Morris-Floyd Buys 115,000-SF Retail Center; Awaits More Closings

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.