Specialized Real Estate Group, a Fayetteville-based developer, has selected Cushman & Wakefield / Sage Partners to provide property management services for four of its commercial properties. The agreement covers a portfolio of nearly 38,000 square feet in Fayetteville, Arkansas.
Key Takeaways
- Specialized Real Estate Group has hired Sage Partners to manage four commercial properties in Fayetteville.
- The portfolio includes a total of 37,795 square feet of commercial space.
- The properties are South Yard, 3959 N. Steele Blvd., 15 N. Church Ave., and 200 W. Center St.
- Sage Partners will handle lease administration, operations, and financial oversight for the properties.
New Management for Key Fayetteville Commercial Sites
In a significant local business development, Fayetteville developer Specialized Real Estate Group has formed a partnership with Cushman & Wakefield / Sage Partners. The collaboration will see Sage Partners, a prominent commercial real estate firm, take over the management of four key properties owned by Specialized.
The total area under this new management agreement is 37,795 square feet. This move signals a strategic decision by Specialized to leverage the expertise of a dedicated management firm to oversee its assets, allowing the company to focus on its core mission of community development.
About the Companies
Specialized Real Estate Group is a Fayetteville-based developer known for creating award-winning communities with a focus on health and sustainability. Cushman & Wakefield / Sage Partners is a leading commercial real estate firm in Arkansas, with offices in Rogers and Little Rock, offering services in property and asset management.
A Detailed Look at the Property Portfolio
The agreement encompasses four distinct properties located throughout Fayetteville, each with its own set of tenants and commercial functions. The portfolio represents a diverse mix of commercial spaces within the city.
The four properties now under the management of Sage Partners are:
- South Yard: Located at 417 Martin Luther King Jr. Blvd., this is the largest property in the portfolio at 15,000 square feet and is home to three tenants.
- 3959 N. Steele Blvd.: This property offers 12,540 square feet of space and currently houses five tenants.
- 15 N. Church Ave.: A smaller site at 5,330 square feet, this building has three tenants.
- 200 W. Center St.: The final property in the group is 4,925 square feet and is occupied by five tenants.
Portfolio by the Numbers
The partnership covers a total of 37,795 square feet across four properties, serving a combined 16 tenants in Fayetteville.
Executive Perspectives on the Partnership
Leaders from both companies have expressed optimism about the collaboration, highlighting the alignment of their respective strengths. Jeremy Hudson, the CEO of Specialized Real Estate Group, emphasized the importance of professional stewardship for their developed spaces.
“This partnership underscores our belief that great places need great stewardship,” said Jeremy Hudson. “While we can focus on creating healthy, meaningful neighborhoods, Sage’s property management team will provide the expertise and systems that ensure those spaces thrive for tenants, neighbors and owners over the long term.”
Hudson's comments suggest that Specialized aims to ensure the long-term success and vitality of its properties by entrusting day-to-day management to a specialized firm. This allows his team to concentrate on future development projects.
On the other side of the agreement, the CEO of Cushman & Wakefield / Sage Partners, Marshall Saviers, spoke about building upon the foundation laid by Specialized.
“Specialized has set the standard for thoughtful development in our region,” stated Marshall Saviers. “We are proud to extend that vision through management services that protect and grow asset value, while supporting the tenants that call these properties home.”
Saviers highlighted his firm's role in not only maintaining the properties but also enhancing their value and supporting the businesses that operate within them.
Strategic Focus on Core Competencies
This partnership allows each company to focus on what it does best. Specialized Real Estate Group can now dedicate more resources to its primary mission: designing and building innovative communities. The firm has gained a reputation for its forward-thinking approach to urban development in Northwest Arkansas.
Meanwhile, Sage Partners will apply its extensive experience in property management to the four locations. According to a news release, the firm has been actively expanding its property management platform to serve a growing number of institutional and local property owners. Their services are comprehensive and designed to handle all aspects of property oversight.
Sage Partners' Management Responsibilities
The role of a property manager is multifaceted. For these four Fayetteville properties, Sage Partners will be responsible for several key areas, including:
- Lease Administration: Managing all tenant leases, including renewals, negotiations, and compliance.
- Operations Management: Overseeing the daily physical maintenance of the properties, including repairs, security, and janitorial services to ensure a high-quality environment for tenants.
- Financial Oversight: Handling all financial aspects, such as rent collection, budgeting, expense management, and providing detailed financial reporting to the owners.
By taking on these responsibilities, Sage Partners aims to create a seamless experience for the 16 tenants across the portfolio while working to protect and increase the long-term value of the assets for Specialized Real Estate Group.
