Bain Capital and 11North Partners have jointly acquired a portfolio of ten open-air retail centers for approximately $395 million. The strategically located properties span Florida and South Carolina, with most anchored by Publix, reflecting a continued investment in high-growth retail markets.
Key Takeaways
- Bain Capital Real Estate and 11North Partners formed a joint venture in April 2024 to acquire and operate open-air retail centers.
- The acquired portfolio comprises ten properties totaling over one million square feet of gross leasable area.
- Seven of the ten centers are anchored by Publix, with a strong mix of national and daily-needs tenants.
- The transaction highlights investor demand for well-located, necessity-based retail centers in desirable Southeast markets.
Strategic Acquisition Details
The acquisition includes ten open-air retail centers situated in thriving submarkets across Florida, including Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina. The portfolio, which spans over one million square feet of gross leasable area, boasts an occupancy rate exceeding 93 percent. Seven of the centers feature Publix as a primary anchor, complemented by a diverse array of national, regional, and daily-needs tenants such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s.
The properties are located in high-barrier, desirable communities known for strong household demographics, limited new retail supply, and sustained population growth. These include Boca Raton, Sawgrass, Plantation, and Charleston, SC.
Investment Strategy and Market Outlook
Brian Harper, Founder and Managing Partner of 11North, highlighted the opportunity to establish their platform in strong, in-demand communities benefiting from demographic shifts like lifestyle migration and an aging population in the Southeast. He noted the high-performing nature of the portfolio, anchored by Publix and featuring top-tier national retailers. The 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.
Martha Kelley, Managing Director at Bain Capital Real Estate, stated that the scaled acquisition aligns with their thematic approach to investing in open-air, necessity-based retail in attractive growth regions. The joint venture, formed in April 2024, targets open-air retail assets with a high concentration of necessity-based tenancy and long-term consumer demand drivers.
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, with over $9 billion in equity invested and committed across various sectors. Bain Capital 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 leverages deep industry expertise, strong relationships with retailers and owners, and institutional partnerships to navigate the evolving retail landscape and deliver attractive risk-adjusted returns.