A significant 10-property open-air retail portfolio, spanning approximately 1.04 million square feet across Florida and South Carolina, has been acquired for $395.5 million. The transaction, facilitated by JLL Capital Markets, highlights strong investor confidence in well-located retail assets with stable occupancy.
Key Takeaways
- A 10-property open-air retail portfolio totaling 1.04 million square feet was sold for $395.5 million.
- The portfolio is located across Florida and South Carolina.
- The acquisition was made by 11North Partners and Bain Capital.
- PGIM Real Estate was the seller, represented by JLL.
- The portfolio boasts a high occupancy rate of 91.6% and is situated in affluent areas.
Transaction Details
JLL Capital Markets announced the successful sale of the 10-property retail portfolio, which encompasses a total of 1.04 million square feet. The buyers, 11North Partners and Bain Capital, acquired the assets for $395.5 million. JLL represented the seller, PGIM Real Estate, in this significant transaction.
Portfolio Performance and Location
The acquired portfolio demonstrates robust performance with an overall occupancy rate of 91.6%. The properties are strategically located in desirable trade areas characterized by strong demographics, including an average household income of $101,152 within a three-mile radius. This indicates a strong consumer base and potential for continued success.
Properties Included in the Sale
The 10 retail centers included in the portfolio are:
- Plantation Promenade in Plantation, Florida
- Sawgrass Square I & II in Sunrise, Florida
- Garden Shops at Boca in Boca Raton, Florida
- Rolling Oaks in Orlando, Florida
- New Tampa Center in Tampa, Florida
- Miramar Commons in Miramar, Florida
- The Promenade in Poinciana, Florida
- Point Hope Commons in Charleston, South Carolina
- Solivita Marketplace in Poinciana, Florida
- Lake Worth 441 in Lake Worth, Florida
Market Outlook
Danny Finkle, Senior Managing Director at JLL, commented on the transaction, stating, "The ability to acquire a portfolio of this quality and scale in some of the most desirable Southeast markets is extremely unique." He further noted that the deal "demonstrates the insatiable investor demand for best-in-class, retail centers with strong anchor tenants and stable occupancy."
Brian Harper, Founder and Managing Partner of 11North, added that the acquisition represents a "compelling opportunity to embed our platform in strong, in-demand communities that are benefiting from significant demographic shifts across the Southeast, including lifestyle migration and an aging population."