R&R Real Estate has found a successful development strategy in building speculative Class A warehouses in Omaha. Case in point: R&R Commerce Park South Warehouse, a two-building first-phase development completed in March 2023 in Papillon, Nebraska, near Omaha.
The completion of this warehouse by R&R Realty Group has won a 2024 CoStar Impact Award, as voted on by local judges with knowledge of the market.
R&R Real Estate owns and manages roughly 2.2 million square feet in the Omaha metropolitan area, focusing on industrial assets.
The company primarily develops Class A speculative warehouses. The company has $5.8 million in sales in the last three years and has more than 600,000 square feet available for lease.
About the Project: The R&R Commerce Park South Warehouse I contains four fully leased buildings totaling 1.1 million square feet. Warehouse I measures just shy of 290,000 square feet. The property is just over 75% vacant currently.
What the Judges Said: "This development was impactful due to its position within an area that has become more urban in recent years, yet still has the capacity to house large industrial facilities. This position is a perfect example of how to take advantage of the "last mile" to attract distribution users that constantly strive to increase efficiency within their supply chain," said Ryan Ellis, the CEO and owner of PJ Morgan Real Estate of Omaha.
They Made it Happen: Mike Homa is the president of R&R Realty, which was the owner and developer. Kim Dust is the property manager, also for R&R Realty. For the company, Cooper Wilson was the landlord broker. The project architect was Schemmer.