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 underscores the partners’ commitment to expanding their presence in high-growth, high-conviction markets across the U.S.
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 strategically located in thriving Florida submarkets and Charleston, South Carolina.
- The acquisition aligns with the joint venture’s strategy of investing in necessity-based retail.
Strategic Acquisition Details
The newly acquired portfolio comprises over one million square feet of gross leasable area, boasting an 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. The properties are situated in desirable, high-barrier communities such as Boca Raton, Sawgrass, Plantation, and Charleston, SC, areas characterized by strong demographics, limited new retail supply, and consistent population growth.
Investment Strategy and Market Focus
Brian Harper, Founder and Managing Partner of 11North, highlighted the opportunity to establish a strong presence in communities benefiting from significant demographic shifts in the Southeast, including lifestyle migration and an aging population. He noted the high-performing nature of the portfolio, anchored by Publix and complemented by top-tier national retailers. The combined portfolio now includes grocery anchors like Whole Foods, Trader Joe’s, and Publix, with average grocery sales volumes around $1,000 per square foot.
Martha Kelley, Managing Director at Bain Capital Real Estate, emphasized that the scaled acquisition aligns with their thematic approach to investing in open-air, necessity-based retail. She expressed enthusiasm for continuing to build a high-quality portfolio with 11North in markets with long-term conviction. The joint venture, formed in April 2024, specifically targets open-air retail assets with a high concentration of necessity-based tenancy and enduring consumer demand drivers.
Portfolio Highlights
The ten retail centers included in the acquisition are:
- Sawgrass Square
- Plantation Promenade
- Miramar Commons
- Rolling Oaks
- Promenade at Poinciana
- Solivita Marketplace
- New Tampa Center
- Lake Worth Plaza
- Garden Shops at Boca
- Point Hope Commons
This acquisition follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City, demonstrating continued momentum in their investment strategy.