Nebraska

Omaha Industrial Market Dips Toe into Modern Speculative Development

by Kristin Harlow November 19, 2020

By Kevin Stratman, CCIM, SIOR, Investors Realty Like many metropolitan areas, new construction has been the recent theme in Omaha’s industrial market. Since 2015, the Omaha market has delivered almost 5 million square feet of new flex, industrial and warehouse properties. This is significant, considering the market as a whole is only about 90 million square feet. Equally impressive, the market has kept the vacancy rate below 4 percent despite all this growth. A bulk of this development has taken place in the popular Sarpy West submarket on the southwest side of the metro area along the I-80 corridor. Notwithstanding all of this construction, the market continues to have a lack of opportunities for users of all sizes. At the time of this writing, there are only 10 vacancies in existing properties for lease that are greater than 50,000 square feet. Only one of those vacancies is in a modern warehouse building. Both national and local tenants alike are shocked to find the limited number of spaces available to them. Which begs the question, why is there so little speculative construction in Omaha? Omaha has always been a more conservative economy. The market might not see the high of highs …

November 19, 2020

Market Reports Midwest Midwest Market Reports Multifamily Nebraska

Omaha’s Strong Multifamily Market Fundamentals Drive Investment Sales Activity

by Kristin Harlow November 12, 2020

By Jason Kinnison, NorthMarq The Omaha multifamily market’s occupancy, rents and new construction activity remain stable despite the economic uncertainty surrounding the COVID-19 pandemic. As a solid Midwestern market, Omaha’s apartment sector remains strong due to its healthy market fundamentals, including a strong employment base and a highly educated workforce. Omaha boasts an approximate 94.9 percent occupancy rate and consistently has a steady supply of roughly 1,500 new units delivered annually. New construction activity has historically been at an absorbable pace, however, there has been a slight lag in absorption recently, which has the potential to compress occupancy levels as well as asking rents. Multifamily rent collections remained strong in the second quarter, supported in part by the increased unemployment benefits offered to renters who lost jobs and the government-sponsored stimulus initiatives. Additionally, federal eviction bans were enacted. Omaha’s multifamily real estate property values continue rising and capitalization rates remain low. Over the last five to seven years, Omaha has experienced an increase in multifamily investment sales activity. Historically, the market has been controlled by local investors with a buy-and-hold mentality. However, as valuations have risen and activity has increased in investment sales, there has been a shift to more …

November 12, 2020

Loans Midwest Multifamily Nebraska

Columbia Pacific Advisors Provides $28.4M Refinancing for Multifamily Asset in Omaha

by Kristin Harlow November 6, 2020

OMAHA, NEB. — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $28.4 million loan for the refinancing of Legacy Crossing in Omaha. The borrower, Vukota Capital Management, will use the funds to refinance existing debt as well as renovate a number of units and common areas. Legacy Crossing consists of 408 units across 17 garden-style apartment buildings. The community offers a number of amenities such as a fitness center, tennis court, pool, playground and business center. Avantic Residential is the property manager. Jason Kahn of Meridian Capital Group arranged the loan, terms of which were undisclosed.

November 6, 2020

Market Reports Midwest Midwest Market Reports Nebraska Office Retail

Key Leasing Considerations for Commercial Landlords in the Age of Coronavirus

by Kristin Harlow November 5, 2020

By Addison Fairchild, Baird Holm At its onset nearly nine months ago, the novel coronavirus forced federal, state and local leaders to consider measures necessary to prevent the virus’s inevitable spread. Those leaders imposed measures they calculated to balance minimizing the spread and harm of coronavirus to the national and local economies. Whether those measures were effective in achieving those goals is a question for another day. However, now that coronavirus is currently a part of daily life, businesses have been considering what measures they must take. Like political leaders, they must also consider balancing the potential liability they may face for the spread of the coronavirus or other illness, the harm to their patrons and clients, and the harm to their bottom lines. Commercial landlords are not exempt from considering the coronavirus or other pandemics in future leasing. It is unlikely a court would find a commercial landlord liable for the spread of a pandemic in their leased properties, except in rare circumstances. However, tenants may require landlords to provide upgrades to properties to ensure the safety of the leased premises. This article considers whether landlords may be liable for the spread of a pandemic in their leased premises. …

November 5, 2020

Development Industrial Midwest Nebraska

Amazon Unveils Plans for First Fulfillment Center in Nebraska

by Kristin Harlow October 30, 2020

PAPILLION, NEB. — Amazon.com Inc. has unveiled plans to open its first fulfillment center in the state of Nebraska in Papillion. Development is scheduled to begin next year on the 700,000-square-foot project, which is expected to create 1,000 full-time jobs. Employees will work alongside Amazon robotics to pick, pack and ship small items such as books, electronics and toys. When fully operational, the facility will add nearly $204 million to the local economy annually, according to David Brown, president and CEO of the Greater Omaha Chamber. Since 2019, Amazon has invested more than $96 million in Nebraska.

October 30, 2020

Development Industrial Midwest Nebraska Office

McCarthy Converts Old Warehouse into 220,000 SF Headquarters for Elliott Equipment in Omaha

by Kristin Harlow October 14, 2020

OMAHA, NEB. — McCarthy Building Cos. has completed the conversion of a decades-old warehouse into a headquarters, manufacturing facility and showroom for Elliott Equipment Co. in Omaha. The 220,000-square-foot project includes a renovated 26,000-square-foot office building originally constructed in 1982 and a modernized 194,000-square-foot warehouse originally built in 1977. Elliott has consolidated manufacturing operations that had been spread out across five buildings in different locations across Omaha. Founded in Omaha in 1948, Elliott specializes in designing and manufacturing cranes, trucks and aerial platforms.

October 14, 2020

Development Industrial Midwest Nebraska Office

McCarthy Moves into New 15,000 SF Nebraska Office

by Kristin Harlow October 1, 2020

OMAHA, NEB. — McCarthy Building Cos. Inc. has moved into its newly constructed office and warehouse property that will serve as the national construction company’s Nebraska office. The 15,000-square-foot development, located in West Omaha, features a single-story office building, a warehouse and an adjacent construction yard. McCarthy developed the project in conjunction with Tetrad Property Group LLC. DLR Group was the designer. The warehouse will enable the company to store construction materials and assemble some building components in advance of the jobsite. Since entering the Omaha market in 2001, McCarthy’s Omaha team has completed more than $1 billion in construction projects. The company’s core project types include healthcare, education, laboratories, pharmaceutical manufacturing, commercial, arts and entertainment and industrial. McCarthy is headquartered in St. Louis but has several other office locations across the country.

October 1, 2020

Development Midwest Multifamily Nebraska Seniors Housing

Immanuel Begins Expansion of Independent Living Community in Omaha

by Kristin Harlow September 16, 2020

OMAHA, NEB. — Immanuel has started construction of new assisted living and memory care units, as well as new common areas, at Pacific Springs, a seniors housing community in West Omaha. The expansion is scheduled to open in fall 2021. Pacific Springs is located adjacent to the Pacific Springs Golf Club and currently offers exclusively independent living. Renovation plans call for a fitness center and wellness studio; onsite restaurant and lounge featuring a golf simulator; outdoor areas and walking paths; and a chapel adorned with a locally designed stained glass window donated by residents.

September 16, 2020

Loans Midwest Multifamily Nebraska

American Street Capital Arranges $5.5M Refinancing for Omaha Multifamily Property

by Kristin Harlow September 16, 2020

OMAHA, NEB. — American Street Capital (ASC) has arranged a $5.5 million loan for the refinancing of a 111-unit multifamily property in Omaha. Built in 1968, the asset features a mix of studio, one- and two-bedroom floor plans with updated interiors and private patios. Amenities include a pool and onsite laundry facilities. The property was 99 percent occupied at the time of closing. Igor Zhizhin of ASC arranged the CMBS loan, which features a fixed rate for 10 years. The new loan will retire the existing HUD debt on the complex. The borrower was undisclosed.

September 16, 2020

Loans Midwest Multifamily Nebraska

Colliers Mortgage Provides $3.2M HUD Loan for Refinancing of Nebraska Apartment Property

by Kristin Harlow August 17, 2020

GRAND ISLAND, NEB. — Colliers Mortgage has provided a $3.2 million HUD 223(f) loan for the refinancing of Old Walnut Apartments in Grand Island, about 90 miles west of Lincoln. The property was converted from an educational institution to multifamily housing in 2004. The apartment community features 89 units, 88 of which are restricted to residents who earn up to 41.6 percent of the area median income. Walnut Housing LLC was the borrower. The loan is fully amortized over 35 years.

August 17, 2020

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