“We like to look at each deal and have our investor base decide on deals individually,” he explains, adding that the firm hopes to deploy $25 million to $35 million annually through all-cash purchases. “Our strategy is to buy, add value and hold for the long-term, so at some point we will put debt on our assets.”

Morris says the firm is focused exclusively on retail properties and is willing to consider all types of retail except for smaller, unanchored strip centers. From a geographic standpoint, it will pursue opportunities in markets where “institutional capital is bidding up prices.” Morris notes.

“I’d rather be in smaller markets that are a little off the radar screen,” Morris says. “We’ll likely focus on the Midwest and south central regions of the US.”

With those investment criteria in mind, the firm has already closed on its first deal – Bradford Plaza, a 95,000-square-foot shopping center in Stillwater, OK. Morris Capital acquired the grocery-anchored property out of receivership from Midland Loan Services for about $5 million.

Morris says his firm beat out 18 other buyer to gain possession of Bradford Plaza. Currently, the property is about 70% occupied; tenants include Famous Footwear, Old Navy, Cato and Cici's Pizza.

Bradford Plaza has a dark, 30,000-square-foot anchor space that was formerly occupied by Goody's. Morris Capital Partners has lined up several possible credit tenants to backfill that space and plans to invest in necessary capital improvements to re-energize the center.

Morris Capital Partners has also partnered with Columbus, OH-based Real Estate Development Advisors to acquire Worthington Square Mall in Worthington, OH. Real Estate Development Advisors was founded by Tom Carter, one of Morris’ prior colleagues at Trademark.

The partnership will close on Worthington Square Mall in December, investing roughly $20 million in the asset, which was formerly owned by the Stanford University Endowment. GE Credit Equities foreclosed on the 168,000-square-foot mall in 2008.

Currently, the property is 50% occupied. Morris says Stanford had planned to densify the property and transform it into a mixed-use project. The new owners plan to de-mall the asset, whose tenants include Talbots, Chicos, Jos. A. Bank, and Ann Taylor.

“This is a very unique opportunity because the mall is adjacent to one of the top producing Krogers in the state, yet it has no convenience retail or daily needs tenants like a dry cleaners,” Morris says. “We’re going to bring in those tenants, as well as restaurants.”