Bain Capital and 11North Partners have announced the acquisition of a significant portfolio comprising ten open-air retail centers across Florida and South Carolina. The transaction, valued at approximately $395 million, strengthens the joint venture’s presence in high-growth markets and focuses on necessity-based retail.
Key Takeaways
- Bain Capital and 11North Partners acquired 10 open-air retail centers for $395 million.
- The portfolio is primarily anchored by Publix supermarkets.
- Properties are strategically located in Florida and South Carolina.
- The acquisition aligns with the joint venture’s strategy of investing in necessity-based retail.
Strategic Acquisition Details
The newly acquired portfolio includes ten open-air retail centers, with a combined gross leasable area exceeding one million square feet. Occupancy rates are strong, standing above 93 percent. Seven of these centers feature Publix as their primary anchor tenant, complemented by a diverse mix of national and regional retailers offering daily needs and services. Notable tenants include Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s.
The properties are situated in desirable, high-barrier communities known for robust household demographics, limited new retail supply, and consistent population growth. Key locations include Fort Lauderdale, Orlando, Tampa, Palm Beach in Florida, and Charleston in South Carolina.
Investment Strategy and Market Focus
This acquisition underscores Bain Capital Real Estate and 11North Partners’ strategic focus on acquiring and operating open-air retail centers across the U.S. and Canada. The joint venture, formed in April 2024, targets assets with a high concentration of necessity-based tenants and strong long-term consumer demand drivers. This move follows their recent purchase of three open-air lifestyle retail centers in Oklahoma City.
Brian Harper, Founder and Managing Partner of 11North, highlighted the opportunity to embed their platform in strong communities benefiting from demographic shifts in the Southeast. He noted the high performance of the portfolio, anchored by Publix and featuring top-tier national retailers, adding to their existing portfolio which includes Whole Foods and Trader Joe’s. Harper also pointed out that average grocery sales volumes across their portfolio are approximately $1,000 per square foot.
Martha Kelley, Managing Director at Bain Capital Real Estate, emphasized that the scaled acquisition aligns with their thematic approach to investing in open-air, necessity-based retail in attractive growth regions. She expressed enthusiasm for continuing to build a high-quality portfolio with 11North in markets with long-term conviction.
About the Partners
Bain Capital Real Estate, established in 2018, focuses on investments in sectors driven by enduring secular trends. The team has a history of investing in real estate since 2010, managing over $9 billion in equity across various sectors. Bain Capital itself is a leading global private investment firm with approximately $185 billion in assets under management.
11North Partners is a real estate investment firm dedicated to curating a diversified portfolio of retail investments. The firm combines deep industry expertise, strong relationships with retailers and owners, and institutional partnerships to navigate the evolving retail landscape and unlock value across retail verticals.
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
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