NORFOLK, NEB. — Darland Construction Co. is nearing completion of a four-story, 130,000-square-foot medical office building in Norfolk in eastern Nebraska. The facility will be known as the Faith Regional Health Services South Medical Office. The first floor will include an outpatient surgery center with six operating rooms and more than 20 patient rooms. The orthopedics department will be housed on the second floor and feature 40 specialized exam rooms, multiple X-Ray rooms and staff offices. The third floor will include the women’s health and pediatrics departments. The fourth floor will be home to surgical specialties, including ear, nose and throat, gastroenterology, general surgery, pain management, rheumatology and urology. The building is connected by a skywalk to the main hospital campus. Completion is slated for later this year. Avant Architects is the project architect.
RALSTON, NEB. — NorthMarq has arranged a $1.4 million loan for the acquisition of Ralston Business Park in Ralston near Omaha. The 59,488-square-foot industrial property is located along 77th Street. Steve Ruff of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.
OMAHA, NEB. — Grandbridge Real Estate Capital has provided an $88.3 million Freddie Mac loan for the refinancing of The Atlas Apartments in Omaha. The apartment complex was originally built as a hospital in 1977. NuStyle Development renovated the property into a 732-unit apartment property starting in 2018. Amenities include an indoor pool, fitness center, sand volleyball courts, conference rooms, clubhouses, bike storage rooms, grilling patios, a rooftop deck, rooftop pool and pedestrian bridge to Creighton University. Brett Olson and Jeff Witt of Grandbridge originated the 11-year loan, which features a fixed rate and a 30-year amortization schedule.
OMAHA, NEB. — CIT Group Inc. has agreed to acquire Mutual of Omaha’s savings bank subsidiary, Mutual of Omaha Bank, for $1 billion. CIT’s banking subsidiary, CIT Bank NA, will be used for the acquisition. The purchase price will be comprised primarily of cash and up to $150 million of CIT common stock. The transaction will diversify and enhance CIT’s funding profile with stable, lower-cost deposits from Mutual of Omaha Bank’s homeowner’s association banking business, according to New York City-based CIT. It is also expected to extend CIT’s commercial banking capabilities and enhance profitability. The transaction is expected to close in the first quarter of 2020. The agreement excludes Mutual’s mortgage subsidiary, Synergy One Lending. Founded in 1909, Mutual of Omaha offers a variety of insurance and financial products for individuals, businesses and groups throughout the United States. CIT Group Inc. (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of June 30.
LA VISTA, NEB. — HREC Investment Advisors has arranged the sale of the 120-room Hampton Inn & Suites in La Vista near Omaha. The hotel is located just south of I-80 near the Werner Natatorium Sports Complex that is currently under development. Mike Cahill, Mike Dubè, Scott Kaniewski and Jeff Preston of HREC represented the seller, Wisconsin-based North Central Group. The buyer group was led by Mike Works, the managing member of Nightcap Hospitality LLC, which has developed 20 hotels in Nebraska.
PAPILLION, NEB. — Darland Construction Co. is underway on a new Chrysler, Dodge, Ram and Jeep dealership near I-80 and Highway 370 in Papillion, a southwest suburb of Omaha. The project spans more than 59,000 square feet, including a showroom, service center, customer lounge, car wash and storage. The dealership will be one of the first in the area to include a hail protection system. The 135,000-square-foot hail netting is designed to protect inventory from hail, heat and ultraviolet rays. Construction began in April and completion is slated for spring 2020. Carlson West Povandra is the project architect.
OMAHA, NEB. — CBRE Group Inc. has acquired its longtime affiliate serving the greater Omaha area, CBRE | MEGA. Founded in 1975, CBRE | MEGA is one of Omaha’s largest full-service commercial real estate services firms, with more than 100 professionals providing sales, leasing and project management services. The firm manages a portfolio of more than 5.5 million square feet and has been a CBRE affiliate since 2000. CBRE in Omaha will continue to be led by Bennett Ginsberg, who will serve as managing director.
GRETNA, NEB. — NorthMarq has arranged an $11.5 million loan for the refinancing of Avenue 204 at Royal View, a 120-unit apartment property in Gretna, about 20 miles southwest of Omaha. The property, located at 10816 S. 204th St., features one- and two-bedroom floor plans with in-unit washers and dryers. Amenities include a pool, fitness center, grilling area and clubhouse. Josh Larsen of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan.
The term “mixed-use” appears to be all the rage, possibly a victim of its own success. A similar phenomenon occurred in the retail world with the introduction of the term “lifestyle center.” As a concept grows in popularity there is the natural inclination to capitalize on the movement, which can ultimately lead to watering down the concept. However, despite a trend toward reducing the term “mixed-use” to its lowest common denominator, namely having two different product types, Nebraska’s mixed-use developers have remained dedicated to a meaningful and synergistic combination of several product types: office, residential, retail and food and entertainment. Nebraskan’s zeal for creating sizable mixed-use projects has provided its residents a variety of developments possessing a genuine and meaningful sense of place and community. Although there’s more mixed-use projects in the making for the Husker State, for the purpose of this article we’ve chosen five projects that best represent the state’s mixed-use development. These developments not only create a desirable feel, but positively impact the larger community. Frankly, it’s one thing to have a successful mixed-use development where live, work and play isn’t just a marketing tag line. But, it’s a whole different matter when a project’s success spills …
OMAHA, NEB. — Broad Reach Retail Partners has acquired Baker Square Shopping Center in Omaha for an undisclosed price. The grocery-anchored center spans 158,380 square feet and features Fresh Thyme Farmers Market, JoAnn Fabric and CHI Health. The property is 73 percent leased. The seller was not disclosed. LinkedIn recently signed a lease for a new 200,000-square-foot campus less than one mile north of the shopping center.