PLANO, TX-Morris-Floyd Capital Partners is active once again, buying the 115,000-square-foot, Kroger-anchored Custer Park Shopping Center from Weingarten Realty Advisors. The Fort Worth buyer is also under contract to purchase two more retail properties; the 220,000-square-foot Mountain View Mall in Ardmore, OK and a Super Walmart-anchored center in Weatherford, TX.

According to company principal Bill Morris, Morris-Floyd's purpose for being is to acquire retail properties with value-add opportunities that may be below the radar screen of the larger and institutional investors, while being too large for a private individual to own and manage. As such, the Custer Park Shopping Center at 3001 - 3131 Custer Rd. came to his attention via Tom Salanty of Cushman & Wakefield of Texas Inc., who marketed the asset on behalf of the seller, and told Morris that the 1970s-built center had been under contract in late 2011, but fell out.

"That happens a lot," Morris explains. "If something falls out of contract, instead of going through the bidding process again, sellers a lot of times will just say go get it done, find me a buyer." Now, as Custer Park Shopping Center's new owner, Morris-Floyd plans to invest $1 million in renovations and capital improvements in the 80%-leased center.