Nebraska

Darland Completes Construction of 58,950 SF Office Building in West Omaha

by Kristin Harlow July 16, 2020

WEST OMAHA, NEB. — Darland Construction Co. has completed construction of Pacific Springs Center II, a 58,950-square-foot Class A office building in West Omaha. The two-story property is located at the northwest corner of 168th and Pacific streets. The project features 40,000 square feet of spec office space as well as an underground parking garage. The area, known as Pacific Springs Vista, has experienced a flurry of new development in the past several years thanks to a growing residential market and the area’s convenient access to the nearby West Dodge Expressway, according to Darland. Avant Architects was the project architect. Investors Realty is handling management and leasing.

July 16, 2020

Acquisitions Midwest Nebraska Office

MAG Capital Partners Acquires Omaha Flex Office Building in Sale-Leaseback

by Kristin Harlow June 30, 2020

OMAHA, NEB. — MAG Capital Partners LLC has acquired a 47,184-square-foot flex office building in Omaha in a sale-leaseback transaction. The single-tenant, fully leased property serves as the headquarters for Scantron’s technology solutions department. The seller was Transom Capital Group. Scantron, best known for its machine-readable paper forms for multiple-choice test questions, was acquired by Transom in December 2019. Built in 1987, the property is located on 3.6 acres at 2020 S. 156th Circle. Two-thirds of the building is utilized as flex office space with the remainder being used for warehousing and manufacturing space. Nick Foster of JLL represented the seller. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented the buyer.

June 30, 2020

Development Midwest Nebraska Office

R&R Realty Incorporates ‘Healthy’ Features into Office Building Under Development in Omaha

by Kristin Harlow May 15, 2020

OMAHA, NEB. — R&R Realty Group has added several “healthy” features in its newest office building currently under development in Omaha. Known as the Waterford Building, the property spans 180,000 square feet at the intersection of 192nd Street and West Dodge Road. R&R has configured the HVAC system to use medical-grade air filters. The Waterford Building will feature touch-free entrances along with motion sensors for lighting. R&R is also installing germ-resistant flooring, wall coverings and seating surfaces. Screens will help visitors find their way in an effort to reduce unnecessary foot traffic. The property management team will receive data regarding air quality, circulation and other building health metrics. Completion of the building is slated for spring 2021.

May 15, 2020

Market Reports Midwest Midwest Market Reports Nebraska Retail

Occupancy, Sales Per Square Foot Support Omaha Retail Scene

by Kristin Harlow April 23, 2020

Over the past few decades, Omaha has grown in both size and reputation as a Midwest gem that offers affordable housing, a solid job market, excellent schools and a central location that makes both business and leisure travel a relative breeze. As our city has grown, our lifestyle has adapted, which has had an interesting impact on commercial real estate. While some developments are flourishing, others have been struggling. Overall, retail growth in Omaha is slow, but occupancy is robust in Class A-located centers. The main corridors in west Omaha (Center, Dodge and Maple streets) have strong occupancy and rents now pushing $40 per square foot NNN for new construction. Restaurants, medical/retail (or “medtail”) and fitness have become the main drivers of recent retail space use. “Treasure hunt” discount concepts such as Ross, Marshalls, TJ Maxx, Burlington and Five Below have all opened multiple locations in the past 24 months in a wide range of demographic areas of Omaha. Mall activity Nationally, the traditional shopping mall concept has been plagued by big-name store closures as consumers continue to turn to online shopping. Locally, some traditional malls are faring better than others. Westroads, which opened in 1968, remains strong in both …

April 23, 2020

Market Reports Midwest Midwest Market Reports Nebraska

Winning the Fight on Business Talent Erosion in Nebraska

by Kristin Harlow April 16, 2020

Although an article on soil erosion might seem more fitting coming from Nebraska, the greater erosion concern for the Cornhusker State is retaining its young and talented workforce. Nebraska’s state education system ranks No. 6 in the country and its high school graduation rate ranks No. 4 in the country, according to U.S. News & World Report. But Nebraska is faced with the dual challenge of retaining young, homegrown talent as well as attracting the next generation of talent from outside the state. Nebraska is presently leaking young talent to surrounding states with an annual net outward migration of approximately 3,300 persons and ranks 39th in the country with respect to attracting talent between the ages of 25 to 29 years old, so it’s a double whammy. A 3,300-person out-migration of talent might seem fairly modest, but over time, it can and will become significant. Like a faucet that continually drips, you don’t realize the cost until you get the water bill. Taking steps to enhance both the retention and attraction of young talent is key to Nebraska’s economic success. Thankfully, such steps are being pursued in both the private and public sector. Two plans of action in particular are …

April 16, 2020

Loans Midwest Multifamily Nebraska

NorthMarq Secures $13M Refinancing for Apartment Complex in Omaha

by Kristin Harlow March 31, 2020

OMAHA, NEB. — NorthMarq has secured a $13 million loan for the refinancing of Ontario Place Apartments in Omaha. The 156-unit apartment complex is located at 7325 Ontario St. Amenities include a pool, clubhouse, fitness center and business center. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan, which features a fixed rate of 3.32 percent.

March 31, 2020

Acquisitions Midwest Nebraska Office

Investors Realty Brokers $7.2M Sale of Two-Building Office Property in Omaha

by Kristin Harlow March 30, 2020

OMAHA, NEB. — Investors Realty has brokered the sale of a two-building office property in Omaha for $7.2 million. The two adjacent buildings, located at 16945 and 17055 Frances St., span 36,740 square feet. The property was fully leased at the time of sale to Creighton University, Insurance Solutions, Frost Periodontics and Midwest Allergy & Asthma Clinic. Ember Grummons of Investors Realty represented the buyer, Heiskell Properties LLC. Tracy Earnest of NAI/NP Dodge represented the seller, RFW Properties LLC.

March 30, 2020

Acquisitions Midwest Nebraska Retail

Hanley Investment Group Arranges Sale of 174,000 SF Shopping Center in Lincoln, Nebraska

by Kristin Harlow March 17, 2020

LINCOLN, NEB. — Hanley Investment Group Real Estate Advisors has arranged the sale of Edgewood Shopping Center in Lincoln for an undisclosed price. Built in 1991, the 174,000-square-foot shopping center sits on 22 acres. At the time of sale, the center was 95 percent occupied to tenants such as Super Saver Foods, CVS, Dollar Tree, AutoZone, Herbalife, Party America, Petco, Cartridge World, H&R Block and Papa John’s. Hanley Investment Group represented the seller, Perkins Properties. Scott Taubin of The R.H. Johnson Co. represented the buyer, a Kansas City-based private investor.

March 17, 2020

Loans Midwest Multifamily Nebraska

NorthMarq Provides $19.3M Refinancing for Apartment Community in Lincoln, Nebraska

by Kristin Harlow March 11, 2020

LINCOLN, NEB. — NorthMarq has provided a $19.3 million Fannie Mae loan for the refinancing of Wilderness Hills Flats in Lincoln. The 168-unit apartment community is located at 3055 Crescent Drive within the Wilderness Hills commercial development. Amenities include a bike repair station, dog park, outdoor grill area and package service. Bob Chalupa of NorthMarq arranged the 15-year loan on behalf of the undisclosed borrower.

March 11, 2020

Acquisitions Industrial Midwest Nebraska

Papillion Foods Acquires 535,000 SF Former Shopko Distribution Center in Papillion, Nebraska

by Kristin Harlow February 5, 2020

PAPILLION, NEB. — Papillion Foods has acquired a 535,000-square-foot former Shopko distribution center in Papillion for an undisclosed price. The 80-acre property is located in the Sarpy West Industrial submarket of Omaha. The facility was originally built for Shopko in 2000 and expanded in 2004. Shopko vacated the property in early 2019. Denny Sciscoe and Mike Earl of Cushman & Wakefield/The Lund Co. represented the seller, LCN Capital Partners, which purchased the facility in 2015. Brian Fogelberg and Emily Claridge of Transwestern represented the buyer. Wisconsin-based Shopko, an apparel and home goods retailer, closed all of its stores in mid-2019.

February 5, 2020

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