IOWA, MONTANA, NORTH DAKOTA, NEBRASKA AND WISCONSIN — Marcus & Millichap has brokered the sale of a 22-property portfolio occupied by Arby’s in the Midwest for $35.1 million. The net-leased assets are located in Iowa, Montana, North Dakota, Nebraska and Wisconsin. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller, an Arby’s franchisee. As part of the sale, new leases were executed for the properties. The buyer was undisclosed.
By Holly Jones and Trey MacKnight, Cushman & Wakefield/The Lund Co. The world of retail real estate in the Midwest has been rapidly evolving over the past few years, with the pandemic serving as a catalyst for more change. As we move further into 2023, it’s becoming increasingly clear that the retail landscape is different than in years past, yet healthy in numbers. In this article, we’ll explore and explain some of the latest trends, developments, absorption and vacancy, and how this is impacting the industry as a whole. Whether you’re a retailer, landlord or investor, it’s essential to stay up to date with the current market and future developments. Omaha’s retail market recorded 350,931 square feet of positive absorption in the fourth quarter, bringing the year-to-date absorption total to 1 million square feet. Throughout 2022, there were 34 buildings delivered, increasing the retail inventory by 379,733 square feet. At the close of the year, more than 86 percent of the new construction was occupied, creating a very healthy environment. While there were sizable deals inked throughout the year, just over 85 percent of the new leases signed were under 5,000 square feet. Many of the leases were signed by …
HOUSTON — An affiliate of Houston-based Fidelis Realty Partners has acquired an 11-property, 1.5 million-square-foot portfolio consisting of former Sears retail properties located in eight states across the central U.S. The portfolio is 90 percent leased by tenants such as Nordstrom Rack, Ulta Beauty, Total Wine, Dick’s Sporting Goods, Five Below, HomeGoods, The Dump, At Home, Ross Dress for Less, Dollar Tree and Best Buy. The properties are located in Tennessee, Wisconsin, Ohio, Illinois, Indiana, Nebraska, Texas and Arizona. Colby Mueck, Michael King, Christopher Knight and Jack Britton of JLL arranged acquisition financing on behalf of Fidelis through Symetra Life Insurance Co.
FREMONT, NEB. — Leisure Real Estate Advisors LLC has arranged the sale of the Holiday Inn Express hotel located at 2415 N. Lincoln Ave. in Fremont. The sales price was undisclosed, but the list price was $9.6 million. Built in 2003, the 94-room hotel is situated along the Platte River, about a 30-minute drive to the northwest from downtown Omaha. Brent Jaynes of Leisure Real Estate Advisors represented the seller, Fremont Hotels Inc. Oracle Holdings LLC, an investment group with another hotel holding in the Omaha area, was the buyer. Oracle will continue operating the hotel as a Holiday Inn Express under a new 15-year license agreement with IHG. Noble Hospitality will manage the property on behalf of Oracle.
MINNESOTA AND NEBRASKA — Centerspace has sold nine multifamily communities in Minnesota and Nebraska for $144.3 million. The transaction included four properties in St. Cloud, Minn., totaling 692 units; two communities in the Omaha-Lincoln market comprising 498 units; and three properties in the Twin Cities market totaling 377 units. Proceeds from the sale will be used to pay down outstanding debt. CBRE served as the broker for the Minnesota assets, while MMG Real Estate Advisors was the broker for the Nebraska assets.
OMAHA, NEB. — Green Courte Partners LLC, a private equity firm currently investing through its Green Courte Real Estate Partners V investment fund, has acquired Bloomfield, a 95-unit active adult community in Omaha. The purchase price was undisclosed. True Connection Communities, the buyer’s wholly owned operating platform, will manage the community. The company’s operating portfolio now totals 18 communities with roughly 2,700 units. Green Courte plans to renovate units and upgrade the outdoor amenities.
BELLEVUE, NEB. — Marcus & Millichap has brokered the sale of 25th Street Storage, a self-storage facility featuring 324 non-climate-controlled units and totaling 57,700 net rentable square feet in Bellevue. The buyer and sales price were undisclosed. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The property also features 92 outdoor parking spaces that are available for rent.
OMAHA, NEB. — Mutual of Omaha has broken ground on a 44-story office tower that will act as the company’s headquarters in downtown Omaha. At 677 feet, the building will rise 43 feet above the city’s current tallest building, First National Bank Tower. The 800,000-square-foot development will include a street-level lobby with conference space and an “experience center” spotlighting the company’s history, brand and impact on customers and the community; a sky lobby, welcoming associates from the planned 2,200-stall parking structure; food and wellness services, a fitness center and flexible meeting spaces on the 16th through 20th floors; and conference facilities with a two-story atrium on the 44th floor. Despite the skyscraper’s record-breaking height, the building will be less than half the square footage of the company’s current 1.7 million-square-foot headquarters in Omaha’s Midtown neighborhood. This shift in design is to support flexible work arrangements, including in-person, remote and hybrid models. “As a customer-focused company, we worked closely with our design team to create a headquarters that is appropriately sized, adaptable to ways of working that may emerge in the future and able to serve our policyholders in an effective and efficient manner,” says CEO James Blackledge. Mutual of Omaha’s …
OMAHA, NEB. — Northmarq has arranged a $5.3 million loan for the refinancing of Clocktower Village in Omaha. The retail strip center spans 44,000 square feet and is located at 605 N. 98th St. John Reed of Northmarq arranged the fixed-rate loan, which features a 10-year term and a 25-year amortization schedule. A local credit union provided the loan.
OMAHA, NEB. — Northmarq has negotiated more than $67 million in Freddie Mac acquisition financing for two multifamily properties in metro Omaha. Northmarq arranged the floating-rate loan on behalf of the borrower, Hamilton Point Investments. The transactions were each structured with a seven-year term with three years of interest-only payments followed by a 30-year amortization schedule. Vantage at Coventry is a 294-unit class A property located at 5575 S. 206th Court in Elkhorn, Neb., at the western edge of Omaha. The community offers studio, one-, two- and three-bedroom floor plans. Construction on Vantage at Coventry was completed in 2019. The property is located two miles from the 180th Plaza shopping center and just under seven miles from Two Rivers State Recreation Area. Community amenities at Vantage at Coventry include a pool with tanning ledge seating and poolside grills, media lounge with internet café, urban clubhouse with tech center, business center, gated access, detached garages and onsite storage units, two dog parks and a package concierge. Individual units feature stainless-steel appliances, glass backsplashes, ceiling fans, in-unit washers and dryers, USB wall ports, balconies or patios and large fenced yards in select units. Northmarq arranged $31.6 million in acquisition financing for Vantage at …
