A ten-property open-air retail portfolio spread across Florida and South Carolina has been acquired for $395.5 million by Bain Capital and 11North Partners. The sale signals significant investor demand for high-quality, necessity-based shopping centers in the Southeast’s fastest-growing communities.
Key Takeaways
- $395.5 million acquisition of ten retail properties in Florida and South Carolina
- Portfolio exceeds 1 million square feet with occupancy rates above 91%
- Most properties anchored by major grocery chain Publix, alongside strong national tenants
- Buyers cite demographic shifts and lifestyle migration as investment drivers
Overview of the Portfolio
The acquired portfolio comprises more than 1.04 million square feet across ten assets located in prominent markets such as Fort Lauderdale, Orlando, Tampa, Palm Beach, and Charleston. These locations benefit from affluent, high-growth trade areas, with average household incomes surpassing $100,000 within a three-mile radius.
List of Properties Acquired:
- Plantation Promenade, Plantation, FL
- Sawgrass Square I & II, Sunrise, FL
- Garden Shops at Boca, Boca Raton, FL
- Rolling Oaks, Orlando, FL
- New Tampa Center, Tampa, FL
- Miramar Commons, Miramar, FL
- The Promenade, Poinciana, FL
- Solivita Marketplace, Poinciana, FL
- Lake Worth 441, Lake Worth, FL
- Point Hope Commons, Charleston, SC
Most of these centers are anchored by Publix, with additional national tenants such as Starbucks, Chick-fil-A, McDonald’s, and Bank of America, ensuring a tenant mix tailored to daily consumer needs.
Why Investment Interest Is High
The Southeast, especially Florida and South Carolina, continues to experience rapid population growth, lifestyle migration, and shifting demographics, including an aging population. The scarcity of new retail developments in these markets—coupled with steady consumer demand—has heightened the appeal of stabilized retail centers among institutional investors.
Industry observers note that the large scale, grocery-anchored profile, and high occupancy rates (exceeding 91%) make this particular portfolio a unique and attractive opportunity. The inclusion of top retail brands and the focus on necessity-based tenants mitigate market volatility and offer resilient income streams.
Strategic Goals of the Buyers
The purchase underpins Bain Capital and 11North Partners’ ongoing strategy to expand their presence in thriving Sun Belt communities. Their partnership, formed in 2024, aims to target open-air retail assets with high concentrations of essential goods and services.
With this acquisition, the joint venture grows its holdings in grocery-anchored shopping centers—including those anchored by Whole Foods and Trader Joe’s—highlighting confidence in the durability and continued relevance of necessity-based retail.
What This Means for the Region
This transaction is one of the Southeast’s most notable retail deals of 2025, underscoring both institutional faith in regional retail real estate and the ongoing transformation of shopping patterns in the post-pandemic era. For local communities, the continued investment is expected to enhance retail offerings and support robust economic growth.
The enduring demand for accessible, daily-needs retail—aided by strong tenant rosters and prime locations—suggests this trend will persist as investors seek stable returns amid broader market uncertainties.