Bain Capital Real Estate and 11North Partners have jointly acquired a significant portfolio of ten open-air retail centers spanning Florida and South Carolina for approximately $395 million. This strategic acquisition, primarily anchored by Publix supermarkets, underscores the partners’ focus on high-growth, necessity-based retail markets in the Southeast.
Key Takeaways
- Bain Capital Real Estate and 11North Partners acquired 10 open-air retail centers for $395 million.
- The portfolio is located across Florida (Fort Lauderdale, Orlando, Tampa, Palm Beach) and Charleston, South Carolina.
- Seven of the ten centers are anchored by Publix, with a strong mix of national and daily-needs tenants.
- The combined portfolio exceeds one million square feet of gross leasable area with over 93% occupancy.
Strategic Acquisition Details
The newly acquired portfolio comprises ten open-air retail centers, totaling over one million square feet of gross leasable area. The properties boast an impressive occupancy rate exceeding 93 percent. Seven of these centers feature Publix as their primary anchor tenant, complemented by a diverse array of national, regional, and daily-needs retailers such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s.
The strategically located assets are situated in desirable, high-barrier communities known for robust household demographics, limited new retail supply, and consistent population growth. Key Florida locations include Fort Lauderdale, Orlando, Tampa, and Palm Beach, alongside Charleston, South Carolina.
Investment Strategy and Partnership
This transaction represents a continuation of the joint venture’s strategy, formed in April 2024, to acquire and operate open-air retail centers across the U.S. and Canada. The partnership specifically targets assets with a high concentration of necessity-based tenancy and strong long-term consumer demand drivers. This acquisition follows their recent purchase of three lifestyle retail centers in Oklahoma City, demonstrating continued momentum in high-conviction markets.
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. Martha Kelley, Managing Director at Bain Capital Real Estate, emphasized the acquisition’s alignment with 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 investments in sectors driven by enduring secular trends. The team has a history of investing across multiple sectors, leveraging Bain Capital’s global platform and extensive experience. 11North Partners is a real estate investment firm dedicated to curating a diverse portfolio of retail investments, aiming to redefine traditional approaches to retail real estate through deep industry expertise and strong relationships.