Bain Capital and 11North Partners have jointly acquired a significant portfolio of 10 open-air retail centers spanning Florida and South Carolina for $395.5 million. The transaction, totaling approximately 1.04 million square feet, highlights strong investor demand for well-located, necessity-based retail assets in high-growth Southeast markets.
Key Takeaways
- Bain Capital and 11North Partners acquired 10 open-air retail centers for $395.5 million.
- The portfolio spans approximately 1.04 million square feet across Florida and South Carolina.
- Properties are strategically located in affluent trade areas with strong demographics and high occupancy rates.
- Seven of the centers are anchored by Publix, a leading grocery chain.
Strategic Acquisition in Thriving Markets
The newly acquired portfolio comprises 10 well-positioned open-air retail centers, with most anchored by Publix, a prominent grocery retailer. The properties are strategically situated in desirable submarkets across Florida, including Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina. This acquisition underscores the joint venture’s focus on acquiring and operating open-air retail centers in high-growth U.S. and Canadian markets.
Portfolio Highlights and Demographics
Collectively, the ten properties encompass over one million square feet of gross leasable area and boast an occupancy rate exceeding 93 percent. Beyond the Publix anchors, the portfolio features 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 centers are located in high-barrier, sought-after communities known for robust household demographics, limited new retail supply, and consistent population growth. The average household income within a three-mile radius of these centers is reported to be $101,152.
Investment Strategy and Future Outlook
This transaction aligns with Bain Capital Real Estate’s thematic investment approach in open-air, necessity-based retail, a sector benefiting from enduring secular trends. The partnership between Bain Capital Real Estate and 11North, formed in April 2024, targets assets with a high concentration of necessity-based tenancy and strong long-term consumer demand drivers. This acquisition follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City, demonstrating continued momentum in their strategic expansion.
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.