Bain Capital and 11North Partners have jointly acquired a significant portfolio of 10 open-air retail centers, totaling approximately 1.04 million square feet, across Florida and South Carolina for $395.5 million. The transaction highlights strong investor demand for well-located, necessity-based retail assets in high-growth markets.
Key Takeaways
- Bain Capital and 11North Partners acquired 10 open-air retail centers for $395.5 million.
- The portfolio spans over 1 million square feet across Florida and South Carolina.
- Properties boast high occupancy rates, with many anchored by Publix.
- The acquisition aligns with a strategy focused on necessity-based retail in growing Southeast markets.
Strategic Acquisition Details
The expansive portfolio includes properties strategically located in affluent trade areas with robust demographics. The average household income within a three-mile radius of these centers is reported to be over $101,000. The combined properties feature an impressive overall occupancy rate of 91.6%, with many centers anchored by the popular grocery chain Publix. Other notable tenants include Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s, underscoring the daily-needs nature of these retail destinations.
Portfolio Highlights
The acquired centers are situated in desirable communities known for strong population growth and limited new retail supply. Key locations include Plantation Promenade, Sawgrass Square I & II, Garden Shops at Boca, Rolling Oaks, New Tampa Center, Miramar Commons, The Promenade, Solivita Marketplace, Lake Worth 441 in Florida, and Point Hope Commons in Charleston, South Carolina. This strategic acquisition is part of a joint venture between Bain Capital Real Estate and 11North, focused on acquiring and operating open-air retail centers across the U.S. and Canada.
Investment Strategy and Market Outlook
This transaction underscores the growing investor confidence in the open-air, necessity-based retail sector, particularly in the rapidly expanding Southeast region. Brian Harper, Founder and Managing Partner of 11North, noted the opportunity to embed their platform in "strong, in-demand communities that are benefiting from significant demographic shifts across the Southeast." Martha Kelley, Managing Director at Bain Capital Real Estate, added that the 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 assets with strong tenancy and long-term consumer demand drivers.
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
Carolina, Bain Capital.