Bain Capital Real Estate and 11North Partners have jointly acquired a portfolio of ten open-air retail centers for approximately $395 million. The strategically located properties span across Florida and South Carolina, with a strong emphasis on necessity-based tenants, including seven centers anchored by Publix.
Key Takeaways
- Bain Capital and 11North Partners acquired 10 open-air retail centers for $395 million.
- The portfolio is primarily anchored by Publix and features a high occupancy rate of over 93%.
- Properties are situated in high-growth Florida submarkets and Charleston, South Carolina.
Strategic Acquisition Bolsters Retail Footprint
Bain Capital Real Estate and 11North Partners, through an exclusive partnership focused on acquiring and operating open-air retail centers in the U.S. and Canada, have announced a significant acquisition. The deal encompasses ten open-air retail centers, totaling over one million square feet of gross leasable area. This move follows the joint venture’s recent acquisition of three lifestyle retail centers in Oklahoma City, signaling continued momentum in high-growth markets.
Prime Locations and Tenant Mix
The acquired portfolio boasts prime locations 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 the portfolio features a robust mix of national, regional, and daily-needs tenants. Notable tenants include Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s. The properties are situated in desirable communities known for strong demographics, limited new retail supply, and consistent population growth.
Investment Rationale and Future Outlook
Brian Harper, Founder and Managing Partner of 11North, highlighted the opportunity to embed their platform in strong communities benefiting from demographic shifts in the Southeast. He noted the high-performing nature of the portfolio, anchored by Publix and complemented by top-tier national retailers. Martha Kelley, Managing Director at Bain Capital Real Estate, emphasized that the acquisition aligns with their thematic approach to investing in 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.
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.