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Grand Island, NE

Island Circle

3315-3321 Island Circle, Grand Island, NE 68803
Property Type:
Multi Tenant
Cap Rate:
8.32% cap
Square Feet:
76,420 sqft
Lot Size:
6.27 Acres
Price Per Square Foot:
Year Built:
* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

Investment Highlights

Investment Highlights

  • Two-Building Warehouse Totaling 76,420 Square Feet on 6.27 Acres with Potential Additional 0.95 Acres
  • Zoned for Heavy Manufacturing | Features Nine Dock Doors, Three Grade Doors, and 16’-18’ Clear Height
  • Located in Proximity to Major Thoroughfares: I-80, U.S. 281, and U.S. 30
  • Occupied by Two Long-Term Manufacturing Tenants Generating Over $710,000 in NOI
  • Tight Barrier-to-Entry Market with 1.0% Vacancy and No Properties Under Construction

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3315 to 3321 Island Circle in Grand Island, Nebraska, leased to Hastings Foods LLC and Optimas OE Solutions. The subject property consists of approximately 76,420 square feet of warehouse space and is situated on 6.27 acres of land. Zoned for heavy manufacturing use, the two-building asset features nine dock-high doors, three grade-level doors, a clear height between 16’ and 18’, and heavy three-phase power with 2000 volts and 480 amps. Located at the interchange between U.S. Routes 281 and 30, the asset sits about a two-hour drive southwest of Omaha via Interstate 80. In addition to this property, buyers have the option of acquiring the adjacent 0.95-acre lot located at 702 South Webb Road.

With 6,100 square feet available, this sale offers a lease-up opportunity anchored by two longstanding tenants. Both tenants occupy each building on triple-net leases with Hastings Foods’ agreement running through December 2026 and Optimus OE Solutions’ lease expiring in January 2027. Together the tenants generate a net operating income of over $710,000. Occupant since 2009, Hastings Foods is a small, privately-owned manufacturing company of high-quality meat products for domestic distribution and export to Japan. Optimas OE Solutions, a global manufacturer, distributor, and service provider of fasteners such as nuts and bolts, has occupied the property since 2012. Optimas employs about 1,400 team members across the globe, serving over 5,000 customers each year (Optimas).

The subject property is positioned in Grand Island, a relatively small market containing 3.4 million square feet of industrial space. During the first quarter of 2024, the vacancy rate crept up 60 basis points to 1.0 percent. Despite the lack of availability, asking rent growth continued to decelerate down to 3.4 percent during the quarter. At the start of Q2, there were no industrial properties under construction in Grand Island, meaning that supply will be a nonfactor on vacancies and rent growth for the foreseeable future (CoStar).

Omaha, Nebraska, and its metro area offer a diverse socioeconomic landscape. With a population of around 444,000 residents, Omaha is the largest city in Nebraska. Major industries in Omaha include banking, insurance, healthcare, logistics, life sciences, military and defense, agriculture, and energy. The area’s strategic location and excellent transportation infrastructure support a robust transportation and distribution network. Omaha is home to renowned educational institutions and houses notable corporations like Berkshire Hathaway and Union Pacific. The region boasts an affordable cost of living and diverse cultural amenities. Omaha’s diverse economy and vibrant offerings make it an appealing destination for residents and businesses alike (Marcus & Millichap).

Jon Ruzicka
Nebraska Broker of Record
1601 Utica Avenue South, Suite 301
Minneapolis, MN 55416
Tel: 952-852-9700
License: 20200223
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0050121)