Real estate sources say the buyer, RPD Catalyst LLC, spent more than $9 million for the center at 10950 Westheimer Rd. in a deal negotiated by its president, Scott C. Dew. The buyer also owns the nearby Woodlake Square Shopping Center at Westheimer and Gessner drives.

George Cushing, a Grubb & Ellis Co. senior vice president in Houston, tells GlobeSt.com that he struck the deal at the conference before he had a chance to officially put the 5.5-acre property on the market. Cushing and Paula Foster, a Grubb & Ellis associate, represented the seller, a partnership of Houston-based Schneider-Moore Properties. David Aaronson and Brandon Myers, both with Live Oak Capital Ltd. in Houston, arranged acquisition financing through Lehman Bros.' New York City office.

Built in 1974, the center is more than 90% filled. The tenant roster includes Office Depot, Dollar Tree and Lenscrafters.

Cushing says capital improvements "were not a vocalized strategy up front," but he expects the new owners will put some money into the asset to keep pace with the high-quality competition in the area. The Westheimer address was a major selling point for the property, he adds. The center is situated in a submarket with more than 55,000 employees and 25,000 residents.