamily units. Catalina will also feature the First Interstate SportsPlex. In partnership with the Elkhorn Athletic Association, this 96-acre portion of the development will be dedicated to soccer, baseball and softball fields. Grading at the site is currently underway, with infrastructure work projected to start in 2025. Some of the first homes and commercial tenants are expected to open in late 2026.

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MidwestNebraska

Lundco Unveils Strategic Reorganization in Omaha

by Kristin Harlow

OMAHA, NEB. — The Lund Company (Lundco) has unveiled a strategic reorganization that will split its operations into two distinct entities: Lund Living and The Lund Company, operating as Cushman & Wakefield/The Lund Company. Under the new structure, Lund Living will operate as a third-party multifamily property management company. As a member of the Cushman & Wakefield Alliance, The Lund Company’s brokerage and commercial property management departments will continue to provide comprehensive commercial real estate services. Both entities will operate under the Lundco umbrella. The restructuring will help separate the company’s multifamily department from the brokerage and commercial management departments.

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Market ReportsMidwestMidwest Market ReportsNebraskaOffice

Amenity Focus: Turning Omaha Office Spaces into Lifestyle Spaces

by Kristin Harlow

By Mike Homa, R&R Realty Group Five years later and businesses are still adjusting to the new work environment brought on by the COVID pandemic. Omaha’s office space market is seeing a shift in how companies attract employees back into the office. With remote and hybrid work now widely accepted, developers and employers have realized that providing traditional office spaces is no longer enough to entice workers. Instead, they are focusing on creating environments that offer a blend of professional, personal and recreational amenities, transforming office spaces into lifestyle destinations.  To make coming to the office more attractive, developers are offering amenities that cater to employees’ holistic needs. In some office parks, facilities such as onsite daycare centers are becoming a reality. These allow working parents the convenience of dropping off their children close to where they work, reducing commute time and providing peace of mind. It’s an amenity that goes beyond the typical office needs, addressing a significant aspect of employees’ personal lives. Green spaces are another amenity we see being increasingly incorporated into the surroundings of new buildings and broader development areas. We see outdoor spaces in office parks like Fountain Ridge Office Park, which offers amphitheater-style seating …

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DevelopmentHospitalityLoansMidwestNebraska

PACE Loan Group Provides $3M C-PACE Loan for Construction of Dual-Brand Marriott Hotel in Nebraska

by Kristin Harlow

COLUMBUS, NEB. — PACE Loan Group has provided a $3 million C-PACE loan for a dual-branded TownePlace Suites and Fairfield Inn & Suites by Marriott hotel under construction in Columbus, about 75 miles northwest of Lincoln. A regional bank provided a $10.5 million first mortgage. The C-PACE loan will be used to build the 102-room property. C-PACE proceeds will finance energy conservation and renewable energy measures, including high-efficiency HVAC and Domestic Hot Water (DHW) fixtures, low U-factor windows and interior LED lighting. Renewable and energy conservation measures are expected to save $64,224 annually. Construction is scheduled for completion this month.

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The-Bungalows
Build-to-RentDevelopmentMidwestNebraskaSingle-Family RentalTop Stories

Cavan Cos. Receives $87.5M in Construction Financing for Build-to-Rent Projects in Omaha, Nebraska

by Taylor Williams

OMAHA, NEB. — Cavan Cos. has received two construction loans totaling $87.5 million for the development of The Bungalows on Honeysuckle and The Bungalows at Whitehawk Lake, two build-to-rent (BTR) projects in Omaha. ORIX Corp. USA’s Real Estate Capital Group provided the financing. Timelines for completion were not disclosed. Combined, the two projects will feature 466 single-story homes in one-, two- or three-bedroom layouts. Each residence will include open floor plans, 10-foot ceilings, laundry rooms, walk-in closets and fenced back yards with artificial turf. Select homes will also have garages. Both communities will offer amenities such as pools, fitness centers, community spaces, dog parks and other pet-friendly spaces. “The demand for rental homes continues to increase across the United States, particularly in markets like Omaha,” says Gary Burton, CEO of Cavan Cos. “Our BTR model aligns with shifting market preferences, as more residents are seeking lifestyle-driven housing options without the long-term commitment of traditional homeownership.” Cavan Cos. is a BTR development firm based in the Phoenix suburb of Scottsdale. The company’s portfolio consists of approximately 5,000 BTR units in Arizona. In addition to The Bungalows on Honeysuckle and The Bungalows at Whitehawk Lake, as well as multiple projects in Arizona, Cavan Cos. plans to develop …

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IndustrialMarket ReportsMidwestMidwest Market ReportsNebraska

Omaha Industrial Continues to Be a Top-Performing CRE Sector

by Kristin Harlow

By John Dickerson, OMNE Partners Omaha continues to be strong economically. The Omaha-area population is nearing the 1 million mark, and Omaha has been rated in the top 10 of cities to move to. Unemployment is less than 3 percent compared with about 4 percent nationally, and employment growth is about 2 percent per year.  In commercial real estate, business news generally says that Omaha is doing better than larger cities in the U.S. Of the key sectors, industrial has performed very well. Leasing pace Per CoStar information, Omaha’s vacancy rate is 3 percent. The total industrial square footage is 108 million square feet, and there is approximately 4 million square feet under construction. A large share of construction is due to Google, Facebook and other large users adding facilities. About 1.7 million square feet has been absorbed in the last year. Currently, per market information gathered from Crexi listings, there is approximately 2.6 million square feet available for lease in Douglas and Sarpy counties. (See chart for a breakdown by property types.) One other thing to note is that in the 139 properties with space for lease, there appears to be only 20 spaces for lease with 2,000 square …

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AcquisitionsHealthcareMidwestNebraska

Cushman & Wakefield Brokers Sale-Leaseback of 70,000 SF Omaha Specialty Hospital

by Kristin Harlow

OMAHA, NEB. — Cushman & Wakefield has brokered the sale-leaseback of a 70,000-square-foot specialty orthopedic hospital in Omaha for an undisclosed price. Built in 2004 and expanded in 2020, the property is fully occupied by OrthoNebraska. The two-story facility is dedicated to musculoskeletal care with 24 inpatient beds, 12 operating rooms and several treatment rooms. Gino Lollio, Travis Ives, Sushil Puria and Tyler Morss of Cushman & Wakefield, along with TJ Twit of The Lund Co., an alliance of Cushman & Wakefield, represented OrthoNebraska in the transaction. Montecito Medical Real Estate was the buyer.

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