Weekly Market Report – July 27, 2023

Nice Rollz opened this week inside Kamp Blackstone, the food hall at 3618 Farnam Street. The restaurant sells Asian rice dishes plus specialties such as crab Rangoon nachos and Korean corn dogs. Nice Rollz joins Single-Double, Kamp Concessions and Wingz in the midtown food hall.

B&G’s Tasty Foods is now open at Nebraska Crossing. It’s a new location for the long-time restaurant at 79th & Dodge Street that closed in 2019. The new B&G’s has a drive-through lane and is located in a 4,500 sq. ft space that previously housed Local Beer, Patio and Kitchen.

Net Par plans to open its first Nebraska or Iowa location by the end of the year in downtown’s Capitol District, according to Adam Maurer of The Lerner Company. The Omaha location will have eight indoor golf simulators and a full bar. It will be located a 6,000 sq. ft. space along 12th Street. Net Par has three existing locations all in the state of Indiana.

The UPS Store plans to open in the former Takechi Jewelers space in the Keeline Building at 321 South 17th Street. The new retail space is part of Shamrock Development’s $6.8 million renovation of the historic 7-story, 61,000 sq. ft. Keeline Building.

Anderson Convenience Market has opened a new location at 96th & M Street. The locally owned food, beverage and Amoco gas provider now has nine stores.

We have an opening date for Nebraska’s first Dirty Dough cookie shop location: August 7th. The Arizona-based chain will open in a new strip adjacent to Embassy Suites and Cabela’s in La Vista’s Southport West area. Dirty Dough has 30 locations and many under development. The closest existing locations are in Oklahoma.

PappaRoti, a bakery and tea shop at 723 North 114th Street, plans to close, according to the Omaha World-Herald. The exact closing date will be announced next month. PappaRoti has nine other locations in Michigan, Illinois, Nevada and Texas.

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

Another Construction Project at Eppley

The Omaha Airport Authority has announced that it will construct a new central utility plant at Eppley Airfield as part of the Build OMA program that launched in June. Holder Construction will build the new $92.5 million central utility plant, with construction planned to start in early 2024 and expected completion in 2025.

The project will be located on the southeast side of the existing terminal.

The new 21,550 sq. ft. central utility plant will include a central heating and cooling system and provisions for resiliency with upgraded emergency power capabilities to serve future terminal development and support operations at Eppley Airfield. The new central utility plant is anticipated to reduce the airport’s energy use and replace the existing equipment which is at the end of its useful life.

“The new central utility plant is a critical component of our needs-based Master Plan and important enabling project for the future Terminal Modernization Program” said Dave Roth, Chief Executive Officer of the Omaha Airport Authority. “This project will allow the airport to continue to operate during future terminal construction and provide the necessary systems to support long-term growth at Eppley Airfield.”

The project will receive a $5 million Community Project Funding grant through the Federal Aviation Administration. The project is also funded by airport revenues. The Omaha Airport Authority is a nontaxing authority and collects user fees to support the operation and maintenance of airport facilities.

The central utility plant is an enabling project for future terminal expansion and renovation currently under design. Concurrently, the Omaha Airport Authority continues work on the Terminal Drive & Canopy project, another component of the Build OMA program, which includes a new roadway at the curbside of the terminal and a new glass canopy covering the entire roadway and passenger area from the South Garage to the Terminal. This project will provide an additional passenger drop-off lane, make the entire drop-off and pick-up area ADA accessible and provide cover from weather elements.

The Terminal Drive & Canopy project adds capacity and enhances safety for travelers at Eppley.

The Henry Doorly Zoo and Aquarium has reopened the Lied Jungle after repairs to the roof and updates to several lower-level features. The roof suffered extensive hail damage last year.

The first step to reopening took place in mid-June, with an incremental opening of the upper level. This process allowed the animals to be reacclimated to guests.

Children’s Hospital & Medical Center recently held a topping out ceremony to commemorate the final structural beam being placed at its west satellite location near 204th & Harrison Street. The 60,000 sq. ft. building is scheduled to open next spring.

Mayor Jean Stothert has recommended a 2024 General Fund budget of $507.8 million, a 6.97 percent increase over 2023. The budget includes a substantial salary increase for Omaha police officers and accounts for expenses related to the new flagship library under construction at 72nd & Dodge Street. The budget calls for a 2.1 percent property tax decrease.

Jennie Edmundson Hospital plans to build a 96-bed behavioral health hospital at a yet-to-be-announced site in Council Bluffs, according to the Omaha World-Herald. The $55 million facility would also include 24 beds for children and adolescents and also will provide outpatient services.

The Greater Fremont Development Council has announced a new housing grant designed to grow the local workforce in advance of the Fremont Municipal Port Authority kicking off major development projects. Qualifying homeowners and developers can tap into a $1.5 million Nebraska Rural Workforce Housing Fund that could allow rundown homes and vacant lots to become affordable housing.

Speaking of Fremont, the new Fremont bypass is now open along the southside of Fremont. The four-lane, divided highway connects U.S. Highway 275 on the east to Highway 77 to the west.

Digital Public Relations agency Storial Media compiled data on one-way commute times in all 50 states, and found Nebraska has the fifth shortest one-way commute time in the country at 19.3 minutes, according to News-Radio 1110 KFAB. South Dakota comes in at number one for the shortest one-way commute time in the nation at 17.4 minutes, and the longest one-way commute time in the country is found in New York, at 31.4 minutes.

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.

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Two related, Gretna-based companies – Nebraska Crossing and JUSTDATA – made a 10-year, $5 million gift to the University of Nebraska volleyball team’s name-image-and-likeness collective. Nebraska Crossing is one of the state’s top retail centers. JUSTDATA is a fintech company serving the retail, entertainment and sports industries.

Mitchell & Associates, a real estate appraisal firm founded in 1947, moved from 14611 West Center Road to 11305 Chicago Circle this past weekend.

Union Pacific Corporation reported 2023 second quarter net income of $1.6 billion, or $2.57 per diluted share. These results include the previously disclosed $67 million labor expense and $73 million income tax benefit. This compares to 2022 second quarter net income of $1.8 billion, or $2.93 per diluted share.

AMCON Distributing Company, an Omaha-based consumer products company, has declared a quarterly cash dividend of $0.18 per common share. This cash dividend is payable on August 17, 2023 to shareholders of record as of August 4, 2023.

Valmont Industries, Inc. reported financial results for the second quarter ended July 1, 2023. Net Sales of $1.0 billion decreased 7.9 percent during the second quarter of 2022. Operating Income increased 12.6 percent to $133.7 million, or 12.8 percent of net sales

Trenton Magid and Spencer Morrissey of NAI NP Dodge represented Omaha Steaks in the $1.2 million sale of a 20,500 sq. ft. meat packaging facility at 501 4th Street in Snyder, Neb. Omaha Steaks moved the operations to the Omaha area.

Nebraska’s unemployment rate has held steady at 1.9 percent, tying with Vermont for the third lowest in the nation, according to Nebraska Examiner. The national unemployment rate is 3.6 percent. New Hampshire and South Dakota edged Nebraska and Vermont for the lowest unemployment rates, tying at 1.8 percent.

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!”

Omaha Area Market Snapshot

By Joe Finlay

To continue on my mid-year update from two weeks ago, the number of closed properties this year is down almost 20 percent compared to last year.

For sellers, we continue to see low inventory in Omaha with less than a one-month supply of existing homes on the market. This means it’s still a prime time to sell if you have your house in good condition and priced right. In the month of June, about 60 percent of homes sold at or above list price.

For buyers, the sweet spot continues to be new construction. There is currently more than seven month’s supply of new construction homes available. This makes it more possible to secure a house without competing. Some Omaha area builders are still offering concessions and buying down the mortgage rate.

Speaking of mortgage rates, my partner with FNBO recently mentioned that permanent-rate buydowns are becoming more popular since rates have not decreased.

Bottom Line

The Omaha area has a healthy real estate market with increasing housing prices and competitive buyers. If you’re considering a move, let’s connect and create a winning strategy together.

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

LEADERSHIP & MANAGEMENT

Here is one of seven key leadership principles according to the Bellevue-based leadership and management firm, MindSet, LLC: “Good staff have a right to work with good staff. So simple to say, and so vital to be done. Make sure you, and the leaders of your HR department, have this seared into your brains.”

Business Travel – The European Union will be requiring Americans to purchase a VISA to enter Europe next year, according to Steve Glenn of Lincoln-based Executive Travel. The good news is that the cost will only be about $8 and the online application will take just a few minutes to fill out and be approved. “Basically, this is an easy way to generate more money,” Glenn said.

Annoying Buzz Phrases – Writing in HubSpot’s blog, Sara Friedman talked about buzz phrases currently floating around offices these days. The majority of professionals surveyed had heard of “quiet quitting” (69%), followed by “act your wage” (44%), “Great Resignation” (39%), and “Bare Minimum Monday” (37%). Other surveyed terms included “quiet hiring,” “career cushioning,” and “rage applying.”

SALES

Here’s a sales qualification question you can ask to determine how much authority your prospect has to make purchasing decisions on behalf of their company: “Do you anticipate any pushback from your colleagues or bosses against this solution?”

Forty percent of the prospecting emails you send to B2B prospects are opened first on a mobile device first, according to Spotio.

Ambiverts generate 32 percent more sales than extroverts and 24 percent more than introverts, according to Science of People. Ambiverts are personalities who combine qualities of both introverts and extroverts.

WISDOM

“The best armor of old age is a well spent life preceding it.” – Charlie Munger

https://www.dundeebanking.com/

Did you know that Omaha is the #8 city in America for work-life balance and mental health according to Coworking Café’s analysis?

Did you know that at 677 feet high the future Mutual of Omaha tower that’s currently under construction downtown will be the tallest building in 31 states including Nebraska, Iowa, Missouri and Kansas?

Did you know Omaha technically had a different name? When the city was founded in 1854, its name was Omaha City, Nebraska Territory. When the city was incorporated in 1857, the name, Omaha City remained. The name continued until the early 1880s when the word, “city” was dropped.

This section is sponsored by Lockbox Storage, an affiliate of Omaha-based McGregor Interests Inc. We provide storage solutions for all of your storage needs. Our facilities have full-time managers and bright lighting to provide superior security for your belongings. In addition to space for rent, we also provide packing supplies, protection plans and locks along with complimentary handcarts and dollies. Visit LockBox Storage and let us help you with all your storage needs.

Late Nights at the Zoo (21+ Event) on July 27th & August 3rd: Experience the wild side of nightlife at Late Nights at the Zoo, where Omaha’s Henry Doorly Zoo and Aquarium invites adults 21 and over to indulge in an evening of drinks, local food truck cuisine and extraordinary wildlife. As the sun sets, explore the zoo’s enchanting grounds, surrounded by the mystical allure of nocturnal creatures. Gather your friends and unleash your inner child with an exclusive adults-only zoo experience!

Night Market on July 28th: Join others and immerse yourself in a vibrant world filled with activities and attractions suitable for anyone. You’ll be able to explore the Vendor Village, containing an array of more than 40 local makers and boutiques, while enjoying the live music, games and entertainment! You can expect performances by Omaha Street Percussion, the Polka Police and many more. There will be plenty of treats and refreshing beverages from the acclaimed restaurants in the Midtown Crossing neighborhood for you to enjoy throughout the event!

CreativeMornings/OMA – Treasure featuring Ryan Ellis on July 28th: This event revolves around the theme of “Treasure,” encompassing various forms, both tangible and intangible, such as ancestral heirlooms, hidden springs, trust in new friendships, cosmic photographs and ancient ruins. The Brisbane chapter, with Spectator Jonze as the illustrator and Mailchimp as the presenter, is exploring this theme. The event features a speaker, Ryan Ellis, who became the CEO and co-owner of PJ Morgan Real Estate in September 2019. Ryan’s deep-rooted involvement in the Omaha community, along with his hands-on leadership style and passion for real estate, has contributed to the success of PJ Morgan Real Estate and its impact on the community. His work is recognized and has earned him prestigious awards, solidifying his position as a respected figure in Omaha.

Maha Festival 2023 on July 28th & 29th: Get ready for the grandest summer bash kicking off the 15th year of Maha! Omaha’s most exciting summertime celebration is back this July, and it’s going to be bigger and better than ever, thanks to their fantastic sponsor, Medical Solutions! Brace yourself for two epic days packed with non-stop live music on not one, but two stages. But that’s not all – get ready to immerse yourself in a world of art, laughter and a vibrant community atmosphere that will leave you thrilled and connected. Maha is where the magic happens, so mark your calendars and get ready to uncover tons of new artists and music!

Kochava Coffee Grand Opening on July 29th: Nestled in the heart of the downtown community, this occasion promises to be a joyous gathering of coffee enthusiasts, friends, and curious souls alike. Indulge in delectable treats that beautifully accompany handcrafted beverages, curated to tantalize your taste buds. From flaky pastries to artisanal sandwiches, the menu boasts an array of delights that cater to every palate and dietary preference, ensuring that there is something to please every guest. Join the celebration of community, craftsmanship and the love for all things coffee!

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.

Union Pacific Corporation has appointed Jim Vena has as Chief Executive Officer and a member of the Board. Beth Whited, Union Pacific’s executive vice president, sustainability and strategy and chief human resources officer, has been appointed as president, reporting to Vena. Mike McCarthy, Union Pacific’s lead independent director, has been elected as chairman of the board. These leadership changes are effective August 14th. Vena succeeds Lance Fritz.

Vena has more than 40 years of industry experience and is returning to Union Pacific after serving as its chief operating officer from 2019-2020 and as a senior advisor to the chairman in 2021. Prior to that, he spent more than four decades at Canadian National Railway. Whited has been with Union Pacific for more than 35 years and has held leadership roles across multiple departments.

The Greater Omaha Chamber has announced its 2023 Omaha Business Hall of Fame Honorees: Ron Carson, founder and CEO of Carson Group; Greg Cutchall (1952-2022), founder of Cutchall Management Company; David Karnes (1948-2020), president and CEO of The Fairmont Group Inc., and former United States Senator; Beverly Kracher, founder of the Business Ethics Alliance and Robert B. Daugherty Endowed Chair in Business Ethics & Society at Creighton University; and Mary Ann O’Brien, founder and CEO of OBI Creative.

CharterWest Bank has named Jim Murphy as Omaha metro market president. He has nearly 26 years of experience with Bank of the West. Murphy holds a Bachelor of Science degree in finance from Wayne State College and a Master of Business Administration degree from the University of Nebraska at Omaha.

Lutz, and Omaha-based business solutions firm, has promoted Jeff Paesl, CPA to audit director. He has previously led Lutz’s Sanitary Improvement District practice.

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.

In 1975, Burton Malkiel wrote a book entitled A Random Walk Down Wall Street. The message of the book was that stocks and the market move in a random fashion. In Malkiel’s view, there is no rational explanation for the market’s movement, and therefore, predicting it is futile.

Unfortunately, Malkiel is an academic, which means that he took 750 pages to state the obvious. After 750 pages of jibber jabber, tons of tables, graphs, and historical data, Malkiel reports that he’s convinced that the market is random; he just couldn’t prove it.

Or, you could watch CNBC for a week and come to the same conclusion.

Speaking of numbers and wasted calculations. My brother is a baseball nut. He’s so addicted to the sport that his license plate is BAZBL. He goes to baseball games with his equally addicted son, and they sit there, beer in one hand, legal pad in the other. Then they proceed to record every jot and twiddle of the game. How many times a left-handed pitcher struck out a right-handed hitter. How many times a batter spit before taking a swing. But, at the end of the day, the only thing that matters is that the home team lost one to zilch.

Now back to CNBC. Same concept, different numbers.

As I write, Mr. Market is continuing his random journey through 2023. We started the year with the FANG stocks being the investment du jure. Then somewhere in the middle of the year, along came several newbies to the fray: Nvidia, Tesla and Musk’s rebranded Twitter. A few days ago, the newcomers announced surprisingly good quarterly results – record revenues, decent margins and optimistic future guidance. This caused Mr. Market to go bonkers and beat the crap out of them, flipping the Nasdaq from the market leader to the back of the pack. Then out of nowhere, several geezer stocks, such as Nike, Chevron and – can you believe it – GE propelled the Dow into the short-term lead.

During normal times, the big three indexes – Dow, S&P and Nasdaq – tend to move together in a fairly predictable fashion. But so far this year, Mr. Market has gone to great lengths to prove Prof. Malkiel right. The market is not logical, and therefore, unpredictable.

I contacted the Gnomes and they opined that during market periods such as this, one must not only avoid the needle and buy the haystack, but one must also pay attention to the hay stack.

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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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