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Restaurant & Retail Updates
Flagship Restaurant Group is opening Memoir, a new restaurant concept at 930 Harney Street in the brand-new Brickline building. According to Food Chain Magazine, Memoir is “a unique take on the beloved American Grill and an ode to Flagship’s 20th year anniversary.” Omaha-based Flagship, which now has 17 restaurants in nine states, also plans to debut a Mediterranean restaurant in downtown Omaha.
The Terrace, a social enterprise café dedicated to inclusion, advocacy, community and philanthropy, plans to open soon at 4201 Rivers Edge Parkway in Council Bluffs. The location is inside a 3-story office building on the east side of the Bob Kerrey Missouri River Pedestrian Bridge. The Terrace is affiliated with Trivium Life Services, an Iowa non-profit, helping people with developmental and intellectual disabilities.
Fowling Warehouse plans to open its first Nebraska or Iowa location in an existing building at 5585 North 90th Street. “Fowling” is a mash-up of football and bowling. Participants throw footballs at bowling pins. The Omaha franchise will have 30 fowling lanes and a bar. Fowling Warehouse has three locations in Michigan plus Cincinnati, Atlanta, Dallas and Indianapolis.
Fovero Greek & Homestyle Kitchen plans to hold a grand opening April 26th at 839 Tara Plaza in Papillion. The locally owned restaurant will serve Greek food and baked goods as well as American breakfasts.
Mission Ave BBQ has opened at 900 West Mission in Old Town Bellevue. The new restaurant serves Texas-style barbeque.
Marco’s Pizza plans to open May 1st at 10627 Fort Street. Hoogland Restaurant Group, Marco’s Pizza’s largest franchisee that owns and operates more than 100 locations, is spearheading the opening. This will be the brand’s fourth location in Omaha.
Talus Spirits & Sustenance has only been open since August, but it’s already expanding, according to the Papillion Times. The restaurant at 10914 Cumberland Drive has started construction in the retail bay just to the west. The additional seating and a 50-person party room should be open in May.
The Mio has officially opened in the former Lo Sole Mio building at 3001 South 32nd Avenue.
Sonny’s, the bar and restaurant housed in an Airstream trailer at Aksarben Village, has opened for the season. It is located at 1905 South 67th Street in an outdoor public gathering place just north of Inner Rail Food Hall.
Ameristar Casino & Hotel Council Bluffs plans to reopen its buffet, which has been closed since the pandemic began. The opening is expected soon but no exact date has been announced.
Dragon Wok was named the #1 Chinese restaurant in Nebraska on LoveFood.com’s list of the best Chinese restaurants in each U.S. state. Dragon Wok has locations at 144th & Fort Street and Nebraska Crossing in Gretna.
Legends Café at 501 South Main Street in downtown Council Bluffs will close for good at the end of the month, according to the Omaha World-Herald.
HomeGoods opens for business this week at Shadow Lake Towne Center at 72nd & Highway 370 in Papillion. The 22,000 sq. ft. store is HomeGood’s fourth Omaha-area location.
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The “Restaurant & Retail Updates” section is sponsored by Anderson Convenience Market, featuring Quality AMOCO Fuels and serving Omaha since 1952, and proud to announce the return of Quality Amoco Fuels. Look for changes this Summer at Anderson Convenience Market – 8 Omaha area locations!
Learn more about Anderson Convenience market at www.Anderson1952.com
The Big Story
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Local Commercial Real Estate Market Stats
Despite concerns about a recession, the Omaha commercial real estate market is still performing well, according to NAI NP Dodge’s first quarter 2023 market report, which takes into consideration the industrial, retail and office submarkets.
As has been the case for a few years now, the industrial market (warehouse, logistics and manufacturing properties) is the star of the show.
Industrial vacancy is only 2.6 percent, which many real estate brokers believe is too tight. Tenants are having a difficult time finding adequate industrial space, which creates a drag on the Omaha economy. Despite the low vacancy rate, it’s actually up from 2.0 percent last quarter. Rental rates are $7.53 per sq. ft., up slightly from last quarter. The 12-month net absorption is 6.2 million sq. ft., which is up from last quarter.
The Omaha industrial market totals 105 million sq. ft. Almost a million sq. ft. of industrial space is under construction right now, which is much lower than last quarter, and frankly, not enough to meet demand.
Retail vacancy at the end of the first quarter was 4.9 percent, up from the previous quarter. Rental rates were $16.08 per square foot. The 12-month net absorption was positive 565,000 sq. ft. at the end of the quarter, down quite a bit from the previous quarter but still good.
Approximately 64.6 million sq. ft. of retail space was considered for this report. At this time, 365,000 sq. ft. of retail space is under construction, which is up a little from the end of the prior quarter.
And finally, we address the office market. Let’s set the record straight right off the bat…Reports of the office sector’s death are greatly exaggerated.
The office market ended the first quarter with a vacancy rate of 6.9 percent, which was down from last quarter. Absorption over the past 12 months was a healthy 302,000 sq. ft. Rental rates were up slightly to $23.97.
The NAI NP Dodge report takes into account 48 million sq. ft. of office space in the Omaha market. There is 605,000 square feet of office space under construction at this time, up from last quarter. That does not include the 800,000 sq. ft. Mutual of Omaha tower which broke ground during the first quarter.
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Grow Omaha Snippets
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Construction has started on Smash Park, an indoor-outdoor restaurant, bar and entertainment center to be located just east of Cabela’s in La Vista’s Southport West area. Smash Park will have a 25,000 sq. ft. building on a 3-acre lot with plenty of pickleball courts. In addition to the future Omaha location, Smash Park has two locations in Iowa and one coming soon to Minneapolis.
The Moxy by Marriott Hotel at 12th & Harney Street in the Old Market has announced an official opening date of June 30th. The 6-story, 105-room hotel is new to the Nebraska market. The closest existing locations are in Minneapolis and Chicago.
Metropolitan Utilities District received a $10 million federal grant to replace the final 130 miles of aging, cast-iron natural gas lines in the Omaha area. It’s part of a multi-year effort to replace hundreds of miles of pipes, some of which go back to the 1800s.
The NET Work Spot opened Monday at 2516 North 24th Street, according to the Omaha World-Herald. The business is described as “a co-working space with concierge service…where solopreneurs, entrepreneurs and business professionals can network and discover their next big idea.” The NET Work Spot occupies a bay in the same building as the Styles of Evolution clothing store and the Stable Gray marketing business.
The $101 million Kiewit Luminarium opened to great fanfare this past Saturday along the Riverfront on Lewis & Clark Landing. We don’t normally editorialize in the Grow Omaha Weekly Market Report, but you simply must check it out. This is a 500-mile attraction that stacks up with the best museums in this region of the country.
The Fairfield Inn under construction northeast of 72nd & Grover Street is fully enclosed, according to Dicon Construction. The 4-story hotel is part of a new real estate development known as MH Landing on the site of the former Ramada Coco Key resort.
The University of Nebraska Medial Center plans to raze three vacant properties by the end of this month. UNMC purchased the properties – located along the north side of Leavenworth Street between 4402 and 4412 Leavenworth Street – to allow for future development opportunities. UNMC will create green space and parking on the empty lots.
UNMC also owns several vacant storefront properties on Leavenworth Street on either side of Barrett’s Barleycorn Pub & Grill and Castle Barrett’s, but there are no immediate plans to raze these properties. For now, UNMC will make minor investments in these storefront properties to stabilize and return the properties to use.
Grow Omaha Snippets are brought to you by Omaha Car Care with four metro area locations – 131st & Dodge, 58th & Center, 85th & L and 144th & Harrison.
Omaha Car Care “We’ll be along for the ride.”
Local Business News Sponsored by FranNet of The Heartland:
The Collective, a co-working space, has opened in Regency Landing, northeast of Interstate 680 & Pacific Street. According to the company’s website, “The Collective offers private offices, designated desks, and hot desks in a fully equipped, versatile office setting.”
AMCON Distributing Company, an Omaha-based consumer products company, has announced fully diluted earnings per share of $3.49 on net income available to common shareholders of $2.1 million for its second fiscal quarter ended March 31, 2023.
ArchWell Health plans to open three primary-care centers in Omaha to provide healthcare to Medicare-eligible senior citizens. The Nashville, Tenn.-based company “offers a value-based care approach that consists of higher quality, personalized care for seniors. Each physician is incentivized to help members improve their health, reduce the effects of chronic diseases, and live healthier lives.”
The initial center will be located somewhere along North 90th Street and will open late this summer. The additional two centers, including one in a former Hancock Fabrics store in Westgate Plaza, will open in the weeks following. ArchWell Health currently operates 30 centers in Birmingham, Ala.; Charlotte, N.C.; Kansas City, Mo.; Oklahoma City; St. Louis; Tulsa, Okla. and Las Vegas.
Mutual of Omaha Retirement Services has launched its Retirement Right Quoting Portal, a new self-quoting portal for registered financial advisors. An extension of Mutual’s Retirement Right suite, the quoting portal enables advisors to quote and build a retirement plan in an ongoing online experience. The new portal uses a simple, intuitive and easy-to-use digital experience that allows advisors to quickly assess their client’s retirement plan needs and design a custom plan within minutes.
Slowing consumer spending, reduced availability of credit and rising penetration of e-commerce may contribute to the closure of 50,000 retail stores in the United States by 2027, according to RetailDive. Retailers closed more stores than they opened in 2022, reversing a trend in 2021 that saw about 11,000 net stores added to the U.S. retail sector’s brick-and-mortar footprint.
Despite their youth and comparatively low income, more than half of American Gen Z adults are frequent travelers, having taken three or more leisure trips in the past year, according to the data research company Morning Consult. Generation Z members were born between 1997 and 2012.
Everi Holdings Inc. of Las Vegas has entered into a purchase agreement to acquire the majority of assets of VKGS LLC (“Video King”), a privately-owned, Omaha-based provider of electronic bingo gaming tablets, video gaming content, instant win games, and systems. Everi expects to close the $59 million deal within 60 days.
Currently licensed in 60 jurisdictions, Video King is expected to expand the market for Everi’s digital gaming content. Video King generated revenue of more than $25 million in 2022, primarily from recurring revenues generated by an installed base of more than 50,000 portable electronic bingo tablets in tribal casinos, commercial casinos, charitable bingo halls, military bases and cruise lines, as well as from the sale of traditional bingo equipment and consumable products.
This section is sponsored by FranNet of The Heartland, the local, trusted franchise experts. They are “in the business of helping you get into business!”
Grow Omaha Residential
Think Twice Before Waiting for Lower Home Prices
By Joe Finlay
As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which in Omaha, peaked last July. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.
A recent survey from Zonda shows 53% of millennials are still renting, because they’re waiting for home prices to come down. But here’s the thing: housing prices have increased every year for 12 years straight in Omaha. Typically, prices increase in the spring, peak in June or July, and then decrease again in the winter months. While home prices only rose by 0.8% nationally, they’ve increased by 5.6% in Omaha compared to the year prior.
Should you keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldn’t. The data show prices are increasing in much of the country, not decreasing.
While you might think you can time the market and buy when prices are low in the winter, there is less inventory in the winter.
The latest data from the Home Price Expectation Survey indicate that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice.
If you’re waiting to buy a home until prices come down, you may want to reconsider. Let’s connect to make sure you understand what’s happening in Omaha.
Grow Omaha Residential is developed and sponsored by Joe Finlay, REALTOR with NP Dodge Real Estate.
Grow Omaha University
Leadership & Sales Insights for Ambitious People
Compiled by Grow Omaha co-founJeff Bealsder and sales trainer
Sponsored by MyStaff, Inc.
LEADERSHIP & MANAGEMENT
What’s the difference between a leader and a boss? Leaders know their success flows from helping their people become the best versions of themselves. Bosses think success is based on driving people to do more tasks.
A genuine leader can accept that they may not always get their way and that others may offer more practical alternatives to their ideas, according to TeamBuilding.com. The acquisition of new knowledge from such experiences may also aid leaders’ growth.
CNBC highlighted a highly effective interview question courtesy of Jay Shankar, vice president of global talent acquisition at Amazon Web Services: “What is the most innovative thing you have ever done?”
Companies’ return-to-the-office push means new-hire relocation benefits are back, according to The Hustle. U.S. job listings mentioning “relocation benefits” have shot up 75 percent year-over-year on Indeed.
Some deals can take years to get done, yet others happen in a day or two. It’s always a good idea to ask about timelines in your first discovery conversation with a prospect. Keep it simple: “What is your timeline for making a decision?” HubSpot recommends you set the proper standards for yourself and your prospects by determining a reasonable timeline for negotiation, closing and handoff.
Only 33 percent of inside sales reps’ time is spent actively selling, according to CSO Insights.
If you sell to decision makers at large companies or the owners of small companies, you may very well come face-to-face with a gatekeeper. Here are four things you can do to win over gatekeepers and turn them into advocates: 1. Treat them with genuine respect; 2. Respect their roles as “partners” to their decision-making bosses; 3. Ask them similar questions you would ask their bosses; 4. Be persistent and don’t give up.
“Do not follow where the path may lead. Go instead where there is no path and leave a trail.” – Harold R. McAlindon
Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.
My Staff Inc – Our team helps you find yours!
Upcoming Events in the Metro
Powered by Vesta
Earth Day Conservation Hike on April 21st: Celebrate Earth Day with your family in the stunning natural surroundings of Fontenelle Forest and discover how you can help preserve this precious environment. Explore the artifact table to learn about the fascinating relics related to the many species that call the Forest their home. The artifacts offer a glimpse into the rich history and diverse ecosystem of the area. Then, join an expert naturalist guide on a thrilling hike through the Forest, where you’ll get to see the incredible flora and fauna up close and personal. The guide will reveal hidden treasures and share fascinating insights into the local ecosystem. With activities suitable for all ages, there’s something for everyone to enjoy!
Garden Guided Meditation on April 24th: Mondays can be one of the most stressful days of the week! Counter that stress with an easy-to-follow, rejuvenating experience that enhances or achieves a meditative state. Each session will focus on different techniques so you can find out which type of meditation works for you! Please bring a yoga mat or pillow to sit on if you are able as seating may be limited. This session is led by Jenelle Emory with Energy Healing Omaha!
Sales Workshop with Jeff Beals on April 25th: Amidst this time of economic change and uncertainty, sales professionals are encountering both challenges and opportunities. This half-day business development workshop will show you how to provide outstanding solutions for your clients while growing your revenue. Attendees will learn how to contact new prospects, build trust with them and determine exactly what they value. Jeff Beals, who is leading the workshop, will reveal best practices for prospecting, how to approach senior decision makers and work around their gatekeepers. You’ll develop effective prospecting language you can use to engage new clients and end the workshop exploring the best ways to overcome objections and close sales.
The Botanical Bar: Mother’s Day on April 26th: Attention all cocktail enthusiasts! Get ready to tantalize your taste buds with a delectable array of 7 brunch-inspired cocktails, expertly crafted and perfect for Mother’s Day! Join others for a one-of-a-kind experience led by the illustrious Ata Rodgers, from Omaha’s WineStyles. With her vast knowledge and infectious passion for mixology, Ata will guide you through the unique characteristics of each cocktail, revealing the secrets behind their mouth-watering flavors and irresistible aromas. Pre-register today!
Comedy Night at The Granary on April 27th: Get ready to laugh until it hurts! Comedy Night at the Granary is back and better than ever! Headlining the show is the side-splittingly funny Mo Alexander, along with the hilarious duo of Nicolo “Pickle” Giardina and Ty Ingram. The one-and-only Doc Peterson will be your charming and charismatic host, keeping the laughs coming all night long. Bring your friends and get ready to have a night filled with laughter, witty one-liners, and unforgettable moments!
This Upcoming Events section is sponsored by Eagle Mortgage Company, is a locally owned and full-service mortgage company in Omaha.
Eagle Mortgage can help you realize your dream of owning a home.
People in the News
Sponsored by Baird Holm Attorneys at Law
R&R Realty has promoted Chris Richardson to senior vice president of operations for its Nebraska division. Richardson joined the company in 2019 as a senior development manager. R&R Realty Group is based in Des Moines, Iowa, and has developed the Waterford and MD West One buildings in west Omaha as well as the R&R Commerce Park in Papillion.
Ervin & Smith, and Omaha-based marketing firm has hired Alfredo Lang as director of client strategy and promoted Megan Jenkins to director of client success. Lang has more than a decade of experience developing marketing strategies at agencies in New York; Chicago; Wichita, Kan. and Omaha. He has worked with brands such as Bosch, S.C. Johnson, United Healthcare, LG Mobile, P&G and Visa. In her new role, Jenkins will lead a team of project managers and develop client success standards for all customer accounts.
Robin Martin has joined inSOURCE Inc as Chief Operating Officer for the inSOURCE Group. She has more than 34 years of experience in the financial services industry. Before joining inSOURCE Inc she was second vice president, risk management for Ameritas Life Insurance Corp.
The “People in the News” section is sponsored by Baird Holm LLP. Baird Holm’s dedicated team of real estate lawyers has extensive experience in all aspects of real estate law, including purchases, sales, zoning and land use, leasing, and dispute resolution. Click HERE for more information.
Wall Street: The Week in Review
with George Morgan
The author is founder of Morgan Investor Education of Omaha.
Sponsored by Baird Holm Attorneys at Law
Views and opinions expressed herein are solely those of the author.
Our topic for the week is the Don Quixote syndrome. If you are like me, the first and last time you read Don Quixote was in your high school English class, and the version you read was the CliffsNotes version.
So, let me refresh your memory. Don Quixote was a third-rate Spanish noble with delusions of adequacy. He went around the countryside tilting at windmills in order to solve problems that had no real solution.
Ever since the Dow Jones Industrial Average was created by Charles W. Dow in 1897, Wall Street has been obsessed with beating the market. At first it was watering stock, false media reports and big time shorting. Then along came IBM with snazzy, high-powered wiz bang computers. This allowed the algos to become the big guns and market makers.
For those of you with social lives, algo is short for algorithm. Algos program their computers to respond to specific words by trading stocks faster than a speeding bullet. Cramer claims that algos produce investment returns that make mere mortals look like a kindergarten nap time. I’ve heard this story a bazillion times but have never seen a report card.
Case in point – A recent article in the Wall Street Journal carried the title, “Artificial Intelligence Can Write a Song, but It Can’t Beat the Market.” The article states that while a portion of individual stock prices is based upon financial parameters such as return-on-assets, P/E multiples etc., there is a portion of the market activity that the AI guys call “noise,” just unidentifiable stuff. English translation: “We don’t have a clue.”
Speaking of déjà vu all over again, The Wall Street Journal just published their report on the performance of the major mutual funds for Q1 2023. Surprise, Surprise!! It’s the same report that they have published for the past few decades, with the names changed to protect the innocent. Of the 3,257 funds included in the survey, only 27 outperformed the market. That amounts to less than 1%, which is about the historical average.
Of those 27 who beat the market, only two had appeared at the top of their peer group during the last five years. Translation: every once in a while, a blind squirrel finds an acorn.
When you turn the page to where the performance of the largest mutual funds are listed, you will find that seven are index funds and only three are actively managed funds. Which again gets back to our theme of the week, Don Quixote syndrome, tilting against windmills. Wall Street continues to apply its best resources to beat the market, but it continues to come in behind the simple, lowly index funds.
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Have You Watched Grow O on Video Yet?
Sponsored by Dingman’s Collision Center and D&M Roofing
The Grow Omaha radio show broadcasts live every Saturday morning at 9:00, but now you can watch videos of each episode instead of just listening.
Grow Omaha’s brand-new website features video footage shot inside the radio studio during each week’s show!
Videos include News of the Week, Lightning Round, guest interviews, and “Grow Omaha Uncut,” a behind-the-scenes look at what happens during commercial breaks.
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