JLL Capital Markets has closed the $34 million sale of One Pacific Place, a 90,945-square-foot retail center anchored by a high-performing Trader Joe’s in Omaha, Nebraska.
JLL marketed the property on behalf of the seller, a joint venture between RED Development and BIG Shopping Centers. Midwest-based Lund Company Investments, Inc. acquired the asset.
Located at 10381 Pacific St. in Omaha, One Pacific Place is home to the only Trader Joe’s within 55 miles, allowing the center’s trade area to encompass a population 24% larger than the 285,284 residents living within a five-mile radius. This makes for a diversified customer base traveling across 70 ZIP codes to the center, which is in an established and affluent Omaha submarket.
The 93.4-percent-leased One Pacific Place is also home to a synergistic mix of daily needs, restaurant, medical and traditional retail tenants, including Talbots, Chico’s, Wheatfield’s, Dentistry for Health, Five Salon, Hand & Stone Massage & Facial Spa, Bath and Body Works, , Eddie Bauer, , Club Champion, Power Life, Nothing Bundt Cake and Andre’s. Completed in 1989, the center was last renovated in 2010.
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder and Senior Managing Director Chris Gerard.
JLL Research’s recently released Grocery Tracker 2022 report details how 2021 was a record year for grocery-anchored retail property transactions. Acquisition volume for the year was more than $13.3 billion, the second-highest level in recorded history.