JLL Closes $95M Retail Real Estate Sale of Shadow Lake Towne Center in Papillion, Nebraska

PAPILLION, Neb. — May 27, 2026 — JLL has arranged the $95 million sale of Shadow Lake Towne Center, a 640,327-square-foot open-air retail center located in Papillion, Nebraska, the firm announced. A joint venture between DRA Advisors and DLC Management Corp acquired the property from seller PREP Property Group.

The transaction values the property at approximately $148 per square foot.

Deal Details

Shadow Lake Towne Center sits at 7775 Olson Dr. at the southwest corner of Highway 370 and 72nd Street in Papillion — a high-traffic intersection recording 47,215 combined vehicles per day. The 83.5-acre property is currently 89% occupied, leaving approximately 64,406 square feet of vacant space.

The center's anchor and junior-anchor tenant roster includes Dick's Sporting Goods, JCPenney, TJ Maxx, Burlington, HomeGoods, Michaels, and Ross Dress for Less. A non-owned adjacent Hy-Vee grocery store also serves the trade area. According to JLL, the property ranks as the second most trafficked shopping destination in Nebraska, drawing 6.8 million annual visitors and placing it in the top 2% of shopping destinations nationally.

JLL Capital Markets' Investment Sales and Advisory team was led by Director Brian Page and Managing Director Michael Nieder.

Leasing Upside

JLL noted that with roughly 11% of the center's square footage vacant at the time of sale, the new joint venture has a near-term leasing opportunity. JLL also noted that certain key tenants are paying below-market rents, suggesting additional upside through lease renewals and mark-to-market adjustments.

"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."

Demographics

Papillion is described by JLL as Nebraska's most affluent town, and Sarpy County — where the property is located — is identified as the state's wealthiest county. Population within five miles of the center has grown 22% since 2010.

"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," said 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."

About the Parties Involved

PREP Property Group, the seller, is a vertically integrated real estate company focused on repositioning lifestyle centers, power centers, and enclosed malls that are undermanaged, capital-starved, poorly merchandised, or distressed. The firm also acquires and manages triple-net retail properties, creating value through lease restructuring and tenant upgrades.

JLL (NYSE: JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. JLL Capital Markets operates with more than 3,000 specialists in nearly 50 countries, offering investment sales and advisory, debt advisory, equity and fund placement, and related services.

---

Sources: JLL Newsroom — Premier regional shopping center trades for $95M in Omaha