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Weekly Market Report – November 3, 2022
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Restaurant & Retail Updates
IkaSan Ramen & Izakaya has opened its fourth location in the former Fuzzy’s Taco space in Village Pointe.
Rusty Taco has opened in a newly constructed retail strip at 5331 South 204th Street. The quick-serve restaurant chain has two existing Omaha locations.
Construction has started on a Scooter’s Coffee drive-thru location at Regency Landing northeast of Interstate 680 & Pacific. An Early Bird restaurant in the same development is getting close to opening.
After temporarily closing, Noli’s Pizzeria at 11832 Standing Stone Drive in Gretna has reopened, according to the Omaha World-Herald. The owners closed the restaurant a couple of months ago to hire more staff and transition to a full-service restaurant.
The new Kinaara is getting close to opening in Regency Shopping Center. The owners have announced that Jukes Ale Works and Nebraska Brewing Company will be restaurant’s exclusive craft beer partners.
Interior Building Out is well underway for a future Milan Laser Hair Removal shop at 3201 Farnam Street. That’s next to Pickleman’s Gourmet Café in Midtown Crossing. Omaha-based Milan has more than 200 locations nationwide.
Gameroom Omaha has moved from 311 South 72nd Street to 5425 Northwest Radial Highway. The company allows customers to “buy, sell and trade everything video game related” and has other locations in Lincoln and Grand Island, Neb.
The former Patrick’s Market at 1416 Howard Street downtown is available for lease. The 8,712 sq. ft. building has an open floorplan with exposed brick walls, skylights, and beamed trellises as well as 20 attached parking stalls, according to Maddie Graeve of NAI NP Dodge.
PepperJax Grill has moved its national headquarters to a 4,000 sq. ft. space northeast of Interstate 80 & Highway 50, according to Nebraska Examiner. The company was founded in Omaha, moved to Denver, then to Kearney, Neb., and now back to Omaha. PepperJax has 30 locations in Nebraska, Kansas, Iowa, Missouri and South Dakota.
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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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Scooter’s Unveils Omaha Headquarters
Scooter’s Coffee, one of the fastest-growing franchise networks of specialty coffee drive-thru stores in the nation, has relocated its Omaha headquarters as its franchise network approaches 1,000 stores by 2024.
The headquarters is located on the fourth floor of 11808 Miracle Hills Drive, a centrally located building that will provide easy and efficient access for employees, franchisees and visitors.
The newly remodeled space includes 101,004 sq. ft. to accommodate the organization’s growth by providing a modern, collaborative environment. The building features open workspaces that align windows to invite natural light. Large conference and collaboration rooms are encompassed by glass and strategically located in the middle of the building to promote team building.
During the pandemic, Scooter’s Coffee’s speed-focused, drive-thru kiosk franchise model resonated with new and loyal customers, resulting in unprecedented growth of the brand. This growth resulted in the need to provide additional support for franchisees across the country. The new headquarters will house several core departments, including operations, marketing, human resources, finance, IT and legal.
There will be flexibility and technology for both in-person and remote employees to come together in large groups and spark ideas in a cross-functional work setting.
The new space, outfitted with Scooter’s Coffee colors and vivid imagery, also supports training and onboarding for franchisees, allowing for immediate immersion to the brand positioning, “There’s Just Something About Scooter’s Coffee.”
Scooter’s Coffee’s former headquarters on Sapp Brothers Drive will remain in operation to support Harvest Roasting, Scooter’s Coffee’s affiliated internal roasting and packing operations located there.
Founded in 1998 by Don and Linda Eckles in Bellevue, Scooter’s has nearly 600 stores in 28 states. The company is striving to become the #1 drive-thru specialty coffee franchise system in the nation.
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Grow Omaha Snippets
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Construction barriers are now in place around a former parking lot in the Builders District just south of Kiewit Corporation’s world headquarters. Construction is expected to begin very soon on Noddle Companies’ $57 million, 4-story, 115,000 sq. ft., multi-tenant office building. Completion is planned for 2024.
The Ponca Tribe of Nebraska has broken ground on a 60,000 sq. ft. expansion of its Prairie Fire Casino at 1031 Avenue H in Carter Lake, according to the Omaha World-Herald. The expansion will add 600 gambling machines, sports betting and food-and-beverage options. The expansion will create 200 new jobs and is scheduled for completion by summer 2024.
Anderson Convenience Market plans to open its ninth location next year at 4860 South 96th Street. An existing bank building is being demolished to make way for Anderson’s future 4,045 sq. ft. convenience store and Amoco station.
Rotella’s Italian Bakery plans to build a 200,000 sq. ft. cold storage warehouse near 156th & Schram Road in Sarpy County’s Steel Ridge development. The company’s baking plant is located at 108th & Harrison Street.
Sentinel Property Group plans to renovate a former postal annex at 1100 Pierce Street in Little Italy into residential and commercial uses. Many years ago, the building was used as a trolley barn for the old Omaha streetcar system. Plans call for the addition of two floors on top of the existing building.
Retail leasing efforts are now underway for the Dizzy Mule project at 1117 Nicholas Street in North Downtown, according to The Lund Company. The $35 million project will include 172 apartments and 12,811 sq. ft. of retail space in a complex that will include existing historical buildings plus 5 stories of new construction.
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.
Omaha Car Care “We’ll be along for the ride.”
Local Business News Sponsored by FranNet of The Heartland:
Real Estate News from CoStar – Simon Property Group, the nation’s biggest mall owner, reported an increase in its occupancy and rents despite the rocky economic environment, with its CEO touting brick-and-mortar retail as “where the action is.”
The Indianapolis-based real estate investment trust released its third-quarter earnings Tuesday, with funds from operations of $1.11 billion, up about 1.4%, for the period ending Sept. 30. Net income was $539 million, down from $679.9 million in the prior-year period. The company raised its full-year 2022 guidance and quarterly dividend.
Mead Lumber Company has purchased Teague Lumber Company, Inc. of Kansas City. Founded in 2002, Teague Lumber is a full-service lumber yard and building material supplier for residential and light commercial new construction. The company has multiple locations in the greater Kansas City area. Omaha-based Mead Lumber now has 53 locations in 9 states.
Greater Omaha Packing Company is receiving a $20 million grant from the U.S. Department of Agriculture to help the company complete a $100 million expansion of its plant at 3001 L Street. The expansion will allow Greater Omaha Packing to add 275 jobs while expanding its beef processing capacity by 30 percent.
Werner Enterprises, Inc. reported results for the third quarter ended September 30th. Total revenues for the quarter were $827.6 million, an increase of $124.7 million compared to the prior year quarter, due to Truckload Transportation Services revenues growth of $94.2 million and Logistics revenues growth of $29.2 million. Operating income of $76.3 million increased $4.9 million, or 7 percent, while operating margin of 9.2 percent decreased 90 basis points.
The former Leopard Lanes Bowling Center at 601 Chateau Drive in Bellevue will re-open after renovations, which will begin immediately. Bellevue businessman Steve Kucirek has purchased the property just east of Fort Crook Road and Harvell Drive. The Leopard Lanes closed in 2020.
The Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, rose for only the second time in the last seven months, and remained above growth neutral for the 29th straight month. The index, which ranges between 0 and 100 with 50.0 representing growth neutral, climbed to 53.1 from 52.7 in September.
Green Plains Inc. announced financial results for the third quarter of 2022. Net loss attributable to the company was $73.5 million, or $(1.27) per basic and diluted share compared to net loss attributable to the company of $59.6 million or $(1.18) per basic and diluted share, for the same period in 2021. Revenues were $955.0 million compared with $746.8 million for the same period last year. EBITDA was $(35.6) million compared to $(16.6) million for the same period in the prior year.
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
The Cost of Waiting for Mortgage Rates to Go Down
By Joe Finlay
As you look ahead to the winter season, you’re likely making plans and thinking about what you want to achieve before the year ends. One of those key decision points could be whether or not you want to buy or sell real estate. While some may think of Springtime as regular season for real estate, I like to think of the 4th calendar quarter as the off-season.
As a team prepares for the regular season, some of the biggest deals happen during the off-season. If you’re ready to make a real estate decision, you could win big before the holidays.
Get One Step Ahead of Other Sellers
Typically, in the Omaha real estate market, homeowners are less likely to list their houses toward the end of the year. In fact, the 4th quarter has brought the lowest number of houses under contract every year for the past 10 years in Omaha. That’s because people get busy around the holidays and deprioritize selling their house until the start of the new year when their schedules and social calendars calm down. Selling now, while other homeowners may hold off until after the holidays, can help your house stand out as an all-star.
Get in Front of Serious Buyers This Season
Even though housing supply has increased this year as buyer demand has moderated, it’s still low overall. In Omaha, the number of homes on the market is at a 15+ year low, with the exception of last year. That means there aren’t enough homes on the market today, especially as the millennial generation reaches their peak home buying years. With new construction in Omaha lagging behind, those buyers turn towards the market for existing homes.
Serious buyers will still be looking this winter and your house may be exactly what they’re searching for. Preparing your house to sell can be similar to a coach preparing to recruit the perfect point guard. If you put in the work during the off-season, you’ll be able to get in front of the eager buyers who are hoping to make a move before the new season begins.
Seize a Great Chance to Move Up
Don’t forget; today’s homeowners have record amounts of equity. According to CoreLogic, the average amount of equity per mortgage holder has climbed to almost $300,000 nationwide. That’s an all-time high. That means the equity you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.
And as you weigh the reasons to sell before winter, don’t lose sight of why you’re thinking about moving in the first place. Maybe it’s time to trade for more space to watch the big game, or buy a house that’s in a better location for you. A trusted real estate advisor can help you determine how much equity you have and how you can use it to achieve your goal of making a move.
If you’re thinking about selling your house so you can find a home that better suits your needs, don’t delay your plans. Let’s connect so you can accomplish your goals before winter.
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
Compiled by Grow Omaha co-founJeff Bealsder and sales trainer
Sponsored by MyStaff, Inc.
Leadership & Management
Many people love working remote. They value the flexibility it provides and are confident that they can perform at a high level, says Dr. Kim Hoogeveen of MindSet, a Bellevue-based leadership consulting firm. While there are benefits of working remotely, our society is paying a price from having so many employees work in isolation.
“I increasingly see remote work as running counter to the natural desire for humans to be social animals,” Hoogeveen said. “It’s hard to trust someone that you don’t really know. It’s hard to feel loyalty to a group when you don’t have ties to members of the group. It’s hard to be proud of the people you work with when you don’t know the people you work with. It’s hard to be supportive of individuals when you don’t know when they need the support. It’s hard to give praise when you are unaware of the accomplishments of others. Trust, loyalty, pride, support, affirmation – all elements of the social capital of a team.”
Discipline is the act of sacrificing what you want now for what you desire the most, according to business author Jeb Blount. Goals define and quantify desire. To ignite desire, you need a clear definition of what you want, which requires you to answer three questions:
- What do you want?
- How do you plan to get what you want?
- How bad do you want it?
When the economy turns sour, fear is palpable, writes Jeb Blount in his new book, Selling in a Crisis. In vain, amid the relentless stream of bad news, people search for certainty where there is none.
For sales professionals the stress and anxiety quickly exact a toll. Your retirement account is rapidly shrinking. People around you are losing their jobs. Commission checks get smaller as customers cut back on services and orders. Fewer prospects are buying. Compensation plans shrink.
Competition becomes brutal as everyone scrambles to sell to the few customers that are still buying. To make things worse, you may be walking on eggshells wondering when the next wave of job cuts could leave you out in the cold.
However, to sit around all day, wringing your hands over what-ifs, doom scrolling, and reacting to rumors on social media changes nothing. Worry is a miserable, debilitating waste of energy that holds you back.
Jim Rohn once said, “Wherever you are, be there.” You can’t change past decisions. The future has yet to be written. All you have is now, the present. Right now.
RIGHT NOW is the only thing that is real. Right now, you have two basic choices. You can wallow in worry or you can take action – and not just any actions – RIGHT NOW actions.
If you want to survive and thrive during this economic downturn, you’ve got to be RIGHT NOW. Unlike worry, the actions and decisions you make in this moment, RIGHT NOW, have the potential to change everything:
What actions can you take RIGHT NOW that will contribute to your company’s top or bottom line?
- What actions can you take RIGHT NOW to build your pipeline?
- What can you do RIGHT NOW to retain your customers?
- What can you do RIGHT NOW to close more business?
- What can you do RIGHT NOW to adjust the way you sell to connect with more prospects?
- What can you do RIGHT NOW to leverage technology to gain a competitive edge?
- What can you do RIGHT NOW to ensure that you are in a position to win once the recession is over?
- What can you do RIGHT NOW to bring additional income to your family?
- What can you do RIGHT NOW to get the boss to notice that you are valuable and essential to the health of the company?
- What can you do RIGHT NOW to help another person?
- What can you do RIGHT NOW to enjoy life and the ones you love?
Consider this your wakeup call. In an economic crisis or any other crisis, you cannot stick your head in the ground and hide your way out of it. You cannot worry, complain, or cry your way out of it.
What you can do is to mind your mindset, put your chin up, move forward, and climb your way out of it. RIGHT NOW.
“When 10 doors are slammed in your face, go to door number 11 enthusiastically, with a smile on your face.” – John Paul DeJoria, billionaire entrepreneur
Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.
My Staff Inc – Our team helps you find yours!
Upcoming Events in the Metro
Powered by Vesta
Transdigital Sensors on November 4th: Visual artists Travis Apel and Daniel Casteñeda will team up with sound artist, Jose Trujillo, for a multi-disciplinary collaboration of visual, sonic and spoken word performances. Experience art when it comes to life at the MaMO Gallery!
Malcom X and the Power of Media on November 5th: Gather with others in the community to understand the power of media, and how Malcolm X used it to his advantage. Featured speaker Geoff Pope, founder of “The Legacy of Malcolm X” online forum and former NFL player, has devoted his time to sharing his knowledge on Malcolm X and inspiring the youth to follow his lead. This special event is open for all to attend and discuss the legacy of Malcolm X.
ReubenFest on November 7-12th: Experience all things Reuben at this year’s Reuben Festival! For an entire week, the Crescent Moon will take Reuben to a whole new level. From Reuben soup, egg rolls, and even tamales, there is nothing they can’t do with Reuben. Bring your friends to take your taste buds on a wild adventure!
7th Anniversary Open House on November 7th: Do Space is turning 7 this year! Join them on November 7th to celebrate their golden birthday with an evening full of family-friendly activities, including virtual reality, 3D printing, and much more!
Creighton Bluejays vs St. Thomas Tommies on November 7th: Cheer on the Bluejays against St. Thomas on November 7th at the CHI Health Center! This is the first non- conference game of the season!
Annie on November 8-13th: Little Orphan Annie has reminded generations of theater goers that sunshine is always right around the corner, and now the best-loved musical of all time is set to return in a new production — just as you remember it and just when we need it most. Join the celebration of family, optimism and American spirit that remains the ultimate cure for all the hard knocks life throws your way.
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
City Attorney Matt Kuhse has announced the appointment of Kevin Slimp as City of Omaha Prosecutor. Slimp is a graduate of the University of Nebraska at Omaha and Creighton University Law School. Before joining the city prosecutor office in 2005, he worked in several Nebraska counties as a deputy county attorney and in the Nebraska Attorney General’s Office.
Cobalt Credit Union has hired six new professionals: Michael Bradley, vice president of indirect lending; John Kelly, director of consumer lending; Chasmine McIntosh, vice president of digital banking; Jamie Neelon, vice president of sales; Jesse Wanning, vice president of project management; and Mark Wilkins, Chief Financial Officer.
The AIM Institute has announced its AIM Tech Awards Presented by Cox Business: Tech Volunteer of the Year, Todd Campbell, Charles Schwab; Community Builder of the Year, Omaha STEM Ecosystem; Startup of the Year, Pinata; Tech Innovator of the Year, Children’s Hospital & Medical Center; Tech Talent Professional of the Year, Mary Kyle, FNBO; Enterprise of the Year, Farm Credit Services of America; Tech Leader of the Year, Steve Kohrs, Cync Health; Tech Educator of the Year, David Sheesley, Talent Plus.
Lutz has added Jimmy Nekola as a staff accountant in the firm’s Client Advisory Services department and Cassandra VanOrnam as an administrative assistant in the Omaha office.
Security National Bank has added four professionals to its team: Brian Elsasser, senior vice president and commercial banking team lead; Lindsey Miltner, vice president and treasury management sales consultant; Cindy Mowery, director of treasury management sales; and Mark White, senior vice president of commercial real estate.
Valmont Industries, Inc. announced Gene Padgett will join the company as senior vice president, finance and Chief Accounting Officer effective November 1st. Padgett will be a leader on the finance team overseeing the company’s accounting and SEC reporting functions, and reporting directly to Avner Applbaum, Chief Financial Officer. Prior to joining Valmont, Padgett was Chief Accounting Officer for DXP Enterprises.
Wall Street: The Week in Review
with George Morgan
The author is 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.
Views and opinions expressed herein are solely those of the author.
Midterms are coming up, so a review session is in order. I frequently refer to the fable of the elephant and the blind men to explain how the market establishes stock prices. To refresh some of you, and to expose others to the story for the first time, here’s the Readers Digest version:
There were four blind men sitting by the side of the road when a guy with an elephant walks by. The blind men hear, smell and sense the presence of something they have never experienced before. So, they ask the owner if they can touch the elephant? He replies yes. One of the blind men approaches the elephant, grabs its trunk and declares that the elephant is a hose. Another grabs the tail and says the elephant is a snake. The third grabs a leg and proclaims that it is a tree trunk. The final blind man grabs a tusk and says it is a spear. The moral of the story is that if you only examine part of an object, you will get a false impression of the whole.
Wall Street regulars and their media acolytes are like the four blind men. They think the market is a place where the participants are unemotional investors who make decisions based on careful financial analysis.
But there’s a plethora of market participants who make their buy-and-sell decisions based on criteria other than the financial value of the underlying companies. I don’t have room enough to discuss them all, but you can get some insight from looking at just a few.
Every day approximately 80 percent of the trades are made by high-speed traders. Their trading activity is built around massive server farms directly connected to the 13 major stock exchanges.
The second the market opens, computers send out buy-and-sell orders with the objective of buying a stock on one exchange, and within a nano second, selling it on another exchange at a higher price. This many not sound like a way to make millions of dollars, but if you do it often enough and fast enough, the pennies add up.
A second highly active trading group is the hedge funds. These are the crème de la crème of the trading world. They manage other people’s money like the mutual funds, but the net worth needed to become a hedge fund client usually begins at $1 Million.
The hedge fund investment model is a high-risk-high-reward approach that often focuses on a single economic sector or industry. They rely heavily on the use of options that, when exercised, can dramatically change stock prices in a manner that is the opposite of their fundamental economic value.
Both of these are examples of market participants who buy and sell stocks using criteria other than the financial fundamentals of the underlying companies. In doing so, they may buy and sell at prices that make no sense to those using the company’s financial fundamentals as their criteria.
The good news for individual investors is that the impact these alternative traders have may be dramatic in the short term, but in the long term, the market has historically been a reflection of the strength of the dynamic American economic engine.
Midtown Crossing Trvia Time
Q: What do the following businesses have in common?
- Rexius Nutrition
- Sea Thai
- Stories Coffee Company
- Milan Laser Hair Removal
- Visit Omaha
A: They’re all opening at Midtown Crossing! For updates and details on each, be sure to bookmark MidtownCrossing.com and check back often.
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