Bain Capital and 11North Partners have jointly acquired a significant 10-property open-air retail portfolio spanning Florida and South Carolina for $395.5 million. The transaction, brokered by JLL Capital Markets, encompasses approximately 1.04 million square feet of prime retail space, boasting high occupancy rates and strong demographic appeal in affluent trade areas.
Key Takeaways
- A portfolio of 10 open-air retail centers across Florida and South Carolina was sold for $395.5 million.
- The acquisition was made by Bain Capital and 11North Partners.
- The portfolio totals approximately 1.04 million square feet and is 91.6% occupied.
- Many centers are anchored by Publix, a major grocery chain.
Strategic Acquisition Details
The expansive portfolio includes properties strategically located in thriving submarkets across Florida, such as Plantation, Sunrise, Boca Raton, Orlando, Tampa, Miramar, Poinciana, and Lake Worth. Additionally, Point Hope Commons in Charleston, South Carolina, is part of the deal. This collection of retail centers is noted for its high occupancy, exceeding 91.6%, and its presence in desirable communities with strong household incomes averaging $101,152 within a three-mile radius.
Investor Confidence in Southeast Retail
Danny Finkle of JLL Capital Markets highlighted the rarity of acquiring such a high-quality and large-scale portfolio in sought-after Southeast markets. He emphasized that the transaction underscores the robust investor demand for premier retail centers featuring strong anchor tenants and stable occupancy. Brian Harper, Founder and Managing Partner of 11North, echoed this sentiment, viewing the acquisition as a strategic move to establish their platform in robust, in-demand communities benefiting from significant demographic shifts, including lifestyle migration and an aging population.
Portfolio Highlights and Future Outlook
Seven of the acquired centers are anchored by Publix, a leading grocery retailer, and the portfolio features a diverse mix of national and regional tenants, including Bank of America, Chipotle, Starbucks, and Chick-fil-A. This acquisition aligns with Bain Capital Real Estate and 11North’s strategy to invest in open-air, necessity-based retail assets in high-growth regions. The joint venture, formed in April 2024, aims to acquire and operate similar retail centers across the U.S. and Canada, building on their recent purchase of lifestyle retail centers in Oklahoma City.
Sources
- 10-Property open-air retail portfolio trades hands for $395.5M in Florida and South Carolina, JLL.
- Bain Capital and 11North Partners Acquire Portfolio of 10 Open-Air Retail Centers Across Florida and South
Carolina, Bain Capital.