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
- Bain Capital Real Estate and 11North Partners acquired 10 open-air retail centers for $395 million.
- The portfolio is located across Florida and South Carolina, with a strong presence in high-demand submarkets.
- Seven of the centers are anchored by Publix, contributing to a high occupancy rate of over 93%.
- The acquisition aligns with the joint venture’s strategy of investing in necessity-based retail in growing regions.
Strategic Acquisition in High-Growth Markets
The newly acquired portfolio comprises ten open-air retail centers strategically located in thriving Florida submarkets including Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina. Most of these centers are anchored by Publix, a leading grocery chain, and feature a diverse mix of national, regional, and daily-needs tenants such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s.
The combined properties span over one million square feet of gross leasable area and boast an impressive in-place occupancy rate exceeding 93 percent. The assets are situated in desirable, high-barrier communities known for strong household demographics, limited new retail supply, and sustained population growth, making them attractive for long-term investment.
Reinforcing a Focused Investment Strategy
This transaction marks a significant step for the exclusive partnership between Bain Capital Real Estate and 11North, which was formed in April 2024 with the objective of acquiring and operating open-air retail centers across the U.S. and Canada. The joint venture targets assets with a high concentration of necessity-based tenancy and strong, long-term consumer demand drivers.
Brian Harper, Founder and Managing Partner of 11North, highlighted the opportunity to embed their platform in strong, in-demand communities benefiting from demographic shifts in the Southeast. He noted that their combined portfolio now includes grocery anchors like Whole Foods, Trader Joe’s, and Publix, with average grocery sales volumes around $1,000 per square foot, underscoring the quality of these centers.
Martha Kelley, Managing Director at Bain Capital Real Estate, echoed this sentiment, stating that the scaled acquisition aligns perfectly with their thematic approach to investing in open-air, necessity-based retail in attractive growth regions. The partnership aims to build a differentiated, high-quality portfolio in markets where they have long-term conviction.
Portfolio Details
The ten retail centers included in the acquisition are:
- Sawgrass Square
- Plantation Promenade
- Miramar Commons
- Rolling Oaks
- Promenade at Poinciana
- Solivita Marketplace
- New Tampa Center
- Lake Worth Plaza
- Garden Shops at Boca
- Point Hope Commons
This acquisition follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City, demonstrating continued momentum in their investment strategy.