A three-story office building in Rogers sold for nearly $10.5 million.
The Citizens Bank building at 3350 S. Pinnacle Hills Parkway was bought by an Oklahoma City developer who is also involved in a $100 million mixed-use development project. Andy Burnett, of Burnett Equity, bought the 43,500-SF building through his subsidiary 3350 PHP, a tenant-in-common group created by Sage Partners of Rogers.
"This is a great facility both in terms of location and tenants, making it an attractive acquisition for our investors who are excited to see the continued prosperity in the northwest Arkansas market," Burnett said in a release from Sage Partners.
T.J. Lefler and Tom Allen of Sage Partners represented 3350 PHP in the acquisition, and Marshall Saviers and Matt Imhoff of Sage Partners represented the seller. The seller was Pullman Realty LLC, which is led by Dean Eisma of Rogers, who acquired the building for $9 million in 2006.
Sage Partners is the real estate arm of Hunt Ventures, which partnered with Burnett Equity for the 15-acre development planned for the northwest corner of the intersection of Pauline Whitaker Parkway and Pinnacle Hills Parkway, which is just down the road from the Citizens Bank office building.
Tenants at the building include Citizens Bank of Batesville, Friday Eldredge & Clark law firm and Cameron Smith & Associates. Sage Partners said it would manage and lease the property, which is 100 percent occupied.