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 portfolio, boasting high occupancy and strong demographic appeal, was acquired by 11North Partners and Bain Capital.
Key Takeaways
- A 10-property open-air retail portfolio totaling 1.04 million square feet traded for $395.5 million.
- The portfolio is located across Florida and South Carolina.
- The properties achieved an impressive 91.6% overall occupancy.
- The acquisition was made by 11North Partners and Bain Capital.
- PGIM Real Estate was the seller, with JLL Capital Markets facilitating the transaction.
A Strategic Southeast Acquisition
JLL Capital Markets announced the successful sale of the 10-property open-air retail portfolio, which encompasses a substantial 1.04 million square feet. The deal, valued at $395.5 million, saw 11North Partners and Bain Capital emerge as the buyers, acquiring the assets from PGIM Real Estate. This transaction highlights the continued investor appetite for well-located, high-quality retail centers in thriving markets.
Portfolio Highlights And Locations
The portfolio is characterized by its prime locations in affluent trade areas, benefiting from robust demographics. Within a three-mile radius of these properties, the average household income stands at $101,152, underscoring the strong consumer base. The collection of properties includes:
- Plantation Promenade in Plantation, Florida
- Sawgrass Square I & II in Sunrise, Florida
- Garden Shops at Boca in Boca Raton, Florida
- Rolling Oaks in Orlando, Florida
- New Tampa Center in Tampa, Florida
- Miramar Commons in Miramar, Florida
- The Promenade in Poinciana, Florida
- Point Hope Commons in Charleston, South Carolina
- Solivita Marketplace in Poinciana, Florida
- Lake Worth 441 in Lake Worth, Florida
Investor Confidence In Retail
Danny Finkle, Senior Managing Director at JLL, commented on the uniqueness of acquiring such a large and high-quality portfolio in desirable Southeast markets. He noted that the transaction "demonstrates the insatiable investor demand for best-in-class, retail centers with strong anchor tenants and stable occupancy." Brian Harper, Founder and Managing Partner of 11North, added that the acquisition represents a "compelling opportunity to embed our platform in strong, in-demand communities that are benefiting from significant demographic shifts across the Southeast."
About The Parties Involved
JLL Capital Markets acted as the intermediary, leveraging its extensive global network and local market expertise. Bain Capital Real Estate, formed in 2018, focuses on investments in sectors driven by long-term demand growth. 11North Partners is a real estate investment firm dedicated to curating a diversified portfolio of retail investments. PGIM Real Estate, the seller, is a leading global real estate investment manager with a significant presence worldwide.
Sources
- 10-Property open-air retail portfolio trades hands for $395.5M in Florida and South Carolina, JLL.
- 10-Property Open-Air Retail Portfolio Trades Hands for $395.5M in Florida and South Carolina, citybiz.