Weekly Market Report – May 5, 2022

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JoJo’s Diner is not done expanding. The Benson restaurant recently opened in the Eagle Run area near 132nd & West Maple Road. Now JoJo’s Diner has leased a 3,056 sq. ft. space at 1213 Harney Street in the Old Market.

Papillion is about to get sauced! For the past year, a small kitchen on Main Street in Louisville has been serving up some of the most dynamic and imaginative dishes in the metro area, and those who are familiar with Chef Michelle Alfaro’s metamorphic dishes have been lining up since day one, according to Omaha Food Magazine. The wildly popular Sauced by Alfaro is moving to the former Piccolo Pet’s space at 115 North Washington in Papillion starting May 11th.

B&G Tasty Foods, the retro-style fast-food joint that operated for decades near 79th & Dodge Street, is coming back to life. Omaha restauranteur Nick Bartholomew is resurrecting the brand in a former Godfather’s Pizza building north of 90th & Blondo Street. Opening is planned for late this summer.

Hail Varsity Club will have soft opening May 14th through 18th and an official grand opening May 19th through 22nd. The new sports bar is located at 12744 Westport Parkway in La Vista.

OFFLINE by Aerie will open this summer at Village Pointe. The store sells workout leggings, sports bras, tops, workout dresses, skirts and more made with soft luxe fabrics. OFFLINE is a new concept created by AEO Management, which has the American Eagle and Aerie brands.

Fabletics plans to open soon at Village Pointe. Fabletics’ mission is to create the world’s most fashionable, high-performance, active-lifestyle products for every one and everybody–at an accessible price. Fabletics has about 70 stores and is based in El Segundo, Calif. Closest existing locations are in Minneapolis and St. Louis.

Max I. Walker plans to open in a 1,200 sq. ft bay in a retail strip at 2015 Pratt Avenue in Bellevue. The dry cleaner is joining Famous Dave’s, First Watch, Domino’s and SuperCuts.

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The Farnam Pier’s Journey to the RiverFront

By Metropolitan Entertainment & Convention Authority

With the grand opening of Gene Leahy Mall at The RiverFront just weeks away, both Heartland of America Park and Lewis & Clark Landing are preparing for continued construction efforts – with numerous amenity installations slated for this summer. Occasionally the advanced foundational process for this work is simple, but other times it requires over 40 truckloads of equipment and operation of the largest crane that has ever been used in downtown Omaha.

It will take a crane of significant stature to build the iconic Farnam Pier, which will assuredly be a popular destination within Heartland of America Park. Later this month, those 40 truckloads of individual crane pieces will make their way down to the jobsite where this massive machine must be assembled on site. Once each component has arrived, it’ll take approximately two weeks to construct the crane, from the ground up.

After the crane takes shape, the Farnam Pier’s physical structure will begin its journey to Nebraska. To deliver the Pier, three oversized truckloads, ranging up to 28 feet wide and up to 103 feet long, will be escorted all the way from Houston, Texas to downtown Omaha just before Memorial Day. Upon delivery, each element will be carefully unloaded, and The RiverFront project team will focus on assembly.

After the three oversized sections are bolted together, half of the ribs that overarch the pier will need to be installed on the base framework, then the crane will fly the 204-foot, 250,000-pound Farnam Pier into place along the Missouri River in mid-June.

Although these next steps will take approximately two months, work on the Farnam Pier has been underway for over a year. Since construction started in Heartland of America Park, a drilled shaft has been completed on the riverside of the flood wall (in proximity to the railroad tracks) that will support the Pier. On the park side, an abutment (or bridge end) has also been finalized. Along with these key infrastructure efforts, The RiverFront construction team has also been preparing to receive the Pier by grading the jobsite, placing crane pads and staging necessary elements that will aid in installation.

After the Farnam Pier is firmly implanted, next immediate steps will prioritize the detailed elements of this impressive amenity. This will include addition of electrical and lighting components, seating elements, stairs and ramps, and painting the structure. When finished, the Farnam Pier will become a landmark within Heartland of America Park, providing a physical connection to the Missouri River, ample space for seating, color changing lights, and of course, beautiful views!

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The Wyndham Omaha Hotel has opened in the former Sheraton Hotel at Interstate 680 & West Dodge Expressway. The 6-story building has 221 rooms and 10,000 sq. ft. of ballroom space.

3M will invest approximately $58 million to expand its plant in Valley, NE to expand production of its respiratory and hearing protection products, according to Business Facilities. The 80,000-square-foot expansion will create around 50 new jobs at the facility. 3M acquired the Valley site in 1979 and it currently employs about 560 people.

Nebraska ranks number one in Merchant Maverick’s recent report that ranks states according to their likelihood to survive the next recession. The study considered eight data metrics such as state GDP growth, household debt-to-income ratios and state income taxes. Nebraska scored particularly well for its diverse business economy.

Here’s Merchant Maverick’s top 10 most recession resistant states: 1. Nebraska; 2. North Dakota; 3. Minnesota; 4. Delaware; 5. West Virginia; 6. Oklahoma; 7. New Jersey; 8. Texas, 9. Wisconsin; 10. Illinois.

The Omaha City Council will consider a Redevelopment Agreement to proceed with the construction of Mutual of Omaha’s downtown corporate headquarters.

The agreement, recommended by Mayor Jean Stothert and Mutual of Omaha, lays out a series of actions to be completed by the end of the year. The redevelopment agreement includes:

1. Transfer of the W. Dale Clark Library site to Mutual of Omaha’s developer, Lanoha Real Estate and city acquisition of the vacant block at 14th and Capitol Avenue, currently owned by Lanoha.
2. Sale of the city block east of W. Dale Clark Library to Mutual of Omaha for future expansion by Mutual. This property, currently used as a staging area for the Gene Leahy Mall construction, will remain a staging area during the demolition of the main library and construction of the Mutual headquarters. Mutual agrees to landscape and maintain the property to compliment the Mall after completion of the tower.
3. Authorizes $68.6 million in Tax Increment Financing approved by the City Council on March 29th.
4. The City will purchase and operate the 2,200-stall parking garage in the new Mutual headquarters. Mutual will lease the garage for use during business hours.
5. The City will purchase the three parking garages owned by Mutual at its midtown campus. These garages will be operated by the city and will help facilitate the reuse of Mutual’s existing buildings and the redevelopment of the surrounding area.
6. The City will resume responsibility for the maintenance of Turner Park in Midtown Crossing.
7. Construction and operation of the streetcar.

The redevelopment agreement is on the City Council agenda for first reading May 3. The public hearing is May 10th, and the vote is scheduled May 17th.

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Real Estate News from CoStar –  Pandemic-weary travelers eager to use new flexible office work schedules to take longer trips are fueling record spikes in nightly bookings and revenue for Airbnb, the home-sharing platform that expects further growth as the pandemic shows signs of easing.

The San Francisco company said the beginnings of a travel recovery in 2021 have fully taken root this year to push its bookings beyond pre-pandemic levels. Airbnb said travelers are booking more than at any point in the tech company’s 14-year history thanks to pent-up demand and an ability to be away from a single office for weeks at a stretch or longer. Even with remaining pandemic concerns and macroeconomic headwinds, its guests are staying for greater stretches as they visit densely populated urban areas they have largely avoided for the past two years.

Airbnb said gross nights booked grew 32% in this year’s first quarter from the same time in 2019. By the end of April, it had 30% more nights booked for the summer travel season than in the same time before the pandemic.

Green Plains Inc. announced financial results for the first quarter of 2022. Net loss attributable to the company was $61.5 million, or ($1.16) per diluted share compared to a net loss of $6.5 million or ($0.17) per diluted share, for the same period in 2021. Revenues were $781.4 million for the first quarter of 2022 compared with $553.6 million for the same period last year.

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 May 31, 2022 to shareholders of record as of May 6, 2022.

Werner Enterprises, Inc. reported results for the first quarter ended March 31, 2022. Total revenues for the quarter were $764.6 million, an increase of $148.2 million compared to the prior year quarter, due to Truckload Transportation Services revenues growth of $95.5 million and Logistics revenues growth of $51.2 million.

Operating income of $83.5 million increased $21.0 million, or 34 percent, while operating margin of 10.9 percent increased 80 basis points. On a non-GAAP basis, adjusted operating income of $86.2 million increased $23.5 million, or 37 percent. Adjusted operating margin of 11.3 percent increased 110 basis points from 10.2 percent for the same quarter last year.

Crappy News – Sky-high prices for industrial fertilizer are projected to reduce American farmers’ plantings this spring, according to Reuters. That has led many farmers to turn to manure instead of fertilizer. There’s only one problem – manure is in short supply too. Prices for good-quality solid manure in Nebraska alone have reached $11 to $14 per ton, up from a typical price of $5 to $8 per ton. A dry winter helped drive up prices by leaving manure with less water in it, making it more concentrated, and thus more valuable.

The Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, rose above growth neutral for the 23rd straight month. The index ranges between 0 and 100 with 50.0 representing growth neutral and sank to a still-healthy 65.9 from March’s very strong 71.3.

Registration is now open for the Commercial Real Estate Summit, which will take place August 26th at the CHI Health Center. Industry experts will discuss the changing world of commercial real estate. The year’s program is designed to provide resources and strategies to help professionals in attendance drive strong business and adapt to changing markets. Registration is available HERE.

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!”

Leadership & Management

Disturbingly, companies with 100-500 employees provide, on average, 6 minutes of training per employee every 6 months. The good news is that if most companies are only offering about 12 minutes of training a year, offering any kind of focused, strategic training will put you well ahead of competitors both in terms of employee output and productivity. – Excerpted from BizLibrary

Improper training often leads to higher turnover, according to Spekit, which can cost a company six-to-nine months of an employee’s salary.

Sales

It’s worth your time to get a referral. According to the International Data Corporation, 73 percent of executives prefer to work with sales professionals referred by someone they know.

When talking with prospective clients, sales pros are wise to avoid “commoditizing messages.” In other words, don’t choose words that make your offering sound just like every other competing offering. Many sales pros like to identify a pain point or source of dissatisfaction when meeting with prospects. If that’s all you’re doing, you are repeating the same conversation your client has had with a hundred other sales reps. You need to create more value than that.

Wisdom

“Whatever you are, be a good one.” – Abraham Lincoln

“Leadership is the art of giving people a platform for spreading ideas that work.” – Seth Godin

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The Greater Omaha Chamber has selected Veta Jeffery as its next president and CEO. Jeffery will replace David Brown, who is retiring after nearly 20 years. Jeffery’s most recent position was Chief Diversity Officer for St. Louis County in Missouri. She has also served as manager of community economic development for the State of Missouri. Earlier in her career, Jeffery was senior vice president of community and economic development for Midwest BankCentre in St. Louis.

Anne Barnes, senior associate dean for administration and finance at the University of Oklahoma College of Medicine, has been named the University of Nebraska Medical Center’s new vice chancellor for business, finance and business development. Barnes will assume the role in early June, pending approval by the University of Nebraska Board of Regents.

WoodmenLife has appointed Michael Hemenway vice president, chief human resources officer. In this role, Hemenway will be responsible for the oversight, development, and execution of WoodmenLife’s Human Capital Strategy in support of the overall business plan and strategic direction of the organization. He will also provide strategic leadership by articulating human resources needs and plans to the executive management team, key stakeholders, and the WoodmenLife Board of Directors. Hemenway joined WoodmenLife in 2018 as director of total rewards.

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.

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