Bain Capital and 11North Partners have jointly acquired a significant portfolio of ten open-air retail centers spanning Florida and South Carolina for approximately $395.5 million. This strategic acquisition underscores the growing investor confidence in necessity-based retail and high-growth Sun Belt markets.
Key Takeaways
- Transaction Value: $395.5 million for ten open-air retail centers.
- Acquirers: Bain Capital Real Estate and 11North Partners.
- Location: Properties are strategically located across Florida (Fort Lauderdale, Orlando, Tampa, Palm Beach) and Charleston, South Carolina.
- Portfolio Size: Over one million square feet of gross leasable area.
- Occupancy: High in-place occupancy exceeding 93 percent.
- Anchors: Seven centers are anchored by Publix, with a strong mix of national and daily-needs tenants.
Strategic Acquisition in Thriving Markets
The newly acquired portfolio comprises ten well-located open-air retail centers, totaling over one million square feet of gross leasable area. Seven of these centers are anchored by Publix, a highly reputable grocery chain, and the portfolio features a diverse mix of national, regional, and daily-needs tenants. This includes prominent names like Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s.
The properties are situated in desirable, high-barrier communities known for strong demographic trends, limited new retail supply, and sustained population growth. Key Florida submarkets include Fort Lauderdale, Orlando, Tampa, and Palm Beach, alongside Charleston, South Carolina.
A Partnership Focused on Growth
This acquisition marks a significant step for the joint venture between Bain Capital Real Estate and 11North Partners, which was formed in April 2024 with a focus on acquiring and operating open-air retail centers across the U.S. and Canada. The partnership targets assets with a high concentration of necessity-based tenancy and strong long-term consumer demand drivers.
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. He noted the high-performing nature of the portfolio, anchored by Publix and complemented by top-tier national retailers, adding to their existing portfolio which includes Whole Foods and Trader Joe’s.
Martha Kelley, Managing Director at Bain Capital Real Estate, emphasized that the scaled acquisition aligns with their thematic investment approach in open-air, necessity-based retail within attractive growth regions. The joint venture aims to build a high-quality portfolio in markets with long-term conviction.
Portfolio Highlights
The ten properties included in the transaction 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
JLL Capital Markets facilitated the sale, representing the seller, PGIM Real Estate. The transaction was noted for its scale and quality, reflecting robust investor demand for well-anchored, stable retail centers in prime Southeast markets.
Sources
- 10-Property open-air retail portfolio trades hands for $395.5M in Florida and South Carolina, JLL.
- Bain Capital and 11North Partners Acquire Portfolio of 10 Open-Air Retail Centers Across Florida and South
Carolina, Bain Capital. - 10-Property Open-Air Retail Portfolio Trades Hands for $395.5M in Florida and South Carolina, citybiz.