22 office buildings in Rogers, Bentonville sell for $68 million

A 22-building, more than 405,000-square-foot office portfolio in the Pinnacle Hills area of Rogers and off South Walton Boulevard in Bentonville recently sold for $68 million. The purchase price equals $167.90 per square foot.

NWA Office Holdings LLC, an affiliate of Orion Capital Partners, bought 14-building Pinnacle Park and eight building Bentonville Commerce office complexes. Orion Capital Partners, a commercial real estate investment firm with offices in Bentonville and Little Rock, said Wednesday (Feb. 11) that it has consolidated ownership of the portfolio through its new affiliate. Natural Capital, a Little Rock-based investment firm focusing on private market investments, said Wednesday (Feb. 11) that it’s sold its ownership interest in Pinnacle Park.

The Rogers offices are on or near Pinnacle Pointe Drive and Walsh Lane, west of Pinnacle Hills Parkway and southwest of the Interstate 49 interchange with New Hope Road. The Bentonville offices at 1700-1716 Commerce Drive are southwest of Southeast 14th Street (Arkansas Highway 102) and South Walton Boulevard (U.S. Highway 71B).

Pine Bluff-based Simmons Bank provided financing for the transaction.

“This acquisition reflects the kind of opportunity we have consistently pursued in Northwest Arkansas,” said Ben Lester, a partner at Orion Capital Partners. “The portfolio is supported by the same long-term fundamentals that have driven growth in the region for years, including location, tenant demand, and durable performance tied to the broader employer ecosystem. We have been bullish on this market for a long time, and this transaction reinforces our confidence in its future.”

According to a news release, the portfolio comprises mid-tier office buildings located in class A areas. The properties serve various tenants including health care providers, professional services and companies connected to the Walmart supply chain.

Orion worked with Cushman & Wakefield / Sage Partners on the acquisition. Cushman & Wakefield / Sage Partners, a commercial real estate firm with offices in Rogers and Little Rock, will continue to provide property management and leasing services for the properties in the transaction.

Lester said the office buildings are about 92% occupied. He added no major renovations are planned for the buildings, “given the strong condition of the buildings and the consistent maintenance to date. We have established reserves that will be used in a disciplined and strategic manner to preserve the properties at a high standard.”

According to the release, Orion’s strategy includes acquiring stable assets at a price typically below replacement cost and enhancing performance through leasing, capital improvements and asset management. Rents for the acquired properties remain below market, support stable occupancy, and position them for sustainable rent growth and value creation.

In May 2023, Natural Capital partnered with Orion to acquire the 282,601-square-foot office portfolio in Rogers for $32 million. The sellers were limited liability companies controlled by Hunt Ventures in Rogers, led by philanthropist Johnelle Hunt.

According to a Natural Capital news release on Wednesday (Feb. 11), the firm sold its ownership interest in the buildings to Orion in December 2025.

“We received a compelling offer that allowed us to realize value ahead of our original timeline,” said Brad Henry, managing partner of Natural Capital. “Exiting at this point reduced execution risk and allowed us to lock in returns that exceeded our initial underwriting expectations. We appreciate the partnership with Orion and look forward to seeing them continue to add value to the portfolio.”

The new transaction included the same buildings.

In December 2022, a group led by Orion paid $14.05 million for Bentonville Commerce at 1700-1716 Commerce Drive. The transaction included eight office buildings totaling 124,000 square feet. The sellers were limited liability companies led by Rogers businessmen Patrick Byrd and Alex Baumeister.

The new transaction included the same buildings.