NAI NP Dodge's Trenton Magid was well-versed with this multi-building portfolio in south-central Omaha having leased or sold several of the properties beginning in 2017, when he arranged an off-market purchase of 10550 I Street for his client, Total Transit LLC, an entity that owned or operated most of the taxi cabs in the greater Omaha area, including Happy Cab, Yellow Cab and Cornhusker Cab.
Shortly after that deal, the broker's client called to notify him that they had sold the cab company to zTrip and were looking to lease the four buildings included in the portfolio on the approximately 6.06-acre site. A local multi-brand auto dealer was in the market for a vehicle preparation facility and office space and negotiated a three-year lease on the two-story office building and the vehicle maintenance facility occupying about half of the parcel.
That deal was followed by a national semi-truck dealer that ended up leasing the rest of the property which included a storage warehouse and newer office/industrial training facility sight unseen. However, due to an ongoing dispute with a competing franchisee, the truck dealer never opened its dealership at the location. About two years ago, Magid got a call from a broker representing Old Dominion Freight Services, which owns and operates a large industrial facility immediately to the west of 10550 I St. interested in expanding.
After several months of discussions, the parties settled on a purchase price of $5.5 million and the sale closed in December 2023 after the truck dealer’s lease expired. For its overall size and numerous moving parts, the $5.5 million sale earned a CoStar Impact Award, as voted on by local judges with knowledge of the market. This total portfolio measures just over 40,000 square feet.
About the Project: This portfolio includes three industrial buildings and one office building. The sale was for just shy of $135 per square foot. Mitchell Management sold the property to Old Dominion Freight Line.
What the Judges Said: "This sale was impactful due to the creativity, forethought, and patience involved to maximize value for the client and concluded in a situation that was beneficial for all parties involved. It is easy for deals to get complicated when they involve multiple physical structures, leases, and entity changes - and a disposition in which all parties leave the table happy becomes harder to achieve. This sale was a great example of utilizing local market knowledge to facilitate deals with national brands that have a local presence. Overall, the complexity and final result are what made this deal the most impactful," said Samuel Rolfe, an associate broker for the Lerner Company's property management division.
They Made it Happen: Trenton Magid of NAI NP Dodge represented the seller. Mark Mitchell of Mitchell Management was the seller. Chip Overbey Jr. of Old Dominion Freight Line was the buyer.