PAPILLION, NEB. — Aldi is opening a new 20,000-square-foot grocery store at Settlers Creek in Papillion. Completion is slated for spring 2024. The store, which will be situated between Sam’s Club and Hobby Lobby, marks Aldi’s 12th location in Nebraska and first in Papillion. Settlers Creek is a 250,000-square-foot shopping center owned and developed by The Lerner Co. and RED Development.
OMAHA, NEB. — Colliers Nebraska has negotiated a 12,598-square-foot office lease at Farnam Executive Center in Omaha. Adam Marek of Colliers represented the tenant, a national law firm focused on assisting government agencies with improving service delivery. Chris Mensinger, Justin Spooner and Lizzie Mensinger of Colliers represented the landlord, White Lotus Group. Recently purchased by White Lotus Group, Farnam Executive Center rises four stories and totals 92,242 square feet.
By Mike Rensch, Investors Realty The Omaha office market is facing an increasing amount of sublease space, which is having a significant impact on what spaces tenants prefer to lease right now. This is directly affecting all aspects of the overall office market as well. As the second quarter came to a close, the direct vacancy rate was 7.4 percent, compared with 7.6 percent in the second quarter of 2022. With that said, those numbers do not paint the whole picture because they do not account for the amount of sublease space on the market. The availability rate (which includes direct space and sublease space available) was at 9.8 percent compared with 8.4 percent in the second quarter of 2022. We see this trend continuing for the time being as companies grapple with whether or not to bring their employees back to the office. At the end of the second quarter, there was 841,000 square feet of sublease space available in Omaha, up from 723,000 square feet at the end of the second quarter of 2022. This represents a 14 percent increase in sublease space over the past year. It reached its peak of 919,000 square feet of available …
LINCOLN, NEB. — The Annex Group is developing Union at Antelope Valley, a $52.7 million affordable housing community in Lincoln. The five-story project will feature 187 one-, two- and three-bedroom units that will be reserved for households whose income levels are at or below 60 percent of the area median income. Completion is slated for summer 2025. The community will be situated on 1.7 acres at 1810 K. St. within the eastern portion of downtown Lincoln. Amenities will include a community center, fitness center, dog park, courtyard, private garage and onsite management. Like all of Annex’s affordable housing communities, Union at Antelope Valley will offer a customized Community Impact Plan that will help connect residents with community resources. Partners on the project include BVH Architecture, REGA Engineering Group and Summit LIHTC Consulting. US Bancorp Impact Finance provided more than $21 million in federal Low-Income Housing Tax Credit equity financing, while Cedar Rapids Bank & Trust provided more than $25 million in debt financing. Annex’s construction arm, Annex Construction of Nebraska LLC, is the general contractor.
OMAHA, NEB. — Investors Realty Inc. has brokered the sale of a 66,011-square-foot office building in Omaha for $6.2 million. The property at 8420 W. Dodge Road is 76 percent leased to Senior Market Sales. Ember Grummons and JP Raynor of Investors Realty represented the seller, an entity doing business as 8420 LLC. Joseph Failla of Atrium Properties represented the buyer, an entity doing business as 5332 So. 138th St. LLC.
By Sara Hanke, The Lerner Co. Eternally optimistic is the state most commercial real estate brokers find themselves in, particularly when it comes to the retail sector. We must be, as the conditions of the retail market are quite often painted in negative broad strokes. The predictions that online sales would be the demise of physical retail proved wrong. Retailers that are digitally native continue to open brick-and-mortar locations after realizing the limits of online customer acquisition and growth. Most recently, the pandemic has shown us that retail can weather the storm of restrictions and limitations. Now we are in a post-pandemic world where the restrictions and upheaval of the way we consume has shifted our mindset. Shoppers have returned to their daily shopping, eating and entertainment needs. Navigating the complexities of the retail real estate market continues to keep us all on our toes. The first and third quarters were healthy with vacancy dipping below 5 percent. So far, the third quarter has proven strong due to new-to-market concepts looking to do multiple location rollouts as well as existing retailers looking to add additional locations. As the year progresses, we are not without challenge. There has been a shortage …
LA VISTA, NEB. — Marcus & Millichap has arranged the $1.9 million sale of a 3,305-square-foot restaurant property occupied by KFC in La Vista, a southwest suburb of Omaha. The net-leased building features a drive-thru and is located at 8311 Harrison St. KFC’s lease has 11 years remaining and features 10 percent rental increases every five years. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
OMAHA, NEB. — WarHorse Gaming, a subsidiary of Ho-Chunk Inc., has begun construction on its new gaming facilities in Omaha and continues with the next phase of construction at its Lincoln facility. Kraus-Anderson is the construction manager. WarHorse Gaming Omaha will feature roughly 1,300 slots and 20 table games once complete. The first phase of the casino is slated to open about a year after the start of construction. The project also includes a parking garage that can accommodate all phases of the casino. WarHorse Gaming Lincoln’s next phase of construction will begin shortly after the Omaha facility’s construction starts. The expansion will double the size of the current facility and add an additional 500 parking stalls at the casino and racetrack. Plans call for 870 slot machines, six to 10 table games and an expanded dining area. Once fully constructed, the Lincoln facility will employ more than 500 people and generate roughly $14 million in tax revenue for the state. The second phase is expected to take about one year to complete. Subsequent construction phases will include the build-out of the full gaming floor, parking garage and hotel.
OMAHA, NEB. — Marcus & Millichap has arranged the $7 million sale of Plaza Q36, an 81,592-square-foot shopping center in Omaha. The fully occupied property is located at 5101 S. 36th St. Alex Perez of Marcus & Millichap and his team represented the seller, a limited liability company. The undisclosed buyer purchased the center above asking price. Jon Ruzicka, Nebraska broker of record, assisted in closing the transaction.
IOWA, NEBRASKA AND KANSAS — Tutera Senior Living & Health Care has acquired 10 communities in Iowa, Nebraska and Kansas, expanding the family-owned company’s footprint by more than 20 percent. The purchase price was undisclosed. The properties total 443 assisted living, memory care and residential care units with an average of 44 units each. Tutera is retaining all employees at the newly added communities to ensure continuity of care for residents. The properties include: Pinicon Place Senior Living in Anamosa, Iowa; Rolling Meadows Senior Living in Carroll, Iowa; Eiler Place Senior Living in Clarinda, Iowa; Amelia Senior Living in Council Bluffs, Iowa; Floyd Place Senior Living in Sergeant Bluff, Iowa; Cottonwood Place Senior Living in Columbus, Neb.; Pathfinder Place Senior Living in Fremont, Neb.; Morton Senior Living in Nebraska City, Neb.; Greene Senior Living in Seward, Neb.; and Abilene Place Senior Living in Abilene, Kan.