Property Flip

You may recall in October we reported that Grady Mathews, director of leasing and marketing with Newmark Grubb Arkansas in Bentonville the last six years, had left the company.

We’ve learned his new employer is Fayetteville firm Sage Partners, which is why the company’s latest news makes perfect sense.

Sage, we’re told, has entered into a long-term agreement to assume property management and leasing responsibilities for two of the larger office properties in Benton County — the 273,000-SF (and 100-percent occupied) Bentonville Plaza office building, located across the street from the home office of Wal-Mart Stores Inc., and Bentonville Commerce, an eight-building group of office properties on Walton Boulevard with 120,000 SF on 10.8 acres. Its occupancy rate is above 70 percent.

The management agreement begins Feb. 1.

Who is Sage replacing as property manager of those developments, you ask? Mathews’ former employer, Newmark Grubb Arkansas.

The Bentonville developments are both owned by FBE Limited LLC of New York, a privately held real estate and capital management company.
We’ll consider this news a big vote of confidence by FBE in both Grady Mathews and Sage Partners.