Morgan Stanley, Pimco Alums Buy Retail Properties as Rivals Sell

Little-known Bridge33 Capital has emerged as one of biggest buyers of U.S. shopping centers, acquiring $540 million of properties this year while others look to sell.

The firm, founded by former Morgan Stanley mortgage bankers Jahan Moslehi and Andy Chien, has been buying retail properties once owned by major landlords including Starwood Capital Group and Kimco Realty Corp. Annual investment returns have been close to 30% -- above its target of 15 to 20% -- since the firm started in in 2012.

Jahan Moslehi

Source: Bridge33 Capital

It’s a contrarian bet at a time when retail real estate -- everything from enclosed malls ...