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Satterfield Helm Takes 215,887-SF Northway

HOUSTON-A 1031 exchange buyer from Sandy, UT grabs the 96%-leased Northway Center to meet its deadline. The Weingarten center was sale-tagged at $28.3 million.

By Connie Gore | Updated on July 03, 2008

HOUSTON-A Sandy, UT-based investment group has broken into the market with 1031 exchange funds to acquire the 215,887-sf Northway Center from local retail giant, Weingarten Realty Investors Inc. The 96%-leased asset was up for grabs at $28.3 million.

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

Cushing says the buyer was working a one-off to satisfy the exchange, probably retail from its homeport, rather than setting down roots to shop for additional properties in the region. But, he does add that the new owner’s going-forward plan for the class B Northway Center includes “creating value” via upgrades, renewals and new deals. The first step was to hire Wulfe & Co. of Houston to lease it for them.

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