Bain Capital and 11North Partners have successfully acquired a significant portfolio of ten open-air retail centers spanning Florida and South Carolina for approximately $395.5 million. This strategic acquisition underscores a growing trend in the investment of necessity-based retail in high-growth Southeastern markets.
Key Takeaways
- A portfolio of 10 open-air retail centers across Florida and South Carolina has been sold for $395.5 million.
- The acquisition was made by Bain Capital and 11North Partners.
- Most centers are anchored by Publix, with a strong mix of national and daily-needs tenants.
- The portfolio spans over one million square feet with an occupancy rate exceeding 93 percent.
Strategic Acquisition in Growth Markets
Bain Capital Real Estate and 11North Partners, a retail-focused investment platform, have joined forces to acquire this substantial collection of retail assets. The transaction, executed through an exclusive partnership, targets open-air retail centers across the U.S. and Canada. This move follows their recent acquisition of three lifestyle retail centers in Oklahoma City, signaling continued momentum in high-growth markets.
The acquired portfolio is strategically located in thriving Florida submarkets including Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina. The ten properties include:
- 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
Portfolio Highlights
Collectively, these ten centers encompass over one million square feet of gross leasable area, boasting an impressive in-place occupancy rate exceeding 93 percent. A significant feature of the portfolio is that seven of the centers are anchored by Publix, a highly trusted grocery retailer. The tenant mix is further strengthened by a variety of national, regional, and daily-needs businesses, including Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s.
The assets are situated in desirable, high-barrier communities such as Boca Raton, Sawgrass, Plantation, and Charleston, SC. These areas are characterized by strong household demographics, limited new retail supply, and consistent population growth, making them attractive for long-term investment.
Investor Outlook
Brian Harper, Founder and Managing Partner of 11North, expressed enthusiasm about embedding their platform in strong, in-demand communities benefiting from demographic shifts in the Southeast. He highlighted the high-performing nature of the portfolio, anchored by Publix and complemented by top-tier national retailers. He also noted that their combined portfolio now includes Whole Foods, Trader Joe’s, and Publix, reinforcing their focus on quality and durability in grocery-anchored assets.
Martha Kelley, Managing Director at Bain Capital Real Estate, stated that the acquisition aligns with their thematic approach to investing in open-air, necessity-based retail. She emphasized the strong fundamentals and attractive growth region, expressing excitement to continue building a differentiated portfolio with 11North in markets with long-term conviction.
The strategic joint venture between Bain Capital and 11North was established in April 2024, with a clear objective to acquire open-air retail assets featuring a high concentration of necessity-based tenancy and robust long-term consumer demand drivers.