Sage Partners creates TIC to purchase property for $10.425MM
ROGERS, Ark. (July 9, 2018) – The Citizens Bank building located at 3350 South Pinnacle Hills Parkway in Rogers has sold to 3350 PHP, LLC. 3350 PHP, led by investor Andy Burnett, is a Tenant in Common (TIC) owned group created by Sage Partners.
T.J. Lefler, executive vice president and principal at Sage Partners, and Tom Allen, executive vice president and principal at Sage Partners, represented the TIC. Marshall Saviers, president and principal of Sage Partners, and Matt Imhoff, associate at Sage Partners, represented the seller of the building. The transaction was valued at $10.425 million. The three-story building is 100 percent occupied and has nearly 45,000 square feet of commercial space. No immediate changes are expected for tenants. Sage Partners will manage the facility and act as its leasing agent. Citizens Bank handled the financing for the purchase.
“My partners and I are appreciative of the support given by the Sage Partners team in making this partnership possible. From uniting the investor group to representing both the buyer and seller, the team at Sage Partners truly is a first-rate, full-service commercial real estate firm,” said Andy Burnett, lead investor. “This is a great facility both in terms of location and tenants, making it an attractive acquisition for our investors who are excited to see the continued prosperity in the Northwest Arkansas market,” continued Burnett.
About Sage Partners
Sage Partners is a full-service commercial real estate firm with offices in Rogers, Bentonville and Little Rock, and manages more than four million square feet across the state. For more information, visit sagepartners.com.