Bradford Plaza

To download the most updated site plan, click here.

In late 2010, Morris Capital Partners identified an opportunity in Stillwater, Oklahoma, a very supply constrained market. The property was in receivership and was being marketed by Cushman & Wakefield. Due to our longstanding relationship with not only the broker, but the receiver, we were able to win a competitive bid process with 15 competitors by using our strong equity relationship to go firm in 2 days and be in a position to close within 5 days.

Benefits:

  • Supply constrained market with several existing voids
  • Strong retailer line up with strong sales and low health ratios
  • Costs basis is well below market
  • 100% occupancy
  • Directly across from Oklahoma State University and its 22,000 students

In addition to our re-merchandising exercise, we partnered with the City of Stillwater and obtained a public subsidy in the form of a TIF (Tax Increment Financing), which aligned our interests. 

The results include:

  • Increased occupancy from 50% to 95% (pending ULTA lease execution) within 12 months
  • Increased NOI from $300k to $900K in 18 months
  • Turned the unclear and unpredictable asset into clear and predictable cash flow
  • Stabilized annual cash return
  • Transformed  distressed asset to core institutional investment property