Premier 640,327 SF regional shopping center trades for $95M in Omaha
CHICAGO, May 27, 2026 – JLL Capital Markets announced today that it has secured the $95 million sale of Shadow Lake Towne Center, a dominant super-regional open-air retail center located in the high-growth Omaha metro area.
JLL represented the seller, PREP Property Group. The buyer was a joint venture between DRA Advisors and DLC Management Corp.
Shadow Lake Towne Center is strategically positioned at 7775 Olson Dr. at the southwest corner of Highway 370 and 72nd Street, a high-traffic intersection with 47,215 combined vehicles per day. This prime location offers excellent visibility in Papillion, Nebraska's most affluent town and one of the state's fastest-growing communities.
The 640,327-square-foot retail center spans 83.5 acres and is currently 89% occupied. The property features a strong tenant mix anchored by Dick's Sporting Goods, J.C. Penney, TJ Maxx, Burlington, HomeGoods, Michaels and Ross Dress for Less, along with a non-owned adjacent Hy-Vee grocery store. The center ranks as the second most trafficked shopping destination in Nebraska with 6.8 million annual visitors, placing it in the top 2% nationally.
JLL Capital Market’s Investment Sales and Advisory team was led by Director Brian Page and Managing Director Michael Nieder.
"Shadow Lake Towne Center represented a rare opportunity to acquire a market-dominant regional center in one of the Midwest's fastest-growing submarkets," said Page. "The property's exceptional tenant roster, strong leasing momentum and substantial value-add potential through lease-up opportunities made it an attractive acquisition."
"The 22% population growth within five miles since 2010 and Sarpy County's position as Nebraska's wealthiest county demonstrate the strength of this trade area," added Nieder. "With 64,406 square feet of vacant space available and below-market rents on key tenants, Shadow Lake Towne Center offers significant upside potential in a market experiencing remarkable economic expansion."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global data sets and leading technology capabilities, we provide coordinated end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.
About PREP Property Group
PREP Property Group is a vertically integrated real estate company founded by Michael C. Phillips, co-founder of Phillips Edison & Company, and built on the foundations of Phillips Edison’s strategic and net lease real estate divisions. PREP is focused on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged, capital starved, poorly merchandised and / or distressed. PREP also acquires and manages well-located, triple-net retail properties from non-institutional sellers and creates value through lease restructuring or tenant upgrade. For more information, please visit our website at www.preppg.com.