Last updated on January 6th, 2023 at 04:45 pm
A private investor has purchased a 112,005-square-foot Hy-Vee-anchored shopping center in Omaha, Nebraska.
The sale was executed by Hanley Investment Group, a real estate brokerage and advisory firm who represented the seller, Woodsonia Real Estate. The sale price was $17.2 million.
Applewood Centre was built in 1989 on 12.81 acres at 9707-9765 Q St. Hy-Vee has been a part of the property since the shopping center was built and has expanded its space, adding a drive-thru pharmacy, an interior Starbucks and Wahlburgers and a full wine and spirits store.
Additionally, in 2021, Hy-Vee renovated its gas station outparcel (which was not part of the sale) to its new “Fast & Fresh” concept, demonstrating its commitment to the site.
“We generated tremendous interest and competitive offers from the private investment community for an institutional quality shopping center during a time in the market when institutional buyers had pressed pause on acquisitions for these types of grocery-anchored assets,” said Jeff Lefko, EVP with Hanley.
“The buyer was attracted to Hy-Vee’s strong store sales, its long-term operating history at the center and the recent, substantial capital that Hy-Vee had invested into this particular location. The subject property also offered immediate stability for the buyer with long-term sustainability and future upside due to the below-market rent in the Hy-Vee lease.”
According to Placer.ai data, the Hy-Vee at Applewood Centre ranks in the top 15 percent of all grocery stores tracked in the U.S. Nearly 80 percent of the tenants are national or regional daily needs tenants, including Hy-Vee, Edward Jones, Great Clips, H&R Block, Papa John’s, Pet Supplies Plus and Sun Tan City.
Lefko noted Applewood Centre is located blocks away from Omaha’s largest concentration of distribution and manufacturing employers, resulting in a daytime population of more than 156,000 employees within a five-mile radius.
