A significant transaction has reshaped the Southeast retail landscape as a 10-property open-air retail portfolio, spanning approximately 1.04 million square feet across Florida and South Carolina, has been sold for $395.5 million. The deal highlights continued investor confidence in well-located, high-occupancy retail assets.
Key Takeaways
- A 10-property open-air retail portfolio totaling 1.04 million square feet traded for $395.5 million.
- The portfolio is 91.6% occupied and located in affluent areas with strong demographics.
- 11North Partners and Bain Capital acquired the assets from PGIM Real Estate.
Transaction Details
JLL Capital Markets facilitated the sale of the expansive retail portfolio, representing the seller, PGIM Real Estate. The acquisition was made by 11North Partners and Bain Capital for a total of $395.5 million. This strategic move underscores the robust demand for prime retail spaces in high-growth regions.
Portfolio Highlights
The 10 properties included in the portfolio are situated in desirable trade areas, boasting an impressive overall occupancy rate of 91.6%. These locations benefit from strong demographic profiles, with an average household income of $101,152 within a three-mile radius, indicating a stable and affluent customer base.
The individual properties included in this significant transaction are:
- Plantation Promenade (Plantation, Florida)
- Sawgrass Square I & II (Sunrise, Florida)
- Garden Shops at Boca (Boca Raton, Florida)
- Rolling Oaks (Orlando, Florida)
- New Tampa Center (Tampa, Florida)
- Miramar Commons (Miramar, Florida)
- The Promenade (Poinciana, Florida)
- Point Hope Commons (Charleston, South Carolina)
- Solivita Marketplace (Poinciana, Florida)
- Lake Worth 441 (Lake Worth, Florida)
Market Outlook
Senior Managing Director Danny Finkle of JLL noted the rarity of acquiring such a high-quality and large-scale portfolio in sought-after Southeast markets. He emphasized that the transaction validates the strong investor appetite for top-tier retail centers anchored by stable tenants and consistent occupancy. Brian Harper, Founder and Managing Partner of 11North, added that the acquisition presents a prime opportunity to establish their platform in vibrant communities experiencing significant demographic shifts, including migration towards lifestyle-oriented living and an aging population, common trends across the Southeast.