Weekly Market Report – May 12, 2022

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El Vallarta plans to open in the former McAlister’s Deli building at 12405 West Center Road in Westwood Plaza. The Mexican restaurant has existing locations in Blair, Gretna and La Vista.

Koji is now open at 8718 Pacific Street in Countryside Village. A sushi and small plates restaurant, Koji has the same ownership as Yoshitomo in Benson.

Speaking of Countryside Village, interior build-out is underway on a new ice cream place to be called Countryside Cones.

El Muchacho Alegre has opened in the former Fajitas restaurant building (originally it was an Applebee’s) at 6222 North 72nd Street in Sorensen Park Plaza. The restaurant serves authentic Mexican cuisine.

The Asian Market at 321 North 76th Street has opened its own in-house food court with ready-to-eat hot and cold dishes.

Main Street Cellar has added a three-season rooftop deck for outdoor dining overlooking downtown Elkhorn. Located at 2714 North Main Street, the wine bar features charcuterie boards, wine lockers and a membership program.

Wall to Wall Wine and Spirits will open its second metro-area store Tuesday at 12977 West Center Road in Montclair Shopping Center. A subsidiary of Iowa-based Hy-Vee, Inc., Wall to Wall opened a store earlier this year in Papillion. The west Omaha store will be 21,000 sq. ft. and will sell wine, spirits, beer, specialty grocery items and bar supplies. It will also have a walk-in cigar humidor.

Gypsy Plum Boutique has opened at 7775 Olson Drive in Shadow Lake Town Center. An official ribbon cutting will be held May 25th. According to the company’s Facebook page, “Gypsy Plum Boutique offers unique women’s apparel and accessories with light and edge in mind.”

ULTA Beauty plans to open a store just west of Baker’s Supermarket in the Eagle Run shopping center near 132nd & West Maple Road.

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But so far, co-working typically has been available for office users, not other types of entrepreneurs. That’s about to change, however, thanks to relatively new concept known as “co-warehousing.” One of the nation’s coolest co-warehousing buildings is now under development in downtown Omaha.

To be known as “Elevator,” this co-warehousing facility will open soon inside the former O’Keefe Elevator building at 1402 Jones Street just west of the Old Market.

Elevator will be a perfect example of this new warehousing concept that combines the best parts of co-working with warehousing to serve entrepreneurs who are selling physical goods. Elevator will provide small warehouse spaces for ecommerce start-ups who want to get out of their garages and basements in order to expand their footprint and work with peers who run similar small businesses

Elevator’s mission is to make the hardest part of running an ecommerce business easier.

The O’Keefe building is well suited for this use, because it has office suites, conference rooms, a training center plus a great deal of warehouse space that can be divided into small spaces. The building totals 77,000 sq. ft. and will allow up to 80 entrepreneurs to work inside.

Elevator starts out with flexible monthly memberships as opposed to long-term, hard-wired leases. There are micro warehouses as small as 100 to 200 sq. ft. Tenants have access to daily carrier pick-ups, a photography/video studio, on-demand labor and custom fulfillment services – all things an entrepreneur needs when running an upstart ecommerce business.

How unique is Elevator? Well, it’s not the first co-warehousing space ever created, but it will have a number of distinctive features and benefits. The owners have studied similar properties in other markets. The ownership believes there are 7,000 upstart ecommerce companies in Omaha, so the potential demand is likely quite high. You can learn more about Elevator by clicking HERE.

Photo credit above: Lund Ross Constructors

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The $35 million project would include 172 apartment units and 18,000 sq. ft. of commercial space totaling 160,000 sq. ft. Two historic structures would be preserved with five stories of new construction added on the block.

The project will feature a great deal of unit diversity. With the blend of historic and new construction, along with the varying size of the connected buildings on the block, the Dizzy Mule apartment lineup will offer a variety of unit types, configurations and finishes. Some units will have exposed brick walls, while others will be modern looking.

Kentro Group, a Denver-based real estate company, has purchased the former Scoular headquarters building at 2027 Dodge Street. The project represents Kentro Group’s first foray into Omaha, where the company hopes to do more business. Kentro Group will transform the 87,000 sq. ft. building into a multi-tenant office building with a new name. Scoular, a $6 billion agribusiness company, moved its headquarters to 13660 California Street last year.

Habitat for Humanity has broken ground on Bluestem Prairie, a 19-acre affordable housing development at 52nd & Sorensen Parkway. The $25 million project will be on the site of the notorious Wintergreen Apartments, which were demolished years ago. Plans call for a “multi-generational community” with 85 housing units.

Mayor Jean Stothert announced a relatively small annexation package this year that would add no Sanitary Improvement Districts. The city would annex three areas totaling 177 acres: 1. Methodist Women’s Hospital near 192nd & West Dodge Road; 2. Omaha Public Power District service center at 180th & Old Lincoln Highway; and 3. The Ravello 192 townhomes, a multi-family project under development north of 192nd & Pacific Street. The planning board will consider the annexation package June 1st. It would also need city council approval.

Scooter’s Coffee, one of the fastest-growing specialty coffee companies in the nation, will open a second Omaha distribution center with Harvest Roasting, its vertically integrated supply chain division.

The newly constructed distribution center opens this month at 13564 Valley Ridge Drive in La Vista less than 5 miles from Scooter’s current headquarters and distribution center at 10500 Sapp Brothers Drive. The new facility has 46,000 sq. ft. of warehouse space and 9,000 sq. ft. of office.

Scooter’s has nearly 500 stores in 24 states. By the end of 2022, the new Omaha distribution center is expected to service more than 300 Scooter’s Coffee drive-thru kiosks across 10 states. Additional distribution centers are in Kansas City, Mo. and Dallas. Another is scheduled to open this month in Atlanta.

On your summer reading list – Omaha’s first female tycoon will probably never make the local Business Hall of Fame because she made her fortune in the world’s oldest profession. But Anna Wilson, Omaha’s most famous madam, invested her profits from her downtown brothel in real estate then left them to charity.

She’s one of many women leaders profiled in “The Women Who Built Omaha a Bold and Remarkable History” by Eileen Wirth, a retired Creighton journalism professor. The book describes how Omaha’s women not only founded or co-founded top businesses like Nebraska Furniture Mart (Rose Blumkin) and Mutual of Omaha (Mabel Criss) but how wealthy widows invested their money in starting signature local institutions such as Creighton University and Joslyn Art Museum.

Wirth shows that Omahans would not recognize their city without the contributions of women who have been overlooked in local history. “The Women Who Built Omaha” is available at local stores including the Bookworm and the Next Chapter as well as online HERE.

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Real Estate News from CoStar –  The billionaire-fueled boost in space tourism may now be set to extend into space lodging, with hotel rooms built within orbiting business parks.

In a company blog post and interview this week with CNBC, leaders of Fontana, California-based space technology provider Orbital Assembly Corp. touted plans for “the first commercially viable, space-based business park with gravity.” It is also billed as what could be the first free-flying, habitable and privately operated facility in orbit.

Orbital Assembly envisions “multiple revenue streams from commercial, research and tourism markets” that will let the company subsidize the travel market for those seeking a one- or two-week stay. The company’s basic station model could house 28 guests, with customized spaces of up to 14,000 cubic feet for business equipment. Orbital Assembly plans to have it running in 2025.

A Texas-based tech company known as WP Engine has officially moved into a 66,000 sq. ft. space on two floors in the Ashton Building at 1229 Millwork Avenue. It’s part of the rapidly developing Millwork Commons area of North Downtown. WP Engine acquired Omaha-based Flywheel in 2019. The space was completed almost two years ago, but has been vacant while the 155 employees worked from home.

Since at least last summer, Amazon has quietly been recruiting mom-and-pop shops in rural America to join an experimental delivery program, according to Vox. The company is paying participating small businesses a per-package fee to deliver Amazon orders within a 10-mile radius to their neighbors’ homes in Nebraska, Mississippi, and Alabama. The program is designed to bring speedy delivery to sparsely populated areas.

Mutual of Omaha has launched a new hospital indemnity product that enhances its employer-provided benefits packages. Hospital indemnity insurance can help fill the gaps and cover unexpected costs that an employee’s health insurance may not. Mutual’s hospital indemnity insurance offers complete, competitive and flexible plan designs that can be packaged with other products on one bill. Benefits and plan options are fully customizable and include HSA and non-HSA compatible features.

Union Pacific Corporation increased the quarterly dividend on its common shares by 10 percent to $1.30 per share. The dividend is payable June 30, 2022, to shareholders of record May 31, 2022. Union Pacific has paid dividends on its common stock for 123 consecutive years.

Werner Enterprises was recognized by 50/50 Women on Boards™ (50/50WOB), as a “3+” company, for having three or more women on its corporate board of directors. 50/50WOB is the leading global education and advocacy campaign driving gender balance on corporate boards. Werner has three women directors representing 43 percent of its independent corporate board members.

A State Farm office is planned for a 1,734 sq. ft. bay between PepperJax Grill and Super Cuts near 120th & Blondo Street. Interior build-out is underway.

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Leadership & Management

Extroverted vs. Introverted Leaders? Sixty-five percent of senior executives see introversion as a “barrier to leadership,” according to an article by Zachary Crockett. Only 6 percent of execs believe introverts have the people skills required to oversee a successful team. Research shows that such thinking is wrongheaded. Being an introvert simply means you derive energy from “alone time” rather than socializing.

Crockett details four myths about introverts as leaders:

Myth #1 = “Introverts shy away from leadership roles.” On the contrary, some of the most prominent leaders of our time are introverts including Elon Musk, Warren Buffett, Jeff Bezos and Mark Zuckerberg.

Myth #2 = “Introverts don’t have the “people skills” to lead.” While introverted leaders aren’t as outwardly bubbly as extroverted leaders, they are more attuned to emotional cues and sensory details.

Myth #3 = “Introverts are bad communicators.” Not so fast! Introverts are just more methodical in their thinking and communicating. They tend to use more concrete, precise language.

Myth #4 = “Introverts don’t like collaborating.” In a survey conducted for Crockett’s article, 89 percent of introverted leaders said they enjoyed professional collaboration.

Sales

Who’s Better at Creating Client Value? Older, more experienced salespeople have an advantage over younger ones in one very important area, according to sales author Anthony Iannarino. Younger reps are more likely to be “transactional,” focusing only on the next sale – the potential deal that’s close at hand – rather than using consultative selling techniques.

Those sales reps who’ve been around for a while realize that it doesn’t work really well when you’re too eager to give the “Why us” pitch that’s riddled with features and benefits.

How can you speed up the transition from transactional, seller-centric selling into consultative, value-oriented, client-centric selling? It’s critically important that your young reps are trained the right way. That is why I focus so much on language development during my prospecting workshops. Also, regular coaching, mentoring and one-on-one time with sales managers help too.

Wisdom

“He who has never learned to obey cannot be a good commander.” – Aristotle

“I never lose. I either win or learn.” – Nelson Mandela

Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.

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Michael Varona has joined Dodge Partners Insurance as a group benefits advisor. Varona started in the industry working with his father in Miami.

Baird Holm LLP has added attorney Justin. A. Sheldon. His practice focuses on commercial real estate and asset-based and agricultural financing transactions. He is a 2016 graduate of the University of Nebraska College of Law.

Herb Freeman of NP Dodge has been honored as the 2022 Nebraska Realtor of the Year. It is the highest honor the Nebraska Realtors Association bestows on a member who exemplifies service not only to the association but to the community and real estate industry at large. Freeman, who has served in numerous professional and industry leadership roles, has been a real estate licensee since 1972.

Lutz, an Omaha-based business solutions firm, transitioned Lindsey Sparks to a recruiter role within its Lutz Talent division. She joined the Lutz Talent team in 2021 as a talent acquisition assistant. She graduated from the University of Nebraska-Omaha with a Bachelor’s degree in journalism.

Sam Rolfe has joined The Lerner Company as an associate broker. His primary focus is on landlord representation in leasing and investment sales, with an emphasis on retail assets. Rolfe previously worked at Ogden & Company, Inc. in Milwaukee.

The Metro Area Continuum of Care for the Homeless has selected Jason Feldhaus as its new executive director, effective May 31st. The organization unites the efforts of shelter, housing, supportive services and faith-based organizations that serve individuals facing homelessness and near homelessness in Douglas, Sarpy and Pottawattamie counties.

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.

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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