Headline: Dakota REIT expands presence in the Omaha market
Dakota REIT announces the acquisition of a Neighborhood Shopping Center portfolio in the Omaha, Nebraska MSA. The $58M portfolio encompasses 355,000 square feet across 7 properties consisting of 110 tenants in the industries of retail, health & wellness, and restaurants. With this recent investment, Omaha becomes the second largest growth market in the Dakota REIT portfolio. Omaha boasts an unemployment rate of 2.3%, double digit 10-year population growth of 17% and almost 10% job growth in the past 10 years.
“We are pleased to increase our investment in a growth market such as Omaha and will continue to look for future opportunities to expand” shares Matt Pedersen, Dakota REIT President. “This acquisition was structured as a partial Section 721 UPREIT transaction permitting the seller to defer capital gains tax and receive Dakota UPREIT limited partnership units in exchange for equity. Dakota REIT has a strong track record with our neighborhood shopping centers due to being located in stable areas with healthy economic attributes.” First Management, Inc. facilitated the transaction and will continue to manage the properties.
Dakota REIT has continued a 24-year track record of consistent distribution yields and share value appreciation. Dakota REIT’s investment objective is to generate attractive current income and equity growth by investing in diversified real estate assets in the growth markets of the Midwest. Our targeted asset classes include multifamily, industrial/flex, and strategic exposure to grocery-anchored and necessity-based neighborhood shopping centers. Dakota REIT’s press release and additional information are available on its website at www.dakotareit.com or by calling Investor Relations at 701-239-6879.
Mark Richman Business Development