Satterfield Helm Management Inc. outplayed competitors with thehighest offer for Northway Center at 11077 Northwest Frwy. "Thiswas a transaction driven by the special need created by the 1031exchange," George Cushing, senior vice president of Grubb &Ellis Co. in Houston, tells GlobeSt.com. "Everyone involved waspleased with the outcome."

|

Cushing says the buyer was working a one-off to satisfy theexchange, probably retail from its homeport, rather than settingdown roots to shop for additional properties in the region. But, hedoes add that the new owner's going-forward plan for the class BNorthway Center includes "creating value" via upgrades, renewalsand new deals. The first step was to hire Wulfe & Co. ofHouston to lease it for them.

|

Cushing says the 35-space center has six leases rolling nextyear, five in 2010 and six more in 2011. This year's stack of fourwas put to bed before the deal closed, he confides. "As you'dexpect, it has a lot of moving parts," adds Cushing, whose partneron the deal was vice president Wendy Vandeventer.

|

Satterfield's new real estate was developed in 1979 on 17.5-acretract, now holding a front row seat at a significant intersection."It's a well located center, close in," he says, citing the US Hwy.290/Northwest Freeway and 34th Street junction where developableland has become hard to find. The center is situated close to theresidential communities of Spring Branch, Garden Oaks and theHeights and eight miles northwest of Downtown Houston.

|

About four years ago, Weingarten scraped a Randall's grocerystore and rebuilt a 63,320-sf box for Katy, TX-based Academy Sports& Outdoors Ltd. Today's tenant roster is 81% national andregional names, including Conn's Appliances, OfficeMax and GoodwillIndustries.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.