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.