Pinnacle Partners Plan Partition
by August 13, 2007 12:00 am 109 views
Partners in The Pinnacle Group, the developers of multiple upscale projects in the Pinnacle Hills area of Rogers, announced a restructuring of their partnership on Aug. 2.
The group was previously comprised of Tim Graham, Johnelle Hunt, Bill Schwyhart and Robert Thorton.
Two new groups will emerge, a release stated: The first, with principals Hunt and Graham, will retain The Pinnacle Group name; the second is not yet named but will be a partnership between Schwyhart and Thorton.
The four will retain their existing partnership in Jetride LLC, an air charter service with fixed base operations at the Springdale Municipal Airport. The entire Jetride company owns 25 planes.
John George, executive vice president for TPG, said the original partnership has developed about 2.1 million total SF of retail, restaurant and office space, including the 1 million-SF Pinnacle Promenade it co-developed with General Growth Properties Inc. of Chicago.
On average, TPG’s properties are about 80 percent occupied.
George said the partners aren’t yet ready to comment on which group will control which properties.
There are about 300 acres of land yet to develop in the Pinnacle Hills area, he said, and the new groups will continue to develop that land. Both groups will collaborate, he said.