Weekly Market Report – August 8, 2024

Nicole Buntgen, Contributing Writer

Quiznos, a popular sub sandwich restaurant, has returned to the Omaha market inside the Gretna Pump & Pantry near Nebraska Crossing. Pump & Pantry, a Nebraska-based convenience store, recently announced an expanded Quiznos partnership with plans for six additional Nebraska locations by 2026, with four currently in operation. Quiznos had nearly 5,000 locations nationwide in the early 2000s.

Frank’s Pizzeria officially reopened its Capitol District location today at 1170 Capitol Avenue under new ownership after closing in January. Frank’s also operates a location at The Alley in Bellevue at 601 Chateau Drive. The restaurant specializes in New York-style pizzas.

Happy Mango Bakery recently opened in La Vista at 9635 Giles Road, near Ref’s Sports Bar at 96th & Giles. The family-owned bakery offers ready-made treats, custom desserts, and classroom space for decorating classes. Supplies and packaging are provided, with classes ranging from creating monster cupcakes to decorating focaccia to learning cake fundamentals.

Board & Brush, a sip-and-paint woodworking studio, will open its first Nebraska location at 6106 Maple Street in the former 1912 bar space in Benson. An official opening date has yet to be announced. The franchise describes itself as a creative studio that combines woodworking with DIY projects and has nearly 300 locations across 43 states.

Interior build-out is now underway inside a 4,158 sq. ft. retail bay at 8216 City Centre Drive in La Vista. The tenant will be Oasis Cigar Lounge. The space is adjacent to The Astro Theater and Astro Amphitheater.

Scooter’s Coffee plans to open a new kiosk/drive-thru location at 5005 South 204th Street, northeast of 204th & Q Street. Opening date is still to be determined.

ALDI is heading to the Gretna Landing development just northwest of 192nd & Highway 370 at 19311 Oakmont Drive. The supermarket chain’s location will be south of the future Fleet Farm superstore and west of the largest Hy-Vee in the country, which opened in June 2023. ALDI has seven area locations and is currently hiring for a full-time assistant store manager at its new store.

Chase Bank recently opened its seventh area location at 3010 North 90th Street near 90th & Maple. The Greater Omaha Chamber will hold a ribbon cutting on August 26th. Another Chase Bank branch is scheduled to open later this summer at the Gretna Landing development near 192nd & Highway 370.

The Fōwling Warehouse has opened its first Nebraska or Iowa location at 5585 North 90th Street in the Plaza North Shopping Center in Omaha. The indoor recreation and sporting-entertainment business combines elements of bowling and football inside a 50,000 sq. ft. space. In addition to 30 fōwling lanes, the space has 27 televisions and two full bars. The Fōwling Warehouse started in Detroit and now has nine locations in seven states.

Pandora plans to open a jewelry store soon at Village Pointe Shopping Center. The future store is under development between Lululemon and Kendra Scott. Pandora designs, manufactures, and markets hand-finished and contemporary jewelry made from high-quality materials.

Construction is underway on a future Dollar Tree store at 192nd & Pinehurst Avenue. That’s near 192nd & West Center Road immediately northwest of ALDI grocery store, a Comfort Suites hotel and Lazlo’s Brewery & Grill. Dollar Tree already operates 19 Omaha-area locations.

After two years in operation, CTRL Coffee & Cereal Bar will close its downtown Omaha location on August 18th due to slower traffic during the school year. Owners Nick and Jenny Maestas, who also own Muchachos, announced they will open a new CTRL location in southwest Lincoln.

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!

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Four-Story Office Building Planned for Heartwood Preserve

Olsson announced that it will build a 4-story office building in west Omaha. The engineering and design firm will be the anchor tenant of The Row, part of the 500-acre Heartwood Preserve development near 144th & West Dodge Road. The project is being developed in partnership with Lanoha Real Estate Company.

“This building is a testament to Olsson’s long record of growth in Omaha,” said Brian Chaffin, Olsson’s North Central geography leader. “It’s an exciting step forward and a symbol of our commitment to the Omaha community.”

The Row will be a national-caliber, 40-acre, mixed-use center featuring Class-A office space, luxury multifamily residential, walkable retail and dining experiences, a full-service hotel, and structured parking.

Most of Olsson’s 300-plus Omaha employees are currently based in its Aksarben Village office. The firm has more than 2,000 employees in offices throughout the United States. Olsson expects to move its Omaha workforce into the new office in summer 2026.

“Olsson’s move to The Row at Heartwood Preserve shows business growth and development has great momentum in Omaha,” said Jean Stothert, mayor of Omaha. “I am excited to see Olsson and Lanoha partnering to accelerate that momentum with this important project in one of the city’s premier west Omaha locations.”

As the centerpiece of Heartwood Preserve, The Row is sited strategically within the larger master plan with convenient connections to 80 acres of parks and open space, eight miles of paths and trails, single-family and multifamily homes, additional retail and office, and an assisted living facility.

Olsson will occupy the second and third floors of its four-story building. The first floor will be reserved for retail. Olsson may eventually expand to the fourth floor. Employees will have access to attached parking via a skywalk.

“Our move will create an even better work environment for our employees,” said Scott Tricker, Olsson’s Omaha local area leader. “The new building will help us showcase our welcoming culture and allow us to continue to attract and retain top talent.”

Nelsen Partners is the architect for the building, with Olsson delivering the full complement of engineering services. More details and renderings will be released as the building’s design is finalized. Groundbreaking is planned for this fall.

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Isaiah Ang, Contributing Writer

White Lotus is seeking $2.6 million in Tax Increment Financing for a planned mixed-use building southeast of 12th & Nicholas Street in the burgeoning Millwork Commons District. The Omaha Planning Board approved the TIF application this week. The 5-story building will have 78 apartment units consisting of studios, one- and to two-bedroom units. About 12,500 sq. ft. of commercial space split between six bays will be located on the ground floor.

The Dizzy Mule, another mixed-use residential project, is currently under construction just east of this project site. Part of that project is an alley that will have several commercial spaces. The White Lotus project will incorporate a pedestrian easement to align with the alley on their side of 12th Street. The developer stated that directly north of the project, the City of Omaha is working on a 600-stall parking garage. Based on the developer’s conversations with the city, the parking garage construction should align with this building’s construction timeline.

The University of Nebraska Medical Center received Omaha Planning Board approval of a rezoning application this week for property located southwest of 38th & Dewey Avenue. As previously reported, the property had older student housing and surface parking. The old has been demolished, making way for a new student and staff housing project. UNMC plans to build 300 residential units at the site.

The giant tower crane at the Mutual of Omaha headquarters downtown construction site rose 80 feet yesterday as workers added four, 20-foot sections. The higher tower crane will allow the shear core to keep climbing. The concrete core has been poured through level 17. Crews are now working on level 18.

The Omaha Planning Board approved the Tax Increment Financing application for The Duo project in Central Park Plaza twin tower. NuStyle Development, which is developing the project, plans to start leasing units in the south tower as early as April and finish renovations on that tower by November 2025. Construction on the North Tower is anticipated to begin in June 2026. A third building, along the west side of the towers, is still being designed. The parking garage podium may be 6 to 8 stories tall.

A University of Nebraska Medical Center vice chancellor told the Omaha World-Herald that a planned $2.19 hospital tower southeast of Farnam Street & Saddle Creek Road could be as tall as 400 feet. That would make it one of the four tallest buildings in Omaha. Known as “Project Health,” the 1.27 million sq. ft. hospital would have 556 beds.

The Omaha Planning Board approved “missing middle” housing projects at this week’s meeting, including a rezoning application for an applicant planning to build a duplex near 4th & William Street.

Additionally, the board approved the city’s first conditional use permit for an additional dwelling unit, or ADU, since the city adopted new ADU regulations in April of this year. The project is located near 120th & West Center Road. The owner plans to build an ADU in their backyard where a shed used to be and intends to use it for only for family purposes. The ADU will be approximately 400 sq. ft. and cost about $60,000 to build.

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Kellogg Co. plans to close its Omaha cereal plant by 2026. The closure is part of a supply chain modernization plan. Kellogg plans to invest $450 million in some of their other existing plants in Battle Creek, Mich., Belleville, Ontario, and Lancaster, Penn., to modernize infrastructure, equipment. In addition to the Omaha closure, a plant in Memphis, Tenn, will be scaled back. As reported by WOWT, approximately 500 jobs will be lost at the Omaha location.

Mayor Jean Stothert said the Kellogg’s announcement came as a shock and that the Michigan-based company notified her via an email to the mayor’s hotline. “After more than 75 years in Omaha, Kellogg’s will leave a big void. Our first concern will be the Kellogg’s employees and assisting their transition to new employment as Kellogg’s prepares to reduce production next year and close in 2026,” Stothert said.

Dodge Partners Insurance moved its office from 8701 West Dodge Road to 13321 California Street, Suite 305 earlier this week. The company is an independent insurance agency offers business and personal insurance.

Berkshire Hathaway reported earnings of $30.3 billion in the second quarter versus a profit of more than $35.9 billion in the same quarter of 2023, according to Forbes. Operating earnings rose by 15 percent for the quarter versus 2023. Providing an illustration of the value from share repurchases, per-share operating income for the quarter increased by 17 percent compared to 2023.

Omaha-based FNTS, an IT managed services provider, is launching a new partnership with software modernization services provider TSRI of Kirkland, Wash. FNTS and TSRI help organizations move workloads to an environment that achieves greater value from their longstanding IT investments—whether that means staying on the legacy mainframe or moving to a contemporary cloud or hybrid computing environment.

Valmont Industries, Inc. declared a quarterly dividend of $0.60 per share payable on October 15, 2024, to shareholders of record on September 27, 2024. The dividend indicates an annual rate of $2.40 per share.

Adams & Sullivan, P.C., LLO, recently held a ribbon cutting last week for its new office at 1413 South Washington Street in Papillion.

JP Morgan Chase CEO Jamie Dimon visited Omaha this week, stopping by the Chase branch office in Aksarben Village, according to the Omaha World-Herald. It was part of the celebrity CEOs annual summer tour in which he visits different branch office locations to listen to employees and clients.

Applied Surety Underwriters, a subsidiary of Omaha-based Applied Underwriters’ United Risk Division, completed its acquisition of the majority of Argo’s remaining surety business after beginning the consolidation in April 2024 of Argo’s in-force coal, oil, gas, and mining business into ASU. With this addition, ASU takes a top position as number 12 among the ranks of the world’s surety providers.

Green Plains Inc. announced financial results for the second quarter of 2024. Net loss attributable to the company was $24.4 million, or $(0.38) per basic and diluted share, compared to net loss attributable to the company of $52.6 million, or ($0.89) per diluted share, for the same period in 2023. Revenues were $618.8 million for the second quarter of 2024 compared with $857.6 million for the same period last year. EBITDA was $4.8 million compared with ($15.0) million for the same period in the prior year.

Werner Enterprises, Inc. has been recognized as the #3 Military Friendly Company in the $1 billion to $5 billion revenue category for 2024. This marks the second consecutive year Werner has earned this ranking.

Dean Snyder Construction (DSC), founded in 1958, is a family-and-employee-owned general contractor and design-build firm. We serve the commercial, food and beverage processing, industrial, pharmaceutical manufacturing, and healthcare markets. Our commitment to hard work, direct communication, owner involvement, and exceeding client expectations ensures long-term customer satisfaction. Contact us at www.deansnyder.com

Omaha Real Estate Numbers for September

By Joe Finlay

Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. If the past few weeks are any indication, you may be getting your wish.

Mortgage Rates Trend Down in Recent Weeks

There’s big news for mortgage rates. After the latest reports on the economy, inflation, the unemployment rate and the Federal Reserve’s recent comments, mortgage rates started dropping a bit. And according to Freddie Mac, they’re now at a level we haven’t seen since February.

The Relationship Between Rates and Demand

If you wait for mortgage rates to drop further, you might find yourself dealing with more competition as other buyers re-ignite their home searches too.

In the housing market, there’s generally a relationship between mortgage rates and buyer demand. Typically, the higher rates are, the lower buyer demand is. But when rates start to come down, things change. Buyers who were on the fence will resume their searches.

Existing Home Inventory in Douglas and Sarpy Counties

The number of homes for sale in Omaha is at a five-year high, and the median sale price increase has been slowing down throughout 2024. With lower mortgage rates, this is a great opportunity for buyers to get the house they want.

Bottom Line

If you’ve been waiting to make your move, the recent downward trend in mortgage rates, and increase in inventory, may be enough to get you off the sidelines. Let’s connect to talk through your options.

Grow Omaha Residential is developed and sponsored by Joe Finlay, REALTOR with NP Dodge Real Estate.

LEADERSHIP & MANAGEMENT

Worldwide, only 30 percent of managers and 23 percent of rank-and-file workers describe themselves as highly involved and enthusiastic at work, according to Fortune. In the United States, those numbers are 37 percent and 32 percent – higher than in China, Japan and most of Europe, but also an 11-year low. Low engagement costs the global economy $8.9 trillion a year.

Around 85 percent of HR workers say it will be crucial for business leaders to work on their coaching skills over the next few years, according to Fortune. But around 40 percent of leaders say they don’t get enough coaching from their managers, and 31 percent of frontline leaders want more coaching than they’re currently getting.

Airbnb hosts who smile in their profile photos have a 3.5 percent increase in bookings, according to The Hustle. This is especially true for men, who can see demand increase by more than 8 percent thanks to a grin. A smile may “enhance trust and reduce uncertainty” among consumers.

Attention Sales Leaders – Believe it or not, if you want to motivate your sales team don’t focus too much on compensation. Money is the primary reason your people work for you, but the way companies handle compensation is often dismotivational. One of the biggest ways compensation can hurt your culture is if your commission structure is arbitrary, unfair, too complicated or feels “bureaucratic.”

SALES

Sales “Dating” – We have another example from Liz Wendling’s article about how to tell if a prospect is “into” you or not? Good sign: When they agree to the next meeting, show up to that meeting, and keep their promises. It’s a clear signal that the process is important to them. Bad Sign: Should they push off next meetings and tell you to call them but, you go into the “voicemail abyss,” it is the clearest sign that they are not that into you.

Sales Statistic – CRMs are the most popular sales tools, followed by social prospecting, data services, email, phone and sales cadence, according to SalesForLife.

Here are some ways AI can help you in sales, according to Jeb Blount: 1. Generate better content; 2. Revolutionize your email campaigns; 3. Help you sift through data to get better insights into your market; 4. Automated follow-ups; 5. Advanced sales forecasting; 6. Develop dynamic sales scripts; 7. Create robust customer profiles so you can better understand who you’re targeting.

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WISDOM

“Everyone has a plan until they get punched in the face.” – Mike Tyson

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Did you know a Japanese balloon bomb detonated in Omaha during World War II? After drifting across the western half of the United States, it exploded on a Dundee sidewalk near 50th & Underwood Avenue. Locals kept is a secret so as not to encourage the Japanese military from launching additional balloon bombs.

Did you know International trade in Nebraska & Iowa sustains more than 635,000 jobs and generates more than $31 billion annually in imports and exports?

Did you know 3 million people have visited the renovated Riverfront parks since the Gene Leahy Mall reopened a little over two years ago? Heartland of America Park and Lewis & Clark Landing both reopened about a year ago. The three parks went through a $300 million renovation.

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Yoga on the Green on Mondays, Wednesday, Thursdays and Fridays in August: Free and open to the public yoga is at the Granary Green! These classes can be adjusted for all fitness levels. Bring a mat, water and maybe even a friend!

Summer Fun Fridays on August 9th: Follow your curiosity to Summer Fun Fridays at Kiewit Luminarium! Every Friday through Labor Day, we stay open for all ages until 8 p.m. Enjoy extra time exploring our 125+ interactive exhibits, Maker Space and special summer programming. Stay cool on those extra hot days! Reserve your tickets in advance or at our Welcome Desk when you arrive. Tickets for Summer Fun Fridays are free for members.

Butterfly Walk on August 10th: With a wealth of garden plantings, landscape features and natural areas, Lauritzen Gardens provides habitat for a variety of wildlife, including more than 50 species of butterflies. Join a docent to learn which butterflies visit throughout the season, how to attract them to your garden areas and how to keep them coming back year after year as you sight butterflies and find butterfly “hot spots” in the garden on a guided butterfly walk. Pre-registration is required.

Jazz on the Green – Big Wade & Black Swan Theory on August 15th: Big Wade and Black Swan Theory is an all-star team of musicians including Big Wade (Keyboard and Lead Singer), Jay Shannon (Drummer), Mo Sanders (Bass), Brad Meyer (Guitar), Jonathon Brooks (Organ) and Glen White (Percussion). Based in Omaha, Black Swan Theory has a sound that’s been described as soul music with funk, jazz, R&B and rock influences. Check them out live at Midtown Crossing for their Jazz on the green event!

Omaha Greek Festival from August 15th – 17th: Enjoy a Greek summer in Omaha! Don’t miss all the delicious authentic Greek food and pastries, imported drinks at our Taverna, LIVE Greek entertainment: dance performances and musicians, shopping at our boutique, historic church tours, kids activities, and more. There’s something for everyone!

Nelson Produce Farm Sunflower Festival from August 16th – 31st: Experience the beauty of 100,000 sunflowers. This two-week event on the 22-acre farm will feature various exciting activities for all ages. Spend the day picking sunflowers and creating your own bouquets, playing various outdoor games or relaxing.

This section is sponsored by Eagle Mortgage, a locally owned, full-service mortgage company helping you with Conventional, VA, FHA and USDA loans in both Nebraska and Iowa. Learn how Eagle Mortgage helps people afford the home of their dreams by clicking HERE!

McGrath North has added attorneys Jon Blumenthal and Patrick Bartman as shareholders. Blumenthal will chair the firm’s real estate group, and Bartman will practice in the real estate group.

Douglas Wesselmann, better known as Otis Twelve, will retire October 4th as morning host of KVNO classic radio station. It will mark the end of an Omaha radio career that spanned more than 50 years. Otis Twelve will be replaced by Jeff Koterba, former cartoonist for the Omaha World-Herald.

Arbor Bank has added Bo Bigley as a mortgage originator. He is based at the bank’s headquarters building at 16949 Lakeside Hills.

WoodmenLife of Omaha has named James Gilbert as Texas Northeast/Oklahoma regional director and Chris Sparkman as Mississippi North regional director.

The Greater Omaha Chamber is a catalyst and connector, advocating for businesses small and large. Learn, share and grow with more than 12,000 professionals from 3,000 member businesses across Greater Omaha. Click HERE to see our latest events.

Everywhere I turned on Monday morning, there were headlines screaming that “investors” were panicked about the jobs report and were selling their butts off. In the immortal words of Butch Cassidy, “Who are those guys?” The word “investor” implies a person who buys stocks with the belief that over time they will grow in value.

In the first hour of trading on Monday, there were more than 1.5 billion trades. For every trade, there were two participants, a buyer and a seller. That makes 3 billion participants. So, in order for this to make any sense, it would mean that every man, woman and child in China and India was sitting in front of their computer at exactly 9:30 a.m. Eastern Standard Time, and as soon as the market opened, they hit the enter button.

Another conundrum is, as I stated earlier, every seller has a buyer. The Monday headlines could have easily read “A whole bunch of investors are buying a whole lot of stock because they are excited about the jobs report.”

So, what is the correct answer? The correct answer is that the financial media hyperventilated about the jobs report and a bunch of Wall Street gun slingers programmed their computer to trade like crazy. And at the beginning of the day, they owned nothing, and at the end of the day, they owned nothing. My question to Cramer is “Who are those guys?”

Also, on Monday morning there was a plethora of stories reporting that Buffett sold half of his $42 billion stake in Apple. The articles went on to say that this means the world’s greatest investor thinks that Apple has turned in to poo-poo, and the market is about to crash.

Again, the question: Who are those guys? The guys who wrote the articles are probable journalism majors who never met Buffett. If Cramer can report that he knows what investors are thinking without talking to any of them, I am free to criticize journalists I’ve never met.

There are several critical things to know about the supposed Berkshire portfolio. It’s not really an investment portfolio. It’s the float of the property/casualty insurance companies owned by Berkshire Hathaway. With all of the bad weather and wild fires going on around the country, one possible explanation for Berkshire’s sale of Apple is that they are anticipating they might need to write some big checks for property losses.

Another important thing to know is that 15 years ago, Buffett stopped being the primary manager portfolio and turned that job over to the two T’s. I am sure that the two T’s don’t make any major move without Buffett’s knowledge or acceptance. But they may have been the ones to start the ball rolling. And if Buffett believes Armageddon is near, why didn’t he sell the whole Apple position? (It is still the core of the Berk stock holdings. Get it?)

The bottom line is that when you become an 800-billion-dollar industrial conglomerate, you can walk in Buffett’s shoes. However, at every annual Berkshire meeting since 1992, Buffet has advised individual investors to buy and hold shares in an S&P 500 index fund, which by the way, includes both Apple and Berkshire.

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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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