Hanley Investment Group Real Estate Advisors arranged the sale of a 98.6%-occupied, 112,005-square-foot shopping center anchored by a high-volume Hy-Vee grocery store in Omaha, Nebraska. The sale price was $17.2 million.
Hanley Investment Group’s Executive Vice Presidents Jeff Lefko and Bill Asher represented the seller, Woodsonia Real Estate, Inc. of Omaha. The buyer transacted all cash and was a family office based in Portland, Oregon.
Applewood Centre, which was built in 1989 on 12.81 acres, is located at 9707-9765 Q Street in Omaha. Hy-Vee has occupied space at the property since the shopping center was built and, over the last 10 years, has expanded and renovated its space by adding a drive-thru to their pharmacy, an interior Starbucks and Wahlburgers, and a full wine and spirits store. Additionally, in 2021, Hy-Vee renovated its gas station outparcel (not a part of the sale) to its new “Fast & Fresh” concept demonstrating its further commitment to the site.
According to Placer.ai data, the Hy-Vee at Applewood Centre ranks in the top 15% of all grocery stores tracked in the U.S.
Nearly 80% 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 significant daytime population of over 156,000 employees within a five-mile radius.