PREP Buys 655 KSF Shopping Center in Nebraska

The Cincinnati-based company expanded its portfolio with the acquisition of Shadow Lake Towne Center in Omaha. Tenants include Dick’s Sporting Goods, JCPenney, Best Buy and Old Navy.
Shadow Lake Towne Center
Shadow Lake Towne Center

PREP Property Group Inc. has acquired Shadow Lake Towne Center, a 654,666-square-foot regional shopping center in Papillion, Neb.

Located at 7775 Olson Drive, on the southwest corner of 72nd Street and Highway 370, the retail center sits just 10 miles from downtown Omaha. Shadow Lake Towne Center was completed in 2007 and has a tenant roster that includes Dick’s Sporting Goods, JCPenney, ULTA, Bed Bath & Beyond, Best Buy, PetSmart, Old Navy and other national and regional tenants.

“Shadow Lake Towne Center is a great project that will allow our experienced real estate team to focus on creating additional value, while enhancing the retail experience to accommodate the growing population of Omaha and the surrounding neighborhoods,” Michael Phillips, PREP’s president & CEO, said in a prepared statement.

PREP’s strategy revolves around transforming retail real estate by repositioning undermanaged or capital-starved lifestyle centers, power centers and enclosed malls. PREP’s current Strategic Investment portfolio consists of Hanover Crossing in Hanover, Mass., Kenwood Collection in Cincinnati and The Shoppes at Parma in Parma, Ohio. PREP also has a Net Lease Investments division that acquires well-located, single tenant net leased retail properties throughout the U.S.

Market on an upswing

According to Colliers International’s latest Omaha retail market report, the vacancy rate for the Omaha retail market decreased slightly from 8.4 percent to 8.3 percent quarter-to-quarter. The report also noted that the future of traditional mall space is unclear, as the sector could see a decrease due to e-commerce’s continued growth.

As the southern portion of the Omaha metro continues to thrive, the shopping complex is well positioned to take advantage of the increased through a dynamic retail setting.

In November, Uber Capital Group LLC secured a $7 million loan for the acquisition of Conestoga Mall, a 611,719-square-foot enclosed retail center located in Grand Island, Neb.

Image courtesy of PREP Property Group