On November 12 a sale was closed on Bradford Plaza, a 94,520 square foot power center, shadow-anchored by a grocery store, to Bradford Plaza Capital Venture, LLC, a Texas limited liability company, whose manager is Bill Morris of Morris Capital Partners.
The court-appointed receiver and Midland, as Special Servicer for the noteholder, received and reviewed multiple bids for this property. While the price was certainly a defining element, Morris’ offer was selected based also on their knowledge of the property, consistent reliability during the bidding process, and reputation of following through on promises to perform as agreed.
Although this was an unusual closing with a few complex twists regarding the delivery of clear title, Morris did not disappoint the sellers. In the end, Morris closed at the earliest possible closing date, at the contract price and with no last-minute attempts to renegotiate the deal.
Midland will certainly consider future offers from Bill Morris.