The year-end sale of 3350 S. Pinnacle Hills Parkway, a three-story building with nearly 45,000 square feet of commercial space located in a highly sought-after area to an out-of-state real estate investment fund underscores the resilience of the office market in Northwest Arkansas, even as many other areas face softening demand.
For demonstrating continued investor confidence in well-located office product in Rogers, the building sale was selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Awards Sale of the Year for Fayetteville-Northwest Arkansas.
About the Project: Formerly known as the Citizens Bank building, 3350 S. Pinnacle Hills Parkway was sold by a Tenant in Common-owned investment group created by Sage Partners, a commercial real estate firm in Arkansas with a major presence in Northwest Arkansas. The three-story building with 43,500 square feet of commercial space was fully leased at the time of sale.
One of the building's main tenants, Citizens Bank, recently announced plans to replace its existing branch in the building and open a new location in the Pinnacle Hills area of Rogers. The bank said it acquired land for the new branch in the 3300 block of Pinnacle Hills, where it plans to build a branch measuring about 10,000 square feet to open in summer 2028.
The buyer is an RPC Ventures investment fund sponsored by Rice Park Capital Management, a Minneapolis-based, private investment firm, which acquired the building for $12 million, or $276 per square foot.
What the judges said: "This transaction illustrates the growing interest in, and demand for, well-located commercial properties in Northwest Arkansas. It also illustrates the unusual strength of the Northwest Arkansas office market against comparable markets," said Clinton Bennett, co-managing director of Focus Commercial Real Estate. Alan Cole, principal and executive vice president of Colliers, agreed with that assessment saying, "The sale shows the strength and stability of the office market in NW Arkansas, relative to the softness of office product nationally."
They made it happen: Matthew Allen, associate broker, and Tom Allen, president and principal of Cushman & Wakefield | Sage Partners, represented the seller. Philip Schmidt and Jordan Jeter, CCIM, partners in Kelley Commercial Partners' Northwest Arkansas office, represented the buyer.