Investment firms Bain Capital and 11North Partners have acquired a major portfolio of ten open-air retail centers spread across key markets in Florida and South Carolina for approximately $395.5 million. The purchase underscores ongoing investor appetite for well-located retail assets, particularly in high-growth southeastern regions.
Key Takeaways
- Bain Capital and 11North Partners acquired 10 open-air retail centers for $395.5 million
- The properties span over 1 million square feet with an average occupancy rate surpassing 91%
- Seven centers are anchored by Publix, with other national brands including Starbucks, Chick-fil-A, and Chipotle
- The portfolio is concentrated in thriving markets such as Orlando, Tampa, Boca Raton, and Charleston
Details of the Acquisition
The portfolio comprises ten properties anchored predominantly by top national retailers, presenting a strong tenant mix and consumer draw. The transaction brings together two experienced players with a strategic vision for high-performing retail hubs catering to daily needs.
With occupancy rates exceeding 91 percent, these retail centers benefit from prime locations in areas with affluent demographics and robust population growth. The average household income in the neighborhoods surrounding these centers is over $100,000, reflecting a high consumer spending potential.
Locations and Anchor Tenants
The newly acquired centers include:
- Plantation Promenade (Plantation, FL)
- Sawgrass Square I & II (Sunrise, FL)
- Garden Shops at Boca (Boca Raton, FL)
- Rolling Oaks (Orlando, FL)
- New Tampa Center (Tampa, FL)
- Miramar Commons (Miramar, FL)
- The Promenade (Poinciana, FL)
- Solivita Marketplace (Poinciana, FL)
- Lake Worth 441 (Lake Worth, FL)
- Point Hope Commons (Charleston, SC)
Seven of these shopping centers are anchored by Publix supermarkets, a key player driving strong foot traffic and consistent customer demand. Other prominent tenants include national brands such as Bank of America, Chipotle, Jersey Mike’s, McDonald’s, and Starbucks, reinforcing each property’s stable cash flow and long-term value.
Strategic Rationale and Partnership Goals
Executives at both Bain Capital and 11North note that the deal puts their firms at the center of favorable demographic trends, including lifestyle migration and an aging population that is boosting demand for retail in the region. The Southeast has seen consistent growth, limited new retail development, and stable consumer markets, making these acquisitions exceptionally attractive for investors.
Brian Harper, Founder and Managing Partner of 11North, highlighted the institutions’ commitment to investing in strong, necessity-based retail assets that serve their communities well. The Bain-11North partnership, forged in 2024, specifically targets retail centers with enduring demand fundamentals and an opportunity for portfolio growth.
Broader Impact on Retail Real Estate
This acquisition comes as open-air retail centers, particularly those anchored by grocery stores, are favored by institutional investors for their resilience and adaptability in changing market conditions. With continued focus on high-quality retail real estate, the Bain Capital and 11North joint venture signals ongoing confidence in the brick-and-mortar retail sector—especially in markets experiencing sustained economic and population expansion.
For both firms, the deal adds significant scale and geographic diversification to their existing holdings, positioning them for long-term operational success across the U.S. retail landscape.