Weekly Market Report – September 8, 2022

Sep 8, 2022 | 0 comments

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Restaurant & Retail Updates

Tupelo Honey Southern Kitchen & Bar plans to open its first Nebraska location in 2023 in downtown Omaha. The Asheville, North Carolina-based restaurant chain has 18 locations in 11 states and serves Carolina mountain-style Southern fare. The closest existing locations are in Des Moines, Iowa, and Denver.

Sickies Garage Burgers & Brews opened yesterday next to P.F. Chang’s and The Cheesecake Factory at Westroads. The North Dakota-based burger chain has 8 locations in five states including an existing one at 1203 Cornhusker Road in Bellevue.

Pickleman’s Gourmet Café opened a new location with drive-thru last week on the northwest corner of 168th & Harrison Street.

Dragon Wok Express is now open at Nebraska Crossing in the renovated former VooDoo Taco building. VooDoo previously moved to a larger location elsewhere in the mall.

Stories Coffee has opened a second location at10520 South 204th Street in Gretna next to The Good Life Sports Bar & Grill.

A sign of progress – Texas de Brazil Churrascaria is not open yet, but the sign has been installed above the Capitol District bay where the Brazilian Steakhouse is scheduled to open this fall.

HomeGoods plans to open a fourth metro area location at Shadow Lake Town Center in Papillion. Massachusetts-based HomeGoods has existing locations at Nebraska Crossing, 132nd & West Center Road and 132nd & West Maple Road.

KidStrong plans to open its first Nebraska location at 12226 K Plaza in the L Street Marketplace. KidStrong is a physical fitness franchise for kids 11 years of age and younger. The Texas-based company has existing or coming-soon locations in 27 states. The closest existing locations are in Kansas City and St. Louis.

Skechers plans to take over the former Pier One space at Shadow Lake Towne Center in Papillion. California-based Skechers has existing locations at Nebraska Crossing, 132nd & West Center Road and 74th & Dodge Street.

Brought to you by:

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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Planning Board Moves Projects Forward

The Omaha Planning Board advanced several noteworthy development projects at its September meeting earlier this week.

Perhaps the highest profile project on this month’s docket was the Costco Wholesale store planned in northwest Omaha. The Planning Board unanimously approved a preliminary plan to rezone a 36-acre subdivision southeast of 180th & West Maple Road from “agriculture” to “mixed-use.” The rezoning is necessary to build the Costco, which will be the Seattle-based company’s third and largest Omaha metro area store.

Costco already operates stores near 123rd & West Dodge Road and in La Vista’s Southport West development. The West Maple Costco’s gas station will be larger than those at Omaha’s other Costcos. The 36-acre lot would also have pad sites available for other businesses to build near the future Costco.

The Planning Board also approved $3.2 million in Tax Increment Financing for a $22 million industrial building planned for an 11-acre site northwest of 9th & Storz Expressway. The 160,000 sq. ft. building would be marketed to warehouse, logistics and distribution tenants.

The building is being developed by Omaha-based GreenSlate Development, which is well known for its urban apartment and retail projects in and around the Blackstone District. The GreenSlate warehouse will be just west of a similar planned industrial building of 150,000 sq. ft. at 5906 Abbott Drive. Dirt work has started on that building with vertical construction expected to begin soon.

A third project of note was also part of this week’s Planning Board agenda – a four-story apartment building at 522 Park Avenue. That $8.6 million project will bring 43 market-rate apartments to a rapidly improving Midtown neighborhood. Completion is planned for May 2024.

This section is sponsored by TR Construction. With over 25 years of commercial concrete construction experience, TR Construction has expertise with projects large and small to include commercial building concrete, footings, paving, remove and replacement of concrete, industrial projects, and special projects for clients. TR Construction can deliver Concrete Excellence on your next project. Learn more HERE!

Grow Omaha Snippets

Grow Omaha Snippets Sponsored by:

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Tommy’s Express Car Wash plans to build a new location on an empty lot west of Costco Wholesale and north of Panera near 124th & West Dodge Road. Meanwhile, another Tommy’s location opens today on the southwest corner of 84th & Highway 370 in Papillion.

A 15-acre lake and accompanying 65-acre park will be built for $7.5 million near 204th & Schram Road in Gretna. The flood control project will be the first dam in our region to be developed as part of a new Federal Emergency Management Agency grant program designed to create “more resilient communities.” Our region includes Nebraska, Iowa, Kansas and Missouri.

Crews have started removing trees and other debris to make way for a $44 million development project at Saddle Creek Road and Mason Street just south of a Baker’s Supermarket. The 5-story building will have 195 apartment units and commercial space. Buildings formerly used by Muth Electric and Forest Green still have to be razed.

Omaha Event Group will be opening an event center at 2027 Dodge Street in the former Scoular building, according to Investors Realty, Inc., which represented the owner in the 11,938 sq. ft. lease.

Old Vine Wine & Spirits has purchased a 2-acre vacant lot near its existing store at 3821 North 167th Court in the Shops at Elk Creek development. The locally owned retailer plans to expand its offerings in a new building. Construction will begin next year.

Omaha Steaks’ hotdogs, burgers, sliced ribeye Philly’s and brats will be sold during Arizona Cardinals football games this season at State Farm Stadium in Glendale, Ariz.

Southwest Airlines will resume seasonal nonstop flights to Nashville starting September 11th. At this time, the nonstops will be available only on Sundays.

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.”

Eagle Mortgage Home Loan Services

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Eagle Mortgage is a locally owned, full-service mortgage company helping you with Conventional, VA, FHA and USDA loans in both Nebraska & Iowa, including the Omaha-Council Bluffs area.

Whether you are buying a home or looking to refinance an existing loan, Eagle Mortgage can help you realize your dream of homeownership or help you save money by obtaining a lower monthly payment. Eagle has plenty of experience with first-time home buyers too.

Learn more HERE!

Business News

Local Business News Sponsored by FranNet of The Heartland:

Real Estate News from CoStar – Employers have become increasingly adamant in their efforts to get workers to return to the office, with the week after Labor Day emerging as a turning point to reset workplace norms that for more than two years have been upended by the pandemic.

Apple, Tesla, Disney and Goldman Sachs have each said they expect employees to work from an office on a more regular basis now that we are past the Labor Day holiday, a shift expected to kick off the next stage of the pandemic’s impact on the country’s economic landscape.

An anonymous eBay bidder paid $75,100 for a 26-inch autographed portrait of Warren Buffett comprised of motivational quotes from the Oracle of Omaha. Proceeds went to Girls, Inc. of Omaha. The charity art auction was organized by Motiva, an Israel-based art tech company that created the piece on Buffett’s behalf. The auction ended on Buffett’s 92nd birthday.

HDR has been selected to serve the Florida Department of Transportation as owner’s representative for its electric vehicle program. This five-year contract is the first of its kind in the nation and will include the strategic planning, procurement, implementation and monitoring of electric vehicle charging infrastructure throughout the state. HDR’s experts will assist in administering Florida’s expected $198 million from the federal National Electric Vehicle Infrastructure formula program as well as providing federal discretionary grant support and aiding the department in other EV initiatives.

Metropolitan Warehouse Company has leased 15,000 sq. ft. at 11741 Centennial Road, according to NAI NP Dodge. John Meyer represented the landlord and Trenton Magid represented the tenant. An additional 20,000 sq. ft. is still available in this newly constructed building.

Green Plains Inc., Tallgrass, and Pacific Northwest National Laboratory have been awarded funding from the U.S. Department of Energy to advance sustainable aviation fuel technology as part of the federal agency’s effort to support the development of biofuels and bioproducts for the “clean energy economy.”

Tidal Wave Auto Spa has opened a car wash on the southeast corner of 120th & L Street. The Georgia-based business now has four metro area locations.

Scoular has signed an agreement to acquire four grain handling facilities in northwestern Kansas, enabling the company to more than double its handling and storage capacity for area farmers. The facilities, purchased from ADM, are in Goodland, Brewster, Monument and Oakley. Closing is expected to occur this month. The facilities will be operational for fall harvest and will handle corn, wheat and milo.

Mid City Ob-Gyn, Inc. is expanding into a 7,907 sq. ft. space in West Dodge Medical Plaza at 515 North 162nd Street, according to Chris Falcone and Gary Petersen of NAI NP Dodge, who brokered the lease.

UPS has leased 165,052 sq. ft. in an industrial building under construction at 9009 South 135th Street in Papillion, according to Cushman & Wakefield Lund Company. White Lotus Development owns the 550,000 sq. ft. building which is part of the I-80 Logistics Hub.

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

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What’s Actually Happening with Home Prices Today?

By Joe Findlay

One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture.

Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today.

  • Appreciation is when home prices increase.
  • Depreciation is when home prices decrease.
  • Deceleration is when home prices continue to appreciate, but at a slower or more moderate pace.

Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the record-breaking pace they have over the past year. In 2021, data from CoreLogic tells us home prices appreciated by an average of 15% nationwide. And earlier this year, that appreciation was upward of 20%. This year, experts forecast home prices will appreciate at a decelerated pace of around 10 to 11%, on average.

Nationally, home prices appreciated between 19-20% year-over-year from January to March. But over the last few months, the pace of that appreciation has decelerated to 18%. This means price growth is still climbing compared to last year but at a slower rate.

The big takeaway is home prices haven’t fallen or depreciated nationwide, they’re just decelerating or moderating. While some unique and overheated markets may see declines, nationally, home prices are forecast to appreciate. And when we look at the country as a whole, none of the experts project home prices will net depreciate or fall. They’re all projecting ongoing appreciation.

Bottom Line

If you have questions about what’s happening with home prices in Omaha or in a specific neighborhood, let’s connect.

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 MyStaff, Inc.

Compiled by Grow Omaha co-founJeff Bealsder and sales trainer 

Leadership & Management

Should your company hoard labor? Despite recession warnings, many businesses are hoarding talent instead of laying people off, according to The Hustle. Labor hoarding happens when companies hang on to employees during tough times, because they believe it will save them money in the long run.

Why is this happening? Many companies got burned a couple years ago. They laid off workers during the March 2020 pandemic recession but were left short-handed when the economy quickly recovered. Second, the labor shortage shows no signs of letting up in the foreseeable future.

One factor that makes for a great leader is to acknowledge when they are ignorant, says business author Anthony Iannarino. The person capable of recognizing when they need to learn from someone who can cover the gaps in their knowledge base has the type of humility that allows them to make good and informed decisions. One who is fearless when it comes to saying, “I don’t know, but I will find out,” does much to improve their leadership and their results.

Sales

Face-to-face or field sales teams make up 71.2 percent of the sales force, according to Spotio. Interestingly, 65 percent of outside account execs are attaining quota, which is 10 percent higher than inside reps.

Why is it important for sales professionals to feel motivated? Because it’s a job that depends at least somewhat on emotion and mindset. In some jobs – let’s say an accountant, for example – you can be unhappy but still do a good job. That’s not the case in sales where you have to WANT to sell. You need a PASSION for selling. You need CONFIDENCE to sell.

Advice for new sales managers: In his article, “10 Things I Wish I knew Before Becoming a Sales Manager,” Brian Signorelli says new sales managers often believe they’ll have more time when they’re managing rather than selling. That’s false. Instead of just your production, you’re responsible for an entire team’s production. He says managers need to focus on three types of activities: 1. Recruiting; 2. Coaching; 3. Scaling up by training your reps the most applicable skills.

Wisdom

“Leaders don’t inflict pain; they share pain.” – Max Depree

“If you don’t believe in what you’re selling, neither will your prospect.” – Frank Bettger

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

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Blackstone BBQ Battle on September 10th: It’s one of the tastiest times of the year! The Blackstone BBQ Battle is back! Amateur teams and restaurants compete to see who has the best grill skills in town! Sample the most delicious meats and shop unique local vendors while grooving to some blues.

Bagels and Sometimes Bach on September 11th: Bagels & Sometimes Bach is Gallery 1516’s Sunday morning music series beginning on September 11th. Each Sunday there will be a new performance by some of Omaha’s best musicians and performers! Enjoy complimentary bagels, coffee and local entertainment.

1 Million Cups with Teresa Friesen on September 14th: Based on the notion that entrepreneurs discover solutions and network over a million cups of coffee, 1 Million Cups is where entrepreneurs find their community! At each gathering attendees connect, learn and grow with their peers, mentors, and community advocates. Teresa Friesen, founder and CEO of SheMate, will be speaking about her own endeavors and journey to create SheMate.

Night Market on September 16th: The 5th Annual Night Market returns to Turner Park for two Friday-evening installments sponsored by Veridian Credit Union. Each market will feature a host of dynamic activities and attractions. Come for the local vendors; stay for the music, entertainment, food, games and more!

Art Fluid Open Studio Night on September 16th: Come experience a living museum where you can wander through three floors of art and working artist studios. Open studio night is a happy hour that focuses on what is most unique about the Hot Shops – experiencing the creative process. This month features all things fiber! The Expressions in Fiber Arts Exhibit is on display in the Nicholas Street Gallery, and the evening will include a fashion show!

Sunset Hike on September 16th: Experience a relaxing hike while looking for butterflies at Camp Brewster. This hike will have an instructor guiding attendees through the prairie trail and sharing knowledge of the butterflies found at Fontenelle Forest. Perfect for those who enjoy a calming evening appreciating and expanding their knowledge of nature!

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!

People in the News

Sponsored by Baird Holm Attorneys at Law

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digital rendering of Flatiron District project buildings

NP Dodge Real Estate has welcomed several new residential sales associates including Elisabeth Mahon, Joxana Miranda, Matthew Patterson and Thomas Whitaker.

Kenneth Bayles, PhD, has been named as the next vice chancellor for research at the University of Nebraska Medical Center, following a national search. He will begin October 1st and replaces Jennifer Larsen, MD, who stepped down to continue her research and faculty activities at UNMC.

Mark McGregor is a new vice president and mortgage loan officer at Lincoln-based Cornhusker Bank’s new Omaha office at 111th & Blondo Street.

Food Bank for the Heartland has added six new board members: Jill Bazzell-Stenstrom, Union Pacific Railroad; Missy Beber, Metropolitan Community College; Eric Crawford, St. Patrick’s Catholic Church; Judy Dittmar, Iowa State University Extension and Outreach; Yesenia Valenzuela, City of Omaha; and Russ Wagner, Farm Credit Services of America.

BerganKDV has added two professionals to its Omaha office. Brent Bradbury, CPA, is a tax manager. He provides business and individual clients with tax consultation and tax return compliance services. Brian DeNio is an audit manager. He leads service to clients on assurance engagements and provides technical advice on audit and accounting issues.

Tonee Gay is leaving her post as executive director of the Midlands Community Foundation to join her husband Tim Gay at Catalyst Public Affairs, Inc., a governmental and advocacy firm. Diane Knicky, the foundation’s longtime director of operations and public relations, is taking over as executive director. The foundation serves Sarpy and Cass counties.

The Sarpy County Board of Commissioners last month appointed Trace Jones as county treasurer for the current term which ends in December. Jones had served as interim treasurer since April 2021. Prior to his appointment, he was the county’s veterans service officer.

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.

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.

For the past six weeks all we have heard from Wall Street and their compliant media lackies is FED, FED, FED. In the immortal words of Butch Cassidy “Who are those guys?” (You may have a Ph.D. but if you can’t quote at least 12 lines from Butch Cassidy and the Sundance Kid, you’re nobody).

The Federal Reserve Bank came into being in 1913 to be just that, a bank. Then in 1954, Congress decided to provide a solution for a nonexistent problem and charged the Fed with maintaining full employment and stable prices. A noble concept, but the Fed lacks the tools to complete their mission, because these two goals tend to be mutually exclusive. It’s a bit like your doctor telling you need to eat more Big Macs and lose weight.

Unless you have spent the summer on Melmac, it should come as no surprise to you that the largest challenge facing the economy today is inflation, and the politicians have staked their jobs on doing something about it. Congress is a major contributor to inflation, and in order to avoid responsibility, they told the Fed to fix it.

The tool the Fed has chosen to complete this this task is to raise interest rates. This is akin to bringing a pool noodle to a knife fight. The only interest rate the Fed has direct control over is the fed funds rate – the rate the Fed charges commercial banks to borrow from them. The total value of the bond market is over $40 trillion, which is about twice the size of the stock market.

The big money center banks on Wall Street control the bond market and thus interest rates. They are playing with their money while the flunkies at the Fed have 14-year appointments. So why all the fuss? The short answer is twofold.

First, the media quacks have 12 hours to fill every day the market is open. Thank God for the weekends and evenings, because then we get to watch Shark Tank and Jay Leno’s Garage.

Second, the traders on Wall Street and the options guys at the Chicago Board of Trade need volume and volatility to make a living. Think about it – the millennial sitting in his folk’s basement can only move the price of GameStop, but the guys at Goldman can move the yield on $20 trillion worth treasury bonds.

So, where do the guys with the gold think we should be? The 10-year treasury bond is the market’s benchmark. During this whole kerfuffle, this yield has been between 2.8% and 3.2%. The historic yield is over 4%. If they thought we were on the edge of a precipice, the 10-year yield would be over 5%. Closing comment from the Gnomes: “This too shall pass.”

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.

Have You Watched Grow O on Video Yet?

Jeff Beals, Trenton Magid and a guest in the KFAB 1110 Radio Booth

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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