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Bain Capital and 11North Partners Acquire $395.5M Retail Portfolio in Florida and South Carolina

Retail shopping center with storefronts and parking.

Bain Capital and 11North Partners have jointly acquired a significant 10-property open-air retail portfolio spanning Florida and South Carolina for $395.5 million. This strategic acquisition, totaling approximately 1.04 million square feet, was facilitated by JLL Capital Markets, representing the seller PGIM Real Estate. The portfolio boasts high occupancy and is situated in affluent areas with strong demographic profiles.

Key Takeaways

  • A 10-property open-air retail portfolio across Florida and South Carolina has been sold for $395.5 million.
  • The buyers are 11North Partners and Bain Capital.
  • The portfolio comprises approximately 1.04 million square feet and is 91.6% occupied.
  • Properties are located in desirable trade areas with strong demographics.

Portfolio Details and Strategic Value

The acquired portfolio includes prominent retail centers such as Plantation Promenade, Sawgrass Square I & II, Garden Shops at Boca, Rolling Oaks, New Tampa Center, Miramar Commons, The Promenade, Point Hope Commons, Solivita Marketplace, and Lake Worth 441. These centers are strategically located in thriving submarkets across Florida, including Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina.

Seven of the ten centers are anchored by Publix, a leading grocery chain, and feature a diverse mix of national, regional, and daily-needs tenants. This includes well-known brands like Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s. The high occupancy rate, exceeding 93% according to Bain Capital, and the presence of essential service providers underscore the resilience and desirability of these retail assets.

Investor Sentiment and Market Outlook

Danny Finkle of JLL highlighted the rarity of acquiring such a high-quality and scaled portfolio in desirable Southeast markets, emphasizing the strong investor demand for best-in-class retail centers with stable occupancy and strong anchor tenants. Brian Harper of 11North Partners noted the opportunity to integrate their platform into strong communities benefiting from demographic shifts, including lifestyle migration and an aging population in the Southeast.

Martha Kelley from Bain Capital Real Estate echoed this sentiment, stating that the acquisition aligns with their thematic investment approach in open-air, necessity-based retail in attractive growth regions. The joint venture between Bain Capital Real Estate and 11North Partners, formed in April 2024, focuses on acquiring and operating open-air retail centers across the U.S. and Canada, targeting assets with strong necessity-based tenancy and long-term consumer demand drivers.

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