A significant transaction has reshaped the retail landscape in the Southeast, with a 10-property open-air retail portfolio spanning Florida and South Carolina trading hands for $395.5 million. The expansive collection, totaling approximately 1.04 million square feet, was acquired by 11North Partners and Bain Capital from PGIM Real Estate.
Key Takeaways
- A 10-property open-air retail portfolio across Florida and South Carolina has been sold for $395.5 million.
- The portfolio comprises roughly 1.04 million square feet and boasts a high occupancy rate of 91.6%.
- The acquisition was made by 11North Partners and Bain Capital, with JLL Capital Markets representing the seller, PGIM Real Estate.
A Strategic Acquisition
The portfolio’s appeal lies in its prime locations within affluent areas characterized by robust demographics. The average household income within a three-mile radius of these centers is an impressive $101,152, indicating strong consumer spending potential.
Danny Finkle, Senior Managing Director at JLL Capital Markets, highlighted the rarity of acquiring such a high-quality and large-scale portfolio in desirable Southeast markets. He emphasized that this deal underscores the persistent investor appetite for top-tier retail centers anchored by strong tenants and exhibiting stable occupancy.
Portfolio Highlights
The 10 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)
Investor Outlook
Brian Harper, Founder and Managing Partner of 11North, expressed enthusiasm about integrating their platform into these thriving communities. He noted that the Southeast is experiencing significant demographic shifts, including lifestyle migration and an aging population, making these locations particularly attractive for investment.
JLL Capital Markets, a global leader in real estate capital solutions, facilitated the transaction. Their team, including Senior Director Jorge Portela and Vice President Kim Flores, played a crucial role in advising the seller throughout the process.