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AcquisitionsMidwestMultifamilyNebraska

Mogharebi Group Arranges Sale of 180-Unit Multifamily Property in Ralston, Nebraska

by Kristin Harlow

RALSTON, NEB. — The Mogharebi Group has arranged the sale of Fireside Village, a 180-unit apartment community in Ralston, a southern suburb of Omaha. The sales price was undisclosed. Built in 1972, the property is comprised of 11 buildings. About one-third of the units have been renovated. Amenities include a sauna, fitness center, playground, dog park, business center and laundry facilities. The community was 75 percent occupied at the time of sale. The Mogharebi Group represented the seller, a Colorado-based private investment group. The buyer, ARTISAN Capital Group, plans to rebrand the property as Wildewood Commons. The transaction represents the seller’s exit and the buyer’s entry into the Nebraska market. As part of the sale, the buyer assumed an agency loan with five years remaining on its term.

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AcquisitionsDevelopmentIndustrialMidwestNebraska

Investors Realty Brokers 38.5-Acre Land Sale in Papillion, Nebraska

by Kristin Harlow

PAPILLION, NEB. — Investors Realty has brokered the sale of 38.5 acres of land at 14289 Prairie Corners Road in Papillion, a southern suburb of Omaha. The sales price was undisclosed. Kevin Stratman of Investors Realty represented the buyer, Keizer Refrigeration/Mid States Utility, which plans to relocate its Omaha operations to a new 50,000-square-foot facility to be built on the site. Located just north of a new Amazon fulfillment center, the tract of land is one of the final undeveloped industrial sites on the Highway 50 corridor, according to Investors Realty. Denny Sciscoe of Cushman & Wakefield/The Lund Co. and Erin Pogge of Traction CRE represented the undisclosed seller.

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DevelopmentHealthcareMidwestNebraska

McCarthy Breaks Ground on $33M Kearney Cancer Center for Nebraska Medicine

by Kristin Harlow

KEARNEY, NEB. — McCarthy Building Cos. has broken ground on Nebraska Medicine’s Kearney Cancer Center, a $33 million project in Kearney, a city in central Nebraska that is home to the University of Nebraska-Kearney. The 53,000-square-foot project encompasses a two-story outpatient medical facility specializing in cancer care. Nebraska Medicine will offer the services of medical and radiation oncology, infusion, laboratory and pharmacy, survivorship programs, genetics counseling and a healing garden. The cancer center will be part of the mixed-use University Village project. Completion is slated for December 2024. PACT Studios is the architect.

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AcquisitionsMidwestNebraskaRetail

Marcus & Millichap Arranges $3.6M Sale of Retail Property in Omaha

by Kristin Harlow

OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 5,412-square-foot retail property in Omaha for $3.6 million. Constructed in 2021, the building is home to Bank of the West and Dave’s Hot Chicken and is located at 339 N. Saddle Creek Road. Brennan Clegg, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.

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DevelopmentHealthcareMidwestNebraska

Koelbel & Co. Breaks Ground on $65M Healthcare Project at University of Nebraska Medical Center

by Kristin Harlow

OMAHA, NEB. — Koelbel & Co., in partnership with the University of Nebraska Medical Center (UNMC) and GreenSlate Development, has broken ground on the Innovation Hub at Catalyst, a $65 million project at the historic Omaha Mill site. The project is part of UNMC’s larger Saddle Creek redevelopment in Midtown Omaha that will serve to accelerate innovation in the healthcare industry. The Catalyst building will bring UNMC’s UNeMed and UNeTech branches together to facilitate the growth of research and innovation, and enable entrepreneurs, investors and innovators to collaborate on the former Omaha Steel Castings industrial site, which dates back to 1906. The 170,000-square-foot development will include a food hall and market, event center and collaborative office space. Completion is slated for late 2024. Koelbel previously built a Catalyst project in Denver.

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Company NewsDevelopmentGeorgiaIndustrialNebraskaNew YorkRetailSouth CarolinaSoutheastTennesseeTexasTop Stories

Dollar General Grows Supply Chain Network by 3.2 MSF With Five Distribution Facilities

by John Nelson

GOODLETTSVILLE, TENN. — Dollar General Corp. (NYSE: DG) has announced recent expansions in its supply chain network that will grow the discount retailer’s distribution footprint by more than 3.2 million square feet. The Goodlettsville, Tenn.-based company has recently opened three new facilities and announced expansions of two existing campuses that will support Dollar General’s traditional goods, as well as its DG Fresh line of groceries. “The recent additions to our supply chain network aim to provide greater efficiencies, create additional jobs and drive positive economic impact,” says Tony Zuazo, executive vice president of Dollar General’s global supply chain. “We’re excited to continue growing our distribution center network to further support store growth and to better serve our customers and local communities.” Dollar General recently opened an 800,000-square-foot distribution center in Blair, Neb., that is expected to create approximately 400 new jobs at full capacity. The $140 million development is the company’s first ground-up dual facility, meaning it features both traditional distribution space and cold storage. Dollar General plans to host a formal opening ceremony for the facility this summer. The company recently increased distribution center storage capacity by more than 2 million square feet by opening two new permanent regional facilities …

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DevelopmentIndustrialMidwestNebraska

Darland Breaks Ground on 408,332 SF Spec Warehouse in Gretna, Nebraska

by Kristin Harlow

GRETNA, NEB. — Darland Construction Co. has broken ground on a 408,332-square-foot speculative warehouse near the Nebraska Crossing Outlets in Gretna, about 20 miles southwest of Omaha. NewStreet Properties is the developer and plans to build the larger Gretna Logistics Park, which will feature nearly 2 million square feet upon full build-out. The first warehouse will feature a clear height of 36 feet, 41 docks and four drive-in doors. Completion of the building is slated for March 2024. Cushman & Wakefield/Lund Co. is handling leasing for the new development.

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Market ReportsMidwestMidwest Market ReportsNebraskaOffice

Omaha Office Market Is Somewhat Insulated from Broader Economic Conditions

by Kristin Harlow

By Eric Rose and Erick Tjarks, Cresa The Omaha office market proved to be somewhat insular from the effects of the many factors the real estate industry has experienced since 2020 (COVID-19, the hybrid work-from-home model, discussions of impending recession to name a few). Although down year-over-year, which given the recent interest rate hikes is expected, market sales volume remains above-average over the surveyed period going back to 2007. Though, this transaction volume dropped precipitously in the second half of 2022 and has continued to be slow in early 2023.  However, the local market has seen pockets of increased activity, as Northwest Omaha saw heightened transactional volume, with Midtown Omaha, downtown Council Bluffs and suburban West Dodge following suit. As showcased above, market cap rates have largely accounted for interest rate hikes and are currently stable but subject to future interest rate increases. These statistics all point to a stable market, with fundamental performance on solid footing.   However, it should be noted that, according to CoStar, 2022 is only the second year on record when demolitions outpaced gross deliveries, with only 93,000 square feet of net deliveries Omaha ranked in the bottom 10 of the top 60 office markets …

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AcquisitionsIowaMidwestNebraskaNorth DakotaRestaurantRetailWisconsin

Marcus & Millichap Brokers $35.1M Sale of Midwest Arby’s Portfolio

by Kristin Harlow

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.

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Market ReportsMidwestMidwest Market ReportsNebraskaRetail

Today’s Retail Landscape in Omaha is Different, But Healthy

by Kristin Harlow

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 …

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