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Market ReportsMidwestMidwest Market ReportsNebraskaRetail

Tenant Demand, Construction Slowdown Lower Omaha’s Retail Vacancy Rate

by Kristin Harlow

By Mandi Backhaus, The Lerner Co. As we finish out the first quarter of 2024, we reflect on the Omaha retail real estate market with consideration to the internal and external factors of trends, challenges, opportunities and the state of the economy. It can be said that the Omaha metropolitan area remains steadfast throughout difficult times. With its robust and diverse nature, anchored by industries such as healthcare, technology and finance, Omaha, although sometimes called a “flyover city,” remains a hidden gem for those looking for a steady yet vital lifestyle at an attractive cost.  This favorability trickles down to how real estate is valued and utilized in the area. According to a Merrill Lynch article, approximately $84 trillion in assets is set to change hands over the next 20 years, from baby boomers onto their children and so on. While the various generations may invest differently, one constant remains: real estate.  From a national standpoint, the unstable scenario results from a blend of factors, with inflation, interest rates and the collapse of banks in early 2023 being particularly prominent. This perfect storm had left the industry in a precarious position. The Mortgage Bankers Association revealed a 56 percent drop …

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Leasing ActivityRetailTexas

Big Air Trampoline Park Signs 35,311 SF Retail Lease in Metro Houston

by Taylor Williams

CYPRESS, TEXAS — Big Air Trampoline Park has signed a 35,311-square-foot retail lease at Cypress Landing Shopping Center on the northwestern outskirts of Houston. The space formerly housed a Gold’s Gym. Jason Gaines of locally based brokerage firm Sturbridge Commercial Real Estate represented the undisclosed landlord in the lease negotiations. R.J. Mohindra of FEC Real Estate represented Big Air, which now operates 15 facilities across the country and plans to open another 30. The opening is slated for May.

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IndianaLeasing ActivityMidwestRetail

The Picklr to Open 30,000 SF Location in Indianapolis, Expand Throughout Metro Area

by Kristin Harlow

INDIANAPOLIS — The Picklr, an indoor pickleball franchise, is slated to open its first Indiana location this summer. The Picklr Indianapolis Keystone Crossing club, located at 3810 E. 82nd St., will be the first of more than five locations to open in the greater Indianapolis area. The 30,000-square-foot facility will feature 10 indoor courts, a full pro shop, private event space, unlimited league play, tournaments, youth academies and open play. Dave Gilreath and Ron Brock, local Indianapolis businessmen, are managing partners of Pickle Indy LLC and franchise owners of The Picklr Indianapolis Keystone Crossing.

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DevelopmentMidwestMissouriMixed-UseMultifamilyRestaurantRetailTop Stories

Kansas City Current Plans $800M Riverfront Mixed-Use Development

by Jeff Shaw

KANSAS CITY, MO. — The Kansas City Current, a professional women’s soccer team, has unveiled plans for an $800 million mixed-use project on the Missouri riverfront in downtown Kansas City. The development follows completion of CPKC Stadium, a women’s soccer stadium that seats 11,500 people, in March. According to the project team, the $120 million venue is the first soccer stadium to be designed and built exclusively for women. Partners for the mixed-use project include Palmer Square Capital Management, Marquee Development and the Port Authority of Kansas City. The stadium will anchor the mixed-use district, along with Berkley Riverfront Park and the Missouri riverfront. The development will feature hundreds of multifamily units, food and beverage offerings, and new public recreational spaces such as a new town square and a riverfront promenade. The public areas will be programmed with family-friendly events like movie nights, food festivals, fitness classes and live music. Additionally, 10 percent of all residential units across all phases of the project will be set aside for tenants earning up to 50 percent of the area median income. “Kansas City was founded at the confluence of the Missouri and Kansas Rivers,” says Angie Long, co-founder and co-owner of the KC Current. “With the …

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DevelopmentDistrict of ColumbiaLeasing ActivityOfficeRetailSoutheast

Marx Realty Completes Renovations at One Glover Office Building in D.C., Signs Lease With Fitness Concept

by John Nelson

WASHINGTON, D.C. — Marx Realty has completed renovations at One Glover, a 110,000-square-foot office building located at 2121 Wisconsin Ave. in Washington, D.C.’s Georgetown/Glover Park neighborhood. Additionally, the firm has signed a 10-year, 6,650-square-foot retail lease with Water Street Gym, a boutique fitness concept. John Schlagel of Transwestern represented Water Street Gym in the lease negotiations, and Mark Wooters and James Collins of Cushman & Wakefield represented Marx Realty. Updates to One Glover included an overhaul of the façade and the addition of an outdoor gathering area with seating options, lobby lounge and a garden room. Other updates include a uniform doorman and atmospheric music and scents throughout the building’s common areas. Marx Realty’s in-house design team partnered with Studios Architecture for the One Glover project. Office tenants of the building include Nexstar Media Group, George Sexton and Associates and DispatchHealth. Language immersion preschool CommuniKids occupies nearly 9,000 square feet on the ground level.

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AcquisitionsFloridaRetailSoutheast

ASG Equities Sells Retail Property in Miami’s Design District for $14M

by John Nelson

MIAMI — New York City-based ASG Equities has sold a 4,500-square-foot retail building located at 70-74 N.E. 40th St. in Miami’s Design District. Dacra acquired the property, which was fully leased to luxury brands Ksubi and Orlean at the time of sale, for $14 million. The transaction marks the final step for ASG’s three-property portfolio that it has sold in recent months, the others being buildings at 80 and 101 N.E. 40th St. The company is actively developing a 500,000-square-foot mixed-use development nearby called Parterre 42 with co-developer Helm Equities.

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AcquisitionsMidwestRetailWisconsin

Legacy Realty Group Arranges $27.6M Sale of Plaza 50 Shopping Center in Kenosha, Wisconsin

by Kristin Harlow

KENOSHA, WIS. — Legacy Realty Group Advisors LLC has arranged the $27.6 million sale of Plaza 50, a 199,217-square-foot shopping center in Kenosha. The property is home to tenants such as Burlington, Marshalls, Ross Dress for Less and Pick ‘n Save. Jacob Baruch, Daniel Baruch and Jonah Warshaw of Legacy represented the buyer and seller, neither of which were disclosed.

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DevelopmentRetailTexas

Holey Moley Golf Opens 12,166 SF Entertainment Venue in West Houston

by Taylor Williams

HOUSTON — Holey Moley Golf has opened an 12,166-square-foot venue at 3839 Weslayan St. in the Greenway/Upper Kirby area of West Houston. The space houses three nine-hole minigolf courses, two private karaoke rooms and a full-service bar and restaurant that can accommodate more than 100 guests. The venue is the third nationally for Holey Moley, which also operates venues in San Francisco and Denver. Australia-based Funlab owns the concept.

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AcquisitionsNew YorkNortheastOfficeRetail

Marcus & Millichap Brokers $7.1M Sale of Office, Retail Building in Queens

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $7.1 million sale of a 12,320-square-foot office and retail building located at 36-41 Bell Blvd. in the Bayside area of Queens. The two-story building comprises 12 spaces, with retail space on the ground floor and office space on the second floor. Anthony Cerrone and Michael Tuccillo of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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AcquisitionsCompany NewsMidwestOhioRetailTop Stories

Kroger, Albertsons to Sell 166 Additional Stores in $2.9B Divestiture Agreement Ahead of Proposed Merger 

by Hayden Spiess

CINCINNATI AND BOISE, IDAHO — Cincinnati-based The Kroger Co. and Boise, Idaho-based Albertsons Cos. Inc. have announced plans to sell an additional 166 grocery stores to C&S Wholesale Grocers in a divestiture package. This marks an amendment to an existing agreement with the buyer, which will now acquire a total of 579 stores in a $2.9 billion deal. The original divestiture package was announced in September of last year, in connection with a proposed merger between Kroger and Albertsons.  In February, the Federal Trade Commission (FTC) sued to block Kroger’s $24.6 billion acquisition of Albertsons (which was originally announced October 2022), citing anticompetition concerns. The FTC alleged in a press release that a merger between the companies would create a “monopoly” as well as “lead to lower quality products and services” and threaten “the ability of employees to secure higher wages, better benefits and improved working conditions.” The deal would mark the largest supermarket merger in U.S. history, with Kroger and Albertsons operating thousands of stores nationally. Colorado and Washington also filed measures at the state level to block the merger.  The companies hope to assuage the concerns of federal and state antitrust regulators with the enhanced divestiture package. According to …

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