Monday, December 23, 2024
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Affordable HousingIowaLoansMidwestMultifamilyNebraskaNorthmarqSouth Dakota

Northmarq Originates $199.1M Recapitalization for Midwest Affordable Housing Portfolio

by Kristin Harlow

IOWA, NEBRASKA AND SOUTH DAKOTA — Northmarq has originated $199.1 million in Fannie Mae loans for the recapitalization of a 14-property multifamily portfolio located in Iowa, Nebraska and South Dakota. Brett Hood of Northmarq arranged the 14 separate loans on behalf of the borrower, Minnesota-based Monitor Finance. The portfolio includes 2,784 units, 98 percent of which are affordable for residents who earn up to 60 percent of the area median income. The loan amounts ranged from $5.6 million to more than $36.8 million. All of the loans were at a 70 percent loan-to-value ratio. All of the properties had existing fixed-rate agency debt with approximately six to eight years of loan term remaining. Twelve of the properties are located in greater Des Moines, two in Davenport, two in Omaha and one in Sioux Falls, S.D. The largest loan was for Camelot Village, a 485-unit community in Omaha.

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IndustrialLoansMidwestNebraskaSelf-Storage

MMCC Arranges $7.2M Loan for Refinancing of Self-Storage Facility in Suburban Omaha

by Kristin Harlow

LA VISTA, NEB. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.2 million loan for the refinancing of an All About Storage property located at 11109 Olive St. in the Omaha suburb of La Vista. Built in 2005, the self-storage facility features 780 units, 83 percent of which are occupied. Phillip Gause of MMCC arranged the 10-year loan, which features a loan-to-value ratio of 60 percent and an interest rate of 4.1 percent. The lender was undisclosed.

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Leasing ActivityMidwestNebraskaOffice

Omaha National Opens New 52,000 SF Headquarters in Omaha

by Kristin Harlow

OMAHA, NEB. — Omaha National Group Inc., a provider of workers’ compensation insurance, has opened its new headquarters at 9110 W. Dodge Road in Omaha. The 52,000-square-foot building can accommodate up to 300 employees. The company currently has 200 employees. The office features private workspaces and areas for collaboration and multimedia purposes. The new office more than doubles the firm’s previous space and provides employees with a larger break room.

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LoansMidwestMultifamilyNebraska

Petros PACE Finance Provides $13.8M for Apartment Development in Omaha

by Kristin Harlow

OMAHA, NEB. — Petros PACE Finance has provided $13.8 million in C-PACE funding for a 160-unit apartment development in Omaha’s Blackstone District. The funding is for environmental and energy-efficiency measures, including interior and exterior LED lighting, roof and wall insulation, a high-efficiency HVAC system and low-flow water fixtures. The property also features 18,000 square feet of retail space. C-PACE, otherwise known as Commercial Property Assessed Clean Energy, is a tool that can finance energy efficiency and renewable energy improvements at office, industrial, retail and multifamily properties, among others.

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IndustrialLeasing ActivityMidwestNebraska

Airlite Plastics, Marianna Industries Lease Former Gordmans Distribution Center in Omaha

by Kristin Harlow

OMAHA, NEB. — Airlite Plastics Co. Inc. and Marianna Industries Inc. have leased the former Gordmans distribution center located at 9202 F St. in Omaha. Kevin Stratman, Clint Seemann and Ryan Zabrowski of Investors Realty represented the landlord, an entity doing business as G&I IX Specialty Ret LLC. The property was left vacant by Gordmans after its parent company, Stage Stores, filed for bankruptcy. The center underwent a substantial renovation led by Investors Realty’s project management team. Paul LaFave of CBRE represented Marianna, which leased 81,090 square feet. Airlite leased 186,405 square feet and did not have a representative. Omaha-based Airlite sells plastic containers and reusable products. Omaha-based Marianna is a hair care formulator and manufacturer.

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AcquisitionsMidwestNebraskaRetail

First National Realty Partners Buys 221,000 SF Shopping Center in Omaha

by Kristin Harlow

OMAHA, NEB. — First National Realty Partners has purchased The Shoppes at Grayhawk in Omaha for an undisclosed price. The 221,000-square-foot shopping center is located on West Maple Road. A 140,000-square-foot Lowe’s anchors the property. Additional tenants include Michaels, Dollar Tree, Chipotle, Jimmy John’s and First Watch. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services represented the undisclosed seller.

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IndustrialLeasing ActivityMidwestNebraska

Ford Storage and Moving Co. Signs 150,280 SF Industrial Lease in Omaha, Nebraska

by Kristin Harlow

OMAHA, NEB. — Ford Storage and Moving Co., a Nebraska-based warehouse company, has signed a 150,280-square-foot industrial lease at R&R Commerce Park in Omaha. R&R Commerce Park is a four-building industrial park spanning 1.1 million square feet. The development features a clear height of 32 feet and convenient access to I-80. Sam Andres and David Maenner of CBRE represented the tenant in the lease negotiations. R&R Realty Group owns R&R Commerce Park.

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IndustrialMarket ReportsMidwestMidwest Market ReportsMultifamilyNAINebraskaOfficeRetail

Analyzing the Potential of Lincoln’s Commercial Real Estate Market

by Kristin Harlow

What does the Lincoln, Nebraska commercial real estate market have to offer?  Quite simply it has land, room to grow, affordability and a centralized location. Pair these attractive and unique features with an educated workforce in a culturally diverse community and the answer becomes clear. Lincoln’s commercial real estate market has a lot of potential.  Despite Lincoln’s small size of approximately 300,000 people, it is experiencing the same challenges and triumphs as the bigger metropolitan areas. Warehouse space One of the biggest challenges in the Lincoln market is the low supply of industrial space in a high-demand environment. The industrial vacancy rate as of year-end 2021 was 1.6 percent. Any new product that comes on market is leased quickly and the per-square-foot selling price is trending up with a 31 percent increase in just three years. Unfortunately, in the Lincoln market, the value of new industrial construction building permits has been trending down over the last five years. The rising cost of construction makes this trend even more significant; many developers are unwilling to invest in speculative product without the certainty that tenants will pay the rental rate necessary to provide an adequate rate of return.  One local developer, Las …

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Market ReportsMidwestMidwest Market ReportsNebraskaOffice

Omaha, Nebraska’s Office Market Holds Steady

by Kristin Harlow

Omaha’s office market saw more total lease transactions in 2021 for more total space than in any year since our firm has tracked it — 281 transactions for nearly 1.8 million square feet. In a typical year, Omaha usually sees approximately 200 transactions for 1 million square feet. In addition to leasing activity, net absorption was positive at 310,391 square feet, and Omaha’s overall vacancy rate contracted slightly over the year.  In turn, year-over-year market rent growth reached its highest point since pre-COVID-19. “Though slow-moving compared with other major U.S. metros, Omaha’s office market is showing early signs of a recovery thanks to its diversified employment base,” states CoStar. It seems fair to describe the market as stable as we are not seeing large swings in space availability and pricing, but it feels tenuous, just as corporate office space decision-makers are dealing with uncertainty. We continue to see office users choosing to wait and see on decisions affecting demands for office space. Most of the numbers are trending the right way, albeit slowly, but Omaha’s vacancy rate is more than 300 basis points higher than seen in many years before the pandemic, and we finished 2021 with 324,398 square feet …

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AcquisitionsMidwestNebraskaOffice

Cushman & Wakefield/Lund Brokers Sale of 148,524 SF Office Complex in Suburban Omaha

by Kristin Harlow

LA VISTA, NEB. — Cushman & Wakefield/The Lund Co. has brokered the sale of the Securities America Office Complex in La Vista, a southern suburb of Omaha. The Class A office complex consists of three buildings totaling 148,524 square feet. The property is situated within the 237-acre Southport development, a major mixed-use project near I-80. Richard Secor Jr. and John Lund of Cushman & Wakefield/Lund represented the seller. Further details of the transaction were not disclosed.

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