ELKHORN, NEB. — Darland Construction Co. has broken ground on a new clinic for CHI Health in Elkhorn, about 20 miles northwest of Omaha. The 28,700-square-foot project represents Darland’s third healthcare project with Denver-based developer NexCore Group. The clinic will offer primary care, physical therapy, behavioral health services and specialty care as well as imaging services, a laboratory and retail pharmacy. Completion is slated for summer 2023.
LINCOLN, NEB. — The Annex Group has broken ground on Union at Middle Creek, a $34.4 million affordable housing community in Lincoln. The property’s 192 units will be designated for residents earning up to 60 percent of the area median income. Amenities will include a clubhouse, fitness center and nature trail. The development, slated for completion in early 2024, marks Annex Group’s first in Nebraska. Project partners include R4 Capital Funding as lending partner and R4 Capital as equity partner. The project team includes Summit LIHTC Consulting, REGA Engineering Group, Wallace Architects and NP Dodge Management Co.
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.
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.
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.
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.
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.
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.
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.
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 …
