Bain Capital Real Estate and 11North Partners have announced the acquisition of a significant portfolio comprising ten open-air retail centers across Florida and South Carolina. The transaction, valued at approximately $395 million, strengthens the joint venture’s presence in high-growth Southeastern markets and underscores a strategic 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 spans over one million square feet and is over 93% occupied.
- Seven centers are anchored by Publix, with a strong mix of national and daily-needs tenants.
- The acquisition targets high-barrier, desirable communities with strong demographics and population growth.
Strategic Acquisition Bolsters Retail Footprint
Bain Capital Real Estate and 11North Partners have successfully acquired a portfolio of ten open-air retail centers, strategically located across Florida and South Carolina. The deal, valued at approximately $395 million, encompasses over one million square feet of gross leasable area and boasts an impressive occupancy rate exceeding 93 percent. This acquisition marks a significant expansion for the joint venture, which was formed in April 2024 with a focus on acquiring and operating open-air retail centers throughout the U.S. and Canada.
The portfolio includes well-positioned properties in thriving Florida submarkets such as Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina. Notable centers in the acquisition include Sawgrass Square, Plantation Promenade, Miramar Commons, Rolling Oaks, Promenade at Poinciana, Solivita Marketplace, New Tampa Center, Lake Worth Plaza, Garden Shops at Boca, and Point Hope Commons.
Strong Tenant Mix and Market Appeal
A key feature of the acquired portfolio is its robust tenant mix, with seven of the ten centers anchored by Publix, a leading grocery retailer. The centers also host a diverse array of national, regional, and daily-needs tenants, including Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s. This strong tenancy contributes to the centers’ high occupancy and appeal in markets known for their favorable demographics, limited new retail supply, and sustained population growth.
Brian Harper, Founder and Managing Partner of 11North, highlighted the strategic importance of the acquisition, stating, "This transaction represents a compelling opportunity to embed our platform in strong, in-demand communities that are benefiting from significant demographic shifts across the Southeast." He also noted the combined portfolio’s strength, which 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, echoed this sentiment, emphasizing the alignment with their investment strategy: "This scaled acquisition, which has strong fundamentals and sits in one of the country’s most attractive growth regions, squarely aligns with our thematic approach to investing in open-air, necessity-based retail."
Joint Venture Momentum
This latest acquisition follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City, demonstrating continued momentum in high-growth markets. The partnership between Bain Capital Real Estate and 11North Partners is focused on identifying and operating open-air retail assets with a high concentration of necessity-based tenancy and long-term consumer demand drivers, aiming to build a differentiated and high-quality portfolio.