Local and institutional investors have recently completed several acquisitions of retail properties across Florida and Virginia. These deals involve a mix of individual assets and larger portfolios, signaling continued investor confidence in the retail sector, particularly in high-growth Sun Belt markets. The transactions highlight a trend towards acquiring well-located, necessity-based retail centers.
Key Takeaways
- Two separate transactions involved retail properties in Virginia and Florida, brokered by Silber Investment Properties.
- Bain Capital and 11North Partners acquired a 10-property open-air retail portfolio for approximately $395 million.
- The acquired properties are primarily anchored by grocery stores and feature a strong mix of national and daily-needs tenants.
Virginia and Florida Retail Strips Change Hands
Two area investors have acquired distinct retail properties in Virginia and Florida, with brokerage services provided by Silber Investment Properties. Petrakis Properties, a commercial real estate investment firm, purchased a 5,400-square-foot retail strip center in Norfolk, Virginia, for $1.3 million. This three-store property is anchored by a 7-Eleven and also includes tenants East Tide CBD and Ocean Coin Laundry.
In a separate transaction, FMJ Properties LLC acquired a 5,688-square-foot restaurant property in Vero Beach, Florida, for $2.55 million. This property is triple-net leased to a Chili’s restaurant, with the lease recently extended for 10 years and backed by its publicly traded owner, Brinker International.
Major Retail Portfolio Acquisition
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 significant transaction was executed through a strategic partnership focused on acquiring and operating open-air retail centers across the U.S. and Canada.
The portfolio includes properties strategically located in Florida submarkets such as Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina. Collectively, these ten properties encompass over one million square feet of gross leasable area, with an occupancy rate exceeding 93 percent. Seven of the centers are anchored by Publix, a prominent grocery chain, and the portfolio features a diverse mix of national, regional, and daily-needs tenants, including Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s.
These assets are situated in desirable communities known for strong household demographics, limited new retail supply, and consistent population growth. The acquisition aligns with Bain Capital and 11North’s investment strategy, which targets open-air, necessity-based retail assets in high-growth regions.
Sources
- Local investors acquire retail properties in Virginia and Florida, Long Island Business News.
- 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.