The 13-acre, class A center in Houston's far northwest submarket consists of seven buildings on the northwest corner of Texas 249 and Gessner Road near Willowbrook Mall. George Cushing, senior vice president, and Paula Foster, associate, with the retail investment group for Grubb & Ellis Co.'s Houston office, represented the seller, Houston-based Gulf Coast Commercial. Matt Stassi of SAS Commercial Inc. of Houston bargained for the buyer.

Cushing tells GlobeSt.com that the asset was split into two transactions to allow completion of a Denny's restaurant, leased for the long term, and the lease-up of 20,000 sf of strip retail. The buyer took title to 76,462 sf of two-year-old, 95%-leased space to national names such as Storehouse Furniture, Hooter's, Kinko's and Champp's as well as a ground lease to a freestanding Wendy's restaurant.

Cushing says the 20,000-sf strip center and Denny's pad site are the final build-out pieces to the project. He says the time between closings allows ample time to overcome any "leasing hurdle" for a new loan and completion of the Denny's restaurant. He anticipates the second closing will happen in first quarter 2004. The family partnership assumed a JPMorgan Chase & Co. loan for an undisclosed amount, but intends to seek a new loan for the next stage of the takeover, according to Cushing. Willowbrook's buyers of record are Davcan Willowbrook I LLC, SBV Willowbrook I LLC and LV Willowbrook I LLC.

Cushing says the property came to market in February and generated "good interest." The center is positioned in front of a 133,000-sf Great Indoors and 150,000-sf Costco.