Bain Capital Real Estate and 11North Partners have jointly acquired a portfolio of ten open-air retail centers for approximately $395 million. The strategic acquisition spans high-growth markets across Florida and South Carolina, reinforcing the partnership’s focus on necessity-based retail.
Key Takeaways
- Bain Capital Real Estate and 11North Partners acquired 10 open-air retail centers for $395 million.
- The portfolio is primarily anchored by Publix and includes a strong mix of national and daily-needs tenants.
- Properties are located in desirable Florida submarkets like Fort Lauderdale, Orlando, Tampa, Palm Beach, and Charleston, South Carolina.
- The acquisition signifies continued momentum for the joint venture in high-conviction markets.
Strategic Acquisition Details
The newly acquired portfolio comprises over one million square feet of gross leasable area, boasting an impressive in-place occupancy rate exceeding 93 percent. Seven of the ten centers are anchored by Publix, a leading grocery chain, with other notable tenants including Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s. These assets are situated in prime locations known for strong demographics, limited new retail supply, and consistent population growth.
Investment Strategy and Market Focus
This transaction aligns with Bain Capital Real Estate and 11North Partners’ joint venture strategy, formed in April 2024, to acquire and operate open-air retail centers across the U.S. and Canada. The focus is on necessity-based retail with long-term consumer demand drivers. The partners highlighted the appeal of these "strong, in-demand communities" benefiting from lifestyle migration and population growth in the Southeast.
Portfolio Strength and Tenant Mix
Brian Harper, Founder and Managing Partner of 11North, emphasized the high-performing nature of the portfolio, noting that their combined holdings now include grocery anchors like Whole Foods, Trader Joe’s, and Publix. He added that average grocery sales volumes across their platform are approximately $1,000 per square foot, underscoring the quality of these centers. Martha Kelley, Managing Director at Bain Capital Real Estate, echoed this sentiment, stating the acquisition fits their thematic approach to investing in necessity-based retail in attractive growth regions.
About the Partners
Bain Capital Real Estate, established in 2018, focuses on sectors driven by enduring secular trends. The firm has invested over $9 billion across multiple sectors. 11North Partners is a retail-focused investment platform dedicated to curating a diversified portfolio of retail investments, leveraging deep industry expertise and strong relationships to redefine retail real estate.
Sources
- Bain Capital and 11North Partners Acquire Portfolio of 10 Open-Air Retail Centers Across Florida and South
Carolina, Bain Capital. - 10-Property open-air retail portfolio trades hands for $395.5M in Florida and South Carolina, JLL.