Development group to invest $15 million in Pinnacle office building

A group of affiliated owners managed by Fayetteville-based Savant Real Estate and Development will invest $15 million to renovate a tornado-damaged office building in the Pinnacle Hills area of Rogers.

The group recently bought the two-story, approximately 53,650-square-foot office building on 2.93 acres at 5211 W. Village Parkway for $5.2 million. The seller was an affiliate of Little Rock-based CapRocq Core REIT Inc., whose president is Franklin McLarty.

The building in the Village on the Creeks mixed-use development was significantly damaged during the May 26, 2024, storms and tornadoes that caused an estimated $45 million in damage to facilities and infrastructure in Rogers.

Mitchell Massey, a principal at Savant Development, is co-managing the project’s development alongside Luke Terrell, the principal broker and partner at Savant Development. Terrell was also the buyer’s representative in the recent transaction. City Title & Closing LLC was the title agent.

Construction and renovation of the two-story, approximately 55,000-square-foot class A office building is expected to be completed in the first quarter of 2027. The existing building “will be stripped down to the frame/structure,” Terrell said. “All interior and exterior façade and roof will be replaced. This includes all new mechanicals (HVAC, plumbing, electrical, elevators), windows, doors, etc.”

Paragould-based First National Bank is financing the project. Fayetteville-based MBL Architecture is leading the design. Springdale-based Commerce Construction Co. was selected as the general contractor.

Butch Gurganus, co-founder and co-managing director at Rogers-based Focus Commercial Real Estate, is the leasing agent. Gurganus also represented the seller in the recent transaction.

“Rogers continues to see strong demand from tenants looking for quality office space with real accessibility — walkable amenities, highway connectivity, and a professional environment,” Terrell said. “This building checks all of those boxes, and we’re excited to bring it back to market.”

The affiliate of CapRocq Core REIT paid $9.1 million for the property in October 2017. The seller was an affiliate of CapRocq Fund 2 Managing GP LLC, whose authorized member is Dewitt Smith III.