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Weekly Market Report – November 2, 2023
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Restaurant & Retail Updates
Koen Japanese BBQ & Sushi from Lincoln plans to open in a 6,200 sq. ft., second-floor space in the new Blackstone Square building at 3863 Farnam Street, according to Adam Maurer of the Lerner Company. Koen allows customers to grill food themselves right at their tables. Opening is planned for late 2024.
Cunningham’s Pub & Grill plans to open a Blackstone District location this January in the former Stirnella space at 3814 Farnam Street. The original Cunningham’s is located at 10904 West Dodge Road in Old Mill.
Bob’s Grill & Café at 317 South 17th Street reopened this week after being under renovation the past few months. The restaurant is located on the ground floor of the Keeline Building, which is also undergoing a major renovation.
Action Burger plans to take over the former BurgerIM space at 225 North 12th Street in the Capitol District, according to Adam Maurer of the Lerner Company. The 1,500 sq. ft. space is currently undergoing renovation. Opening could occur as early as next week. Action Burger is a new concept from the owners of Frank’s Pizzeria.
SOFTMOC has opened its first Nebraska location in the former Suncoast Video space at Westroads Mall. Based in Canada, SOFTMOC is a brand-name footwear retailer with U.S. locations in nine states.
Also at the Westroads, GARAGE is preparing it open its first Nebraska store soon on the second level between Maurice’s and Bath & Body Works. GARAGE sells casual clothing and is targeted to teens and young women.
Culver’s opened a new restaurant this week at 11070 South 191st Street, adjacent to a recently opened Hy-Vee grocery store in Gretna.
Lindley Clothing Co. has taken over the former Claxton Fireplace Center space directly north of its men’s clothing store in Linden Market at 132nd & West Dodge Road. The 3,000 sq. ft. space is being remodeled into Well Suited by Lindley and will feature wedding attire. Opening is expected to occur around Thanksgiving.
Renovations are underway in the former Pottery Barn Kids space at Regency Shopping Center. J.Crew Factory Store plans to open this winter between Borsheim’s and Lovesac.
ComfortMade Mattress Factory has leased 8,000 sq. ft. at West Grayhawk Shopping Center near 144th & West Maple Road, according to Gabrielle Estivo of NAI NP Dodge. The Lincoln-based company specializes in custom made mattresses. This will be their first store in Omaha. Opening is planned for mid-November.
Construction is underway and the building is mostly enclosed for a new Scooter’s Coffee location northwest of 192nd & Highway 370 in Gretna. Just to the north of that, a Walgreen’s store is under construction.
Two Fine Irishmen has closed at 18101 R Plaza. Workers are remodeling the space for a yet-to-be-announced tenant.
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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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New Development at 50th & Leavenworth
A local developer is planning a major renewal project on the southeast corner of 50th & Leavenworth Street immediately south of Holy Sepulchre Cemetery in Midtown.
Parkway Development Company, LLC, led by Ryan Spellman, plans to convert a former laundromat sitting on a 24,511 sq. ft. lot into a 5-story, mixed-use building.
Plans call for 53 new apartment units and 44 garage parking stalls in addition to three on-street parking stalls. The apartment project will also feature amenities such as a central courtyard area, community room, pet exercise area and more.
The property was sold by the Rupprecht family in early October for $750,000, according to Jorge Sotolongo of NAI NP Dodge. Along with Gabrielle Estivo, Sotolongo represented the sellers, who had operated a longtime coin laundry on the site.
“We knew this property was special due to its proximity to UNMC and its location just within the area of influence of the future streetcar,” Sotolongo said. “As a result, the property sold well over our asking price.”
The project will be a Transit Oriented Development, meaning it is intended to facilitate infill development and redevelopment in those parts of the city which, according of their proximity to pedestrian oriented mass transit infrastructure, are considered of primary importance to create active, pedestrian oriented streetscapes and developments that vary in intensity and use.
The site is within walking distance to multiple Metro Transit Routes, including the Omaha Rapid Bus Transit line.
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Grow Omaha Snippets
Grow Omaha Snippets Sponsored by:
The owners of Nebraska Crossing plan to build two multi-story residential towers as well as a 4-story residential loft building on top a new gourmet grocery store using mostly mass timber in the new Nebraska Crossing Village District. Total cost will exceed $200 million.
It’s part of the planned 2,600-acre Village District expansion adjacent to Nebraska Crossing shopping center. Plans call for 700 residential units and 700 covered residential parking spaces. Opening is anticipated to occur in 2025 or 2026. The Village District is also expected to have new entertainment, dining and retail businesses.
University of Nebraska Medical Center leaders broke ground this week on the $105 million Campus Operations and Research Excellence building southwest of Saddle Creek Road & Farnam Street. The 6-story building will support computer-based research and wet lab-based research for drug discovery, oncology research and other research areas. Completion is planned for early 2026.
The Inner Rail Food Hall at Aksarben Village is making improvements to its large outdoor patio located just east of the HDR headquarters building. The patio will be under construction through the end of this month. The food hall will maintain normal business hours during construction.
Construction has finally started on the “Baby Bob” bridge, which will connect North Downtown to the Bob Kerrey Missouri River Pedestrian Bridge. Crews are now working on the bridge’s approach/incline just north of the CHI Health Center Omaha.
Metonic Real Estate has completed construction on five of the 12 buildings at Vestara 72, a 154-unit “apartminium” development east of Shadow Lake Towne Center in Papillion. The entire project is expected to conclude by the third quarter of 2024.
The steel frame is now in place for the future 2-story Elite Glass Services building northwest of 108th & Giles Road in La Vista. The building is scheduled to open next spring.
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Omaha Car Care “We’ll be along for the ride.”
Local Business News Sponsored by FranNet of The Heartland:
Terminix and Ambius, divisions of Rentokil North America Inc., have leased 15,678 sq. ft. at 11528 Centennial Road in La Vista. Trenton Magid and John Meyer of NAI NP Dodge represented the landlord in this industrial lease.
The Omaha Bolt, Nut & Screw Building at 1316 Jones Street sold this week for $2.7 million, according to Oak Investment Real Estate, which represented the seller. The 3-story, 33,792 sq. ft., mixed-use building was constructed in 1889 and renovated in 1992.
Berkshire Hathaway Inc.’s third quarter earnings release and quarterly report will be posted on the company’s website Saturday at approximately 7:00 a.m. Central.
Werner Enterprises, Inc. has reported results for the third quarter. Total revenues for the quarter were $817.7 million, a decrease of $9.9 million compared to the prior year quarter.
Valmont Industries, Inc. declared a quarterly dividend of $0.60 per share payable on January 16, 2024 to shareholders of record on December 29, 2023. The dividend indicates an annual rate of $2.40 per share.
Mutual of Omaha has formed a strategic alliance with Wellcare, the Medicare Advantage brand and wholly owned subsidiary of Centene Corporation, to offer jointly-designed Medicare Advantage plans for the 2024 plan year. These plans will be offered in Georgia, Missouri, South Carolina and Washington as well as in the Dallas/Fort Worth and Houston markets.
Green Plains Inc. this week announced financial results for the third quarter. Net income attributable to the company was $22.3 million, or $0.35 per diluted share, compared to net loss attributable to the company of $73.5 million, or ($1.27) per diluted share, for the same period in 2022. Revenues were $892.8 million for the third quarter of 2023 compared with $955 million for the same period last year. EBITDA was $52 million compared with ($35.6) million for the same period in the prior year.
For a second straight month, the Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, climbed above growth neutral in October. The index, which ranges between 0 and 100 with 50.0 representing growth neutral, dipped to 51.5 from 52.5 in September.
In a widely expected move, the Federal Reserve this week held the key federal funds rate in a target range between 5.25 to 5.5 percent, where it has been since July, according to CNBC. This was the second consecutive meeting that the Fed chose to hold, following a string of 11 rate hikes, including four in 2023.
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
Omaha Real Estate Numbers for September
By Joe Finlay
When it comes to selling your house, you’re probably trying to juggle the Omaha real estate market conditions and your own needs as you plan your move.
One thing that may be working in your favor is how few homes are for sale right now. Here’s what you need to know about the current inventory situation and what it means for you.
The Supply of Homes for Sale is Still Far Below the Norm
When you’re selling something, it helps if what you’re selling is in demand, but also in low supply. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To show you just how low inventory is, here’s the latest information on existing homes available for sale in Douglas and Sarpy Counties. The average number of homes for sale in the month of September during the most recent “normal” real estate years – 2017 through 2019 – was 1,412. In September 2023, only 863 homes were listed for sale. It’s clear that inventory is still far lower than normal.
What That Means for You
Buyers have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Even with high interest rates, there aren’t enough homes to go around. Homes that are priced right are still selling fast, and the average seller is getting multiple offers. Based on the latest data from the National Association of Realtors, the national average number of offers on recently sold homes was 2.6.
Here’s another way to look at it. Homes in Douglas and Sarpy counties were on the market 50 percent longer during the average Septembers from 2017 to 2019, according to data from the Great Plains MLS.
Because the supply of homes for sale is still low, buyers desperately want more options, and your house may be just what they’re looking for. Let’s connect to talk through the right strategy.
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
Sponsored by Dundee Bank
LEADERSHIP & MANAGEMENT
If you want to make sure your team feels valued and appreciated, Marcel Schwantes says this in a recent Inc. article: 1. Believe in your people’s capabilities; 2. Respect those you lead; 3. Respond to the needs of your people; 4. Provide autonomy with accountability.
To avoid the adverse health effects that are commonplace in the C-suite, Starbucks CEO Laxman Narasimhan has three daily routine recommendations: 1. Meditation; 2. Put your family first; and 3. Exercise. He advises, “Take care of yourself first and avoid meetings after 6 p.m. unless they are vitally important,” according to Fortune.
Book Recommendation – Best-selling business author Anthony Iannarino just released The Negativity Fast. This brand-new book is science-based and helps leaders succeed in an increasingly negative – and challenging – world. Learn more HERE.
More than 11 percent of the world’s 2,000 billionaires have run for election or become politicians, according to CNBC.
About 16 million American families—just over 12 percent—have wealth exceeding $1 million, up from 9.8 million in 2019, according to the Wall Street Journal. Nearly 8 million families are multimillionaires, meaning their wealth exceeds $2 million. By the way, the median U.S. household wealth in 2022 was $193,000.
The five most expensive places to live in America this year are: 1. San Diego; 2. Los Angeles; 3. Honolulu; 4. Miami; and 5. Santa Barbara, according to US News & World Report.
Self check-out machines at grocery stores and other retail outlets have their pros and cons. According to The Hustle, 67 percent of customers said they’ve experienced a self-checkout “fail.” Because of theft and scanning mistakes, the machines are also a major contributor to the $100 billion per year in retail shrinkage.
A recent Mutual of Omaha survey shows just only a third (34%) of Millennials have made life insurance part of their plans. The oldest Millennials are now turning 40.
Everything is busy at the end of the year, so top performers need to be extra protective of their time, says sales author Mark Hunter. Instead of one-hour meetings, schedule 45-minute meetings. Top salespeople know time is their most valuable asset.
Using the term “video” in an email subject line has been shown to improve open rates. Of course, you probably ought to have a video in the email text if you use that word!
You can improve your sales skills without burdening your already-overloaded schedule. It’s called BragBird, and it fits into your regular sales meetings. You can also use it for new sales rep training. Because it’s cloud-based, you have constant access to all the content on demand. Here’s a free module so you can take it for a test drive. Click HERE now!
“The world is moving so fast these days that the man who says it can’t be done is generally interrupted by someone doing it.” – Elbert Hubbard
Did You Know?
Surprising Facts, Figures & Points of Pride That Make Omaha Unique
This section is sponsored by Lockbox Storage.
Did you know the cost of doing business in Omaha is 12 percent lower than the national average?
Did you know Omaha spreads out its economic risk by not being too dependent upon any one industry or profession? No industry sector accounts for more than a third of total local employment. Our highest concentration of employment is in trade, transportation and utilities with strong showings in education and health services as well as professional and business services. This is offset by a relatively smaller share of total employment in the manufacturing, construction and mining and information sectors.
Did you know that prior to becoming a park in the 1890’s, Omaha’s Fontenelle Park at 4407 Fontenelle Blvd. was a cow pasture?
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.
Upcoming Events in the Metro
Powered by Vesta
First Friday on November 3rd: Celebrate Fall in Benson this November First Friday by exploring the vibrant Benson Creative District filled with galleries, restaurants and bars. Don’t miss the BFF Indoor Artist Market at the Mercer Masonic Lodge, featuring more than 20 artists and vendors, live art by Anthony Deon Brown and DJ El Ness later in the evening. Join the Queerarchy First Friday Face Painting Fiesta at Trudy’s in Benson, offering vibrant rainbow face painting inspired by Pinapel and Friends™, along with free character balloons. Additionally, discover the Free Little Arts Center outside Trudy’s, providing the community with free art supplies, a zine library and original artworks to explore.
Business Building Blocks on November 6th: Join others for an exciting in-person event where you’ll dive into the essential building blocks of successful business strategies. Whether you’re a seasoned entrepreneur or just starting out, this event is designed to equip you with the knowledge and tools you need to thrive in today’s competitive market. Antonio Parks, Business Coach and Consultant, will cover common gaps in business planning, revenue generation, measuring success and more. Reserve your spot now and get ready to unlock the building blocks of success!
ReubenFest 2023 from November 6th to 11th: Get ready for Reuben Fest 2023 from November 6th to November 11th, featuring a delectable menu of Reuben-inspired delights. Throughout the week, indulge in favorites like the Famous Blackstone Reuben, Reuben Egg Rolls, Taquitos, Soup, Burrito, and Brat. Experience the King Reuben, a larger version of the classic, and savor the limited edition Smoked Reuben, released in daily portions at 11 a.m. (10 a.m. on Saturday) and 6 p.m. Each day will also have limited specialty items as well! This event operates on a first-come, first-served basis, meaning reservations are not available, so be sure to mark your calendar and show up with friends!
The Gratitude Summit on November 7th: The Gratitude Summit breaks down silos in organizations and relationships. This event offers three distinct sessions focusing on gratitude and forgiveness. The Executive Breakfast is tailored for executives and explores the impact of gratitude and forgiveness on organizational productivity, engagement, innovation and employee wellbeing. The Afternoon Gratitude Summit Event delves into the science and practical application of gratitude and forgiveness, emphasizing their effects on work cultures, families, and personal wellbeing. This session provides an excellent team-building opportunity and includes an appetizer buffet. Additionally, there is an Evening Gratitude Workshop specifically designed for university students in partnership with local colleges and universities, aiming to enhance the wellbeing of students and prepare them for leadership roles in Omaha’s community. Seating is limited so register today!
Modus Coworking Free Coworking Day on November 9th: Experience the freedom of coworking at Modus’s monthly FREE coworking day, held every second Thursday from 8 a.m. to 5 p.m. Work in a vibrant atmosphere with high-speed wifi and take advantage of our office amenities. And that’s not all – enjoy the delicious Amateur Coffee and Artemis tea throughout the day. As the day winds down, stick around for our complimentary happy hour starting at 4 p.m., where networking opportunities abound. Indulge in free wine and snacks, and connect with fellow professionals in a relaxed setting.
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
Scooter’s Coffee has named Joe Thornton as Chief Executive Officer effective January 1st. Thornton currently serves as the Omaha-based company’s president. He will succeed Todd Graeve, who will retire after serving as CEO since 2016 and after nearly two decades with the company.
NP Dodge Real Estate has welcomed new residential sales agents including Chanse Walker, David Stukenholtz and Natalie Hein.
Schemmer has promoted three civil engineers to leadership positions in its engineering division. Tyler Lerdahl has been promoted to transportation team lead for the Omaha metro, while Alex Roth is transportation team lead in the Lincoln area. Adam Sleeper is the new team lead for the firm’s work with the Department of Transportation.
NP Dodge Property Management Company has hired Kelly Veglahn as a regional property manager. She was most recently property manager at Nebraska Crossing.
Baird Holm, LLP has added 11 new attorneys: Grant K. Dugdale; Amanda M. Forker; Emily J. Hervert; Spencer A. Hosch; Sara A. Juster; Kristina J. Kamler; Steve J. Koo; Kiley N. Schmidt; Carrie E. Schwab; Alexandra M. Speakar; and Kira K. Strandquest. Baird Holm has 100 attorneys licensed in 21 states and is celebrating its 150th anniversary in 2023.
Wall Street: The Week in Review
with George Morgan
Morgan is the 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.
Buckle up boys and girls, I’m about to denigrate the financial media – well, most of them. My definition of the financial media begins with CNBC because of their extraordinary visibility. They are front-and-center on TV for 12 hours a day.
Walk into a sports bar, fast food joint, or broker’s office and there they are, in your face. To add insult to injury, many of the cable and network talking heads plagiarize their jibber jabber and pass it on as their own.
The second tier of financial bloviators is the Yahoo Finance online genre. They are less visible; therefore, investors must make a concerted effort to seek out their party-line advice. They have become the Dear Abby of financial advice because their opinion pieces appear to be written by journalism majors who are being compensated for the number of views, not the efficacy of their advice.
And then there is the slightly sainted, slightly tainted, Wall Street Journal. I have been a WSJ devote for almost 50 years. I have seen them slowly evolve with the times and yet still remain uncorrupted from the drivel of the strap hangers below.
They get my vote for trying to present an objective perspective on both the Wall Street and Main Street paradigms. One major change I have witnessed over the decades, is the decline of Wall Street brokers ads. Has this impacted the spin of their articles? Your guess is as good as mine, but whatever the reason, I’ll take it.
Case in point: A recent article in the Wall Street Journal carried the headline. “Who you calling dumb money? Everyday Investors are doing just fine.”
I continue to quote: “Wall Street has long derided amateur investors as unsophisticated market participants, prone to buying high and selling low.” But a recent survey by Vanda Research shows that the average investor has had an average return of 150 percent since 2014, while the S&P returned 140 percent. The study also pointed out that individual investors’ portfolios contained a significantly higher percentage of index funds than those of the professionals.
One of CNBC’s “partners in crime” is Barron’s Magazine. They recently published an article that is indicative of their attitude towards mom-and-pop investors. It’s entitled, “How to invest $10,000.” Basically, it says we know that there are investors out there who manage their own money, but they’re not going to be able to make it without our help.
Attached to the above article was a list of the Top 100 RIA firms in the US. Listed in fine print are the criteria used to create the list. First, is the amount of revenue generated by the firm. Second, the firms must pay a fee in order to be considered. I will end now, because I have the utmost confidence in your ability to understand what is going on here.
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Have You Watched Grow O on Video Yet?
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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