Mohr Partners Transacts on 2nd-Largest Apartment Tower in Omaha
January 12th, 2022 | Press Releases
Dallas, TX, January 13, 2022 – Mohr Partners, Inc., a leading global corporate real estate services firm, recently announced the sale of the Orpheum Tower, an historic 132-unit apartment building, in Downtown Omaha, Nebraska.
Originally the tallest office building in Omaha upon its construction in 1910 and the city’s tallest apartment tower until 2013, the 220-foot, 16-story Orpheum Tower is part of the National Register of Historic Places.
Mohr Partners’ Capital Markets division, led by Grant Palmer, Managing Director, and Eric Beichler, Managing Principal/Shareholder, sourced the off-market opportunity to one of the largest private real estate investment trusts.
“This is a proud moment for myself personally,” Palmer said, “being an Omaha native to bring a national buyer to my hometown market. This is an iconic building with so much history. Omaha is slowly being recognized by institutional funds rather than being considered a ‘fly-over market’. The pricing we achieved in Omaha is similar to like transactions we are completing in the top 10 U.S. markets.”
The nearly 150,000-square-foot building towers above its adjoining neighbor, the historic Orpheum Theatre. This 2,600-seat, Vaudeville-era theatre has served as the home for various performing arts in Omaha including and has hosted Warren Buffett’s annual Berkshire Hathaway Shareholders Meeting.
Additionally, the Orpheum Tower features original marble and historical details throughout, along with six elevators, a 24-hour cardio fitness room and a business center. Each floor of the building also includes newly renovated kitchens, bathrooms and clothes care centers. The majority of the floor plans boast natural skylight with scenic downtown views and immediate access to entertainment including the multi-million-dollar redevelopment of Gene Leahy Mall.
“This transaction is another example of our ability to put together appropriate buyers and sellers of off-market opportunities during this time of such a competitive marketplace,” Beichler said. “The amount of investment dollars in the market continues to be record setting.”
Palmer and Beichler exclusively represented the buyer, a large private real estate investment trust, in the transaction. Additional terms of the sale were not disclosed.
About Mohr Partners, Inc. Mohr Partners, Inc. is a global corporate real estate advisor, providing corporate tenants with an integrated set of portfolio services including strategic planning, business intelligence, lease administration/accounting & FASB ASC 842 compliance, research and site selection, labor analytics, project and construction management, comprehensive demographics analysis, economic incentives negotiations and transaction management. Since 1986, Mohr Partners has been managing real estate portfolios for corporations, and each year completes transactions for its clients in all 50 U.S. states, all provinces of Canada and locations around the world. Mohr Partners seamlessly provides corporate real estate services globally through its strategic alliance partners in Canada, Mexico/Latin America, EMEA and Asia Pacific. For more information on Mohr Partners, please visit www.mohrpartners.com.