Administaff shares the 96%-leased, two-story building at 4101 N.Interwood Pkwy. with Exel Inc., which leases 12,000 sf. Thestructure, with an $18.50 per sf quoted rate, is situated on 6.26acres in the 440-acre master-planned Interwood Office Park.

Locally based Midway Cos. LP developed the property in 2001,selling it in summer 2005 to the NNN Value Fund. Brendan Considine,vice president of acquisitions for the Santa Ana, CA-basedinvestment group, says the building offered a stable income throughlong-term leases. It also doesn't require any upgrades.Additionally, it's in a city that offers some great marketdynamics. Kirk Danley and Eric Tupler of CBRE/Melody arrangedfinancing through LaSalle Bank in Chicago.

"We're excited with the overall demographics of the GreaterHouston area," Considine tells GlobeSt.com. "Many areas in thecountry are experiencing a major downturn, with housing stops andslowing job growth. We're seeing the opposite in Houston."