Bain Capital Real Estate and 11North Partners have jointly acquired a portfolio of ten open-air retail centers spanning Florida and South Carolina for approximately $395 million. This strategic acquisition, totaling over one million square feet, significantly expands the partnership’s footprint in high-growth Southeast markets, reinforcing their focus on necessity-based retail.
Key Takeaways
- Acquisition Value: Approximately $395 million.
- Portfolio Size: Ten open-air retail centers totaling over one million square feet.
- Locations: Strategically situated across Florida (Fort Lauderdale, Orlando, Tampa, Palm Beach) and Charleston, South Carolina.
- Occupancy: High in-place occupancy exceeding 93 percent.
- Anchors: Seven centers are anchored by Publix, with a strong mix of national and daily-needs tenants.
Strategic Expansion in High-Growth Markets
The newly acquired portfolio comprises ten well-located open-air retail centers, with seven featuring Publix as a primary anchor. The properties are situated in desirable communities known for strong demographics, limited new retail supply, and consistent population growth. This includes key Florida submarkets like Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina.
A Strong Mix of Tenants and High Occupancy
Collectively, the ten properties offer more than one million square feet of gross leasable area and boast an impressive occupancy rate exceeding 93 percent. The tenant roster features a robust mix of national, regional, and daily-needs businesses, including Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s. This diverse tenant base underscores the centers’ appeal and resilience.
Partnership’s Continued Momentum
This acquisition follows a recent joint venture purchase of three open-air lifestyle retail centers in Oklahoma City, highlighting the platform’s ongoing success. The partnership between Bain Capital Real Estate and 11North Partners, formed in April 2024, is dedicated to acquiring and operating open-air retail centers across the U.S. and Canada, with a focus on necessity-based tenancy and long-term consumer demand drivers.
Brian Harper, Founder and Managing Partner of 11North, noted the opportunity to embed their platform in strong, in-demand communities benefiting from demographic shifts in the Southeast. Martha Kelley, Managing Director at Bain Capital Real Estate, added that the scaled acquisition aligns with their thematic approach to investing in open-air, necessity-based retail in attractive growth regions.
Sources
- Bain Capital and 11North Partners Acquire Portfolio of 10 Open-Air Retail Centers Across Florida and South
Carolina, Bain Capital. - 10-Property open-air retail portfolio trades hands for $395.5M in Florida and South Carolina, JLL.