Village Files Chapter 11, Deals Continue at Pinnacle
by February 23, 2009 12:00 am 81 views
(To view a map of the Pinnacle properties, click here.)
The Pinnacle developments have largely weathered the economic downturn with few casualties, but there was a major hit on Feb. 13.
Carmen Lehman filed for Chapter 11 bankruptcy under her C.R. Lehman Properties LP, listing Arvest Bank as her largest creditor holding a $27.3 million loan secured by the Village on the Creeks. Lehman developed Village, a 64-acre office and retail complex that was the first commercial development to land along the Interstate 540 corridor in Rogers with the first building completed in 1997.
The Pinnacle Group saw one restaurant close when Fuddruckers shut its doors last fall.
The Starbucks store at the Promenade closed in January of this year and the store at Pinnacle Hills across from Embassy Suites will close during the first week of March.
The Pinnacle Group is still planning new development, however, including a 56-acre development anchored by Walgreens at the corner of Promenade Boulevard and New Hope Road.
A 34,000-SF Harps food store is currently under construction on a 68-acre parcel along Pauline Whitaker Parkway owned by the Pinnacle Group.
Target, on the south side of the Promenade, will open this summer.
Kraft Foods, which occupies a building on Pinnacle Point Drive, built a 12,000-SF expansion in fall of 2008 and took an option on additional land near the building for future growth.
“We’re not seeing any pullbacks,” Bill Schwyhart said. “We’re not seeing any downsizing. A lot of the smaller vendors are saying they want to be around Pinnacle Hills because that’s where the big boys are. Coca Cola, Pepsi, Disney, NBC-Universal, Kraft, Kellogg’s … the billion-dollar relationships are concentrated in this area.”
Schwyhart, along with Collins and Hunter Haynes, built the 41,000-SF building for Kraft Foods in 2002.
Collins Haynes and Pete Walsh started the 38-acre Pinnacle Point Development that is now the Pinnacle Hills Corporate Park in 1998, and Haynes was one of the original founders of Pinnacle Air.
In 2004, the Pinnacle Group bought out Haynes’ interest in the properties.
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