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MidwestNebraskaOffice

NICDC, Tetrad Break Ground on 80,000 SF Office Building in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — Nebraska Innovation Campus Development Corp. (NICDC) and Tetrad Property Group have broken ground on an 80,000-square-foot office building at Nebraska Innovation Campus in Lincoln. The three-story building will feature a business incubator and common spaces designed for collaboration. Completion is slated for the third quarter of 2018. Richard Meginnis and Sally DeLair of NAI FMA Realty are marketing the building for lease. Nebraska Innovation Campus is a research campus designed to facilitate partnerships between the University of Nebraska and private sector businesses.

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LoansMidwestNebraskaRetail

Dougherty Provides $7M Acquisition Loan for Shopping Center in Grand Island, Nebraska

by Kristin Harlow

GRAND ISLAND, NEB. — Dougherty Funding LLC has provided a $7 million loan for the acquisition of Conestoga Mall in Grand Island, about 100 miles west of Lincoln. The 556,795-square-foot shopping center is located at 3404 W. 13th St. and is 93 percent leased. Tenants include Sears, Best Buy, JC Penney, Dillard’s and Younkers. Dougherty served as lead lender and servicer for the loan on behalf of Conestoga Realty LLC. Joel J. Gorjian of Uber Capital Group LLC arranged the loan.

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MidwestNebraskaOffice

Medical Solutions Signs 49,983 SF Office Lease Renewal in Omaha, Nebraska

by Kristin Harlow

OMAHA, NEB. — Medical Solutions has signed a 49,983-square-foot office lease renewal at Westroads Business Park in Omaha. As part of the renewal, Medical Solutions expanded its office space, located at 1010 N. 102nd Court, by 8,902 square feet. Steven Edlefsen and Johnny Dorn of Cresa represented the national healthcare staffing provider in the lease transaction. Dale Scott of CBRE-Mega represented the landlord, Westplex Limited Partnership IV.

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LoansMidwestMultifamilyNebraska

Capital One Arranges $14.6M Acquisition Loan for Manufactured Housing Community in Omaha, Nebraska

by Kristin Harlow

OMAHA, NEB. — Capital One has arranged a $14.6 million Fannie Mae loan for the acquisition of Maplewood Estates in Omaha. The 397-unit manufactured housing community was built in 1973. The 10-year loan features a 30-year amortization schedule. Damon Reed of Capital One arranged the loan. The purchase was part of a 1031 exchange. Capital One also provided financing for the acquisition of Country Acres Village, a manufactured housing community in Kalamazoo, Michigan.

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IndustrialMidwestNebraska

Hy-Vee Inc. Signs 115,560 SF Industrial Lease in Omaha, Nebraska

by Kristin Harlow

OMAHA, NEB. — Hy-Vee Inc. has signed a 115,560-square-foot industrial lease in Omaha. The 185,000-square-foot building, located at 11651 S. 154th St., is now fully leased. Other tenants include Blackhawk Industrial Distribution Inc. and Tire Operations LLC. Hy-Vee will use the space as a warehouse as well as a central kitchen to supply its fresh food items to surrounding stores. The company maintains over 240 stores throughout the Midwest. Michael W. Miller, Colm Breathnach and Andy Ash of Colliers International represented the Landlord, DAMMM1 LLC.

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MidwestMultifamilyNebraska

Lund Co. Arranges $33.3M Sale of Multifamily Portfolio in Omaha, Nebraska

by Kristin Harlow

OMAHA, NEB. — Cushman & Wakefield/The Lund Co. has arranged the sale of the Omaha Highlands portfolio in Omaha for $33.3 million. The 438-unit portfolio includes The Club at Highland Park Apartments and Terrace Garden Townhomes. Built in 1972, The Club at Highland Park is located at 11402 Evans St. Built in 1974, Terrace Garden is located at 10100 Grand Plaza. New York-based Briar Capital Management purchased the portfolio. Scott Koethe of Cushman & Wakefield/The Lund Co. represented the undisclosed seller in the transaction.

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MidwestMultifamilyNebraska

Marcus & Millichap Brokers $10.3M Sale of Apartment Property in Grand Island, Nebraska

by Kristin Harlow

GRAND ISLAND, NEB. — Marcus & Millichap has brokered the sale of Continental Gardens in central Nebraska for $10.3 million. The 150-unit apartment property is located at 3111 College St. Built in 1977 with 120 units, the property was expanded in 2016 with an additional 30 units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a local private investment partnership.

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IndustrialMarket ReportsMidwestMidwest Market ReportsNebraska

New Construction Starts, Low Vacancies Further Omaha’s Industrial Success

by Kristin Harlow

Similar to the past couple of years, it is difficult to identify one or two items to highlight about the Omaha industrial market. Although the most impressive improvement might be the amount of new construction starts in 2016, factors such as sales prices per square foot, number of overall transactions, average asking rents, vacancy rates, landlord concessions all trended in a favorable direction for owners of industrial properties. This has been a staggering year- over-year trend, which has led many industry professionals to ask the same question: Is the market becoming too hot? User-driven projects over 100,000 square feet were the highlight of 2016, with multiple large projects breaking ground. Those users included Thrasher Inc., a rapidly growing, Omaha-based basement waterproofing and foundation repair company, which broke ground on its 209,000-square-foot office and warehouse facility located near 120th Street and Valley Ridge Drive; and Oxbow Industries, a Murdock, Neb.-based manufacturer, that is working with a developer on a new 140,000-square-foot facility at 150th Street and Schram Road. However, new construction starts for large projects were not the only storyline. Companies including Rotella’s Italian Bakery (6949 S. 108th St.) and State Steel (13413 Centech Road) made notable expansions to their existing …

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Market ReportsMidwestMidwest Market ReportsMultifamilyNebraska

Omaha’s Strong Apartment Fundamentals Draw National Attention of Investors

by Kristin Harlow

With an average occupancy rate of 96 percent at the end of 2016, coupled with a four percent growth in asking rental rates during 2016, Omaha’s apartment market continues to be a strong performer. According to apartment data research firm Reis, Omaha’s average asking rental rate has increased in every quarter for the past 23 quarters, and is expected to increase 3.6 percent in 2017. On the occupancy front, Reis expects the vacancy rate to finish 2017 slightly higher at 4.9 percent, which would still result in a projected healthy 95.1 percent occupancy rate. On a 10-year historical occupancy basis, Reis reports that the average occupancy over the past decade has been 95.3 percent. Meanwhile, the Institute of Real Estate Management (IREM) reports that the occupancy rate during the same period ranged from a low of 92 percent in 2008 to 96 percent in both 2013 and 2015. Since the beginning of 2007, the average annual increase in asking rental rates has been 2.7 percent, according to Reis. Over the past 23 quarters, the cumulative increase in asking rental rates has been 19.3 percent.   Investors take notice While Omaha may not have as robust rent growth as some East …

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