OMAHA, NEB. — Darland Construction Co. is building a new 6,114-square-foot branch for CharterWest Bank & Mortgage Center on South 24th Street in South Omaha. The facility will offer a full suite of financial services, including consumer and commercial banking as well as mortgage lending. The building’s exterior will feature a distinctive Spanish style with a natural stone finish and a barrel tile roof. Completion is slated for early 2025. EK Schulz is the project architect.
OMAHA, NEB. — Northmarq has provided a $75.5 million Fannie Mae loan for the refinancing of Brickline at The Mercantile in Omaha. Completed in 2023, the luxury apartment complex features 379 units along with commercial space leased to three restaurant/entertainment concepts. Amenities include a resort-style pool, golf simulator, fitness center, yoga studio, electric vehicle charging stations and coworking spaces. Kevin McCarthy, Jeff Frankel, Alex Czachor and Jason Kinnison of Northmarq originated the loan on behalf of the borrower, a joint venture between Hines and Cresset Real Estate Partners. The eight-year, fixed-rate loan features interest-only payments and a flexible prepayment option starting after the sixth year.
OMAHA, NEB. — Colliers Mortgage has provided a $29.9 million Fannie Mae loan for the refinancing of Highline Apartments in Omaha. The 306-unit apartment complex consists of two buildings connected by a covered parking garage. Amenities include rooftop decks, basketball courts, a business center, fitness center, outdoor pool and clubhouse. Brett Olson and Jeff Witt of Colliers Mortgage originated the 10-year loan, which features interest-only payments for the full term.
OMAHA, NEB. — Investors Realty has brokered the sale of the Candlewood Hills retail center in Omaha for $4.7 million. Located at 12424 W. Dodge Road, the property totals 11,700 square feet and is situated near a Costco store. Ember Grummons of Investors Realty represented the seller, Royce Candlewood WR LLC. Tim Kerrigan and Grant Kobes of Investors Realty represented the local buyer.
LA VISTA, NEB. — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $72.2 million loan for the refinancing of La Vista City Centre, a mixed-use development in the Omaha suburb of La Vista. The property features the Vivere Apartments, a 392-unit luxury apartment complex, along with 32,878 square feet of retail space and 64,883 square feet of office space. Located adjacent to the Vivere Apartments is The Astro, an indoor and outdoor music venue, and a 34-acre park. Frank Montalto of IPA arranged the financing on behalf of the borrower, City+Ventures, a Nebraska-based investment and development company that partnered with the City of La Vista beginning in 2015 for the development. The seven-year loan features a loan-to-value ratio of 70 percent.
By Kristi Andersen and Melissa Torrez, CBRE The office market remains one of the most uncertain commercial real estate sectors across the country. Facing declining asset values, rising interest rates and the increase of remote and hybrid work, many of the nation’s office markets are struggling. Key indicators that typically track the health of the market include net absorption, rental rates and vacancy rates. Not surprisingly, given the recent challenges, net absorption of office space nationwide is currently negative, rents have gone down and vacancy is high. However, Omaha continues to buck those trends. A solid, steady economy The midwestern city boasts a diverse economy with agriculture, food processing, insurance, transportation, healthcare and education all being leading drivers. Warren Buffett calls Omaha home, as do several Fortune 500 corporations such as Berkshire Hathaway, Union Pacific Railroad, Mutual of Omaha and Peter Kiewit Sons’ Inc. The Omaha economy consistently outperforms other metro areas, particularly during economic downturns. In December, the U.S. Bureau of Economic Analysis released 2022 Gross Domestic Product (GDP) data for counties and metropolitan areas. Douglas County, the most populous county in Nebraska, had the highest annual GDP growth at 9.2 percent for U.S. counties with populations greater than …
By Mandi Backhaus, The Lerner Co. As we finish out the first quarter of 2024, we reflect on the Omaha retail real estate market with consideration to the internal and external factors of trends, challenges, opportunities and the state of the economy. It can be said that the Omaha metropolitan area remains steadfast throughout difficult times. With its robust and diverse nature, anchored by industries such as healthcare, technology and finance, Omaha, although sometimes called a “flyover city,” remains a hidden gem for those looking for a steady yet vital lifestyle at an attractive cost. This favorability trickles down to how real estate is valued and utilized in the area. According to a Merrill Lynch article, approximately $84 trillion in assets is set to change hands over the next 20 years, from baby boomers onto their children and so on. While the various generations may invest differently, one constant remains: real estate. From a national standpoint, the unstable scenario results from a blend of factors, with inflation, interest rates and the collapse of banks in early 2023 being particularly prominent. This perfect storm had left the industry in a precarious position. The Mortgage Bankers Association revealed a 56 percent drop …
OMAHA, NEB. — Darland Construction Co. has completed a more than 61,000-square-foot warehouse near the intersection of Highway 50 and I-80 in Omaha. The building features a clear height of 26 feet, eight dock doors and interstate signage. Preliminary budgeting for the project began in 2018, but concerns about rising prices and labor shortages during the pandemic put the project on hold, according to Darland. Investors Realty negotiated a full-building lease for Southern Carlson before the building was completed. The tenant is a commercial tool, fastener and jobsite supply company.
OMAHA, NEB. — Turner Construction has signed a 6,132-square-foot office lease at Farnam Executive Center in Omaha. The property, located at 10810 Farnam Drive and recently purchased by White Lotus Group, rises four stories and totals 92,242 square feet. Lease opportunities remain available for users looking for 4,000 to 79,644 square feet. Chris Mensinger, Justin Spooner and Lizzie Mensinger of Colliers represented the landlord in the lease with Turner.
OMAHA, NEB. — Hanley Investment Group Real Estate Advisors has arranged the sale of a Topgolf-occupied property in Omaha for $7.7 million. The property marks the first and only location for Topgolf in Nebraska. Located at 908 N. 102nd St., the asset neighbors a Chipotle Mexican Grill, X-Golf and a future nine-acre mixed-use development. The 24,496-square-foot Topgolf building was constructed in 2020. The Omaha Topgolf facility features 72 climate-controlled hitting bays, a full-service restaurant, bars, private event space, a rooftop terrace and more than 200 HDTVs. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, a private investor based in Omaha. Ashish Wadhwani of Wadhwani Holdings represented the buyer, a private investor based in metro Houston.
