The buyer, Willowchase Associates LLC, bested 18 others vyingfor the 90%-leased property at the corner of FM 1960 and Texas 249.Lamar acquired the shopping center in 1999 along with DeerbrookPlaza and Lakewood Forest Shopping Center.

George Cushing, senior vice president here for the Northbrook,IL-based Grubb & Ellis Co., tells GlobeSt.com that Lamar boughtthe trio with a plan to hold for three years, add strongermanagement and hike occupancies ... and then return the package tothe market.

Cushing, who's not discussing the selling price, says the19.5-acre holding's chief draw was its relatively low rental ratesin comparison to the trade area. According to Cushing, the retailspace in the 14-year-old Willowchase rents for about $10 per sfwhile neighboring centers are raking in $22 per sf. The just-soldcenter is positioned near the 1.5-million-sf Willowbrook Mall in atrade area that takes in the suburbs of Cypress, Spring, Tomballand Magnolia. "If you took a snapshot of the area right now,"Cushing says, "you would see a wealthy and deep consumer base."