A significant transaction has reshaped the Southeast retail landscape with the $395.5 million sale of a 10-property open-air retail portfolio spanning Florida and South Carolina. The portfolio, totaling approximately 1.04 million square feet, was acquired by 11North Partners and Bain Capital from PGIM Real Estate.
Key Takeaways
- A 10-property open-air retail portfolio across Florida and South Carolina has been sold for $395.5 million.
- The portfolio comprises 1.04 million square feet and boasts a high occupancy rate of 91.6%.
- The acquisition was made by 11North Partners and Bain Capital, with JLL Capital Markets representing the seller, PGIM Real Estate.
A Strategic Investment in Thriving Markets
The portfolio features a strong occupancy rate of 91.6%, underscoring the desirability of its locations. These properties are situated in affluent trade areas characterized by robust demographics, including an average household income of $101,152 within a three-mile radius. This strategic positioning makes the portfolio an attractive asset for investors seeking stable, high-performing retail centers.
Portfolio Highlights
The 10 properties included in this major transaction 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
Investor Confidence in Southeast Retail
Danny Finkle, Senior Managing Director and co-lead of JLL’s US Retail Capital Markets team, highlighted the rarity of acquiring such a high-quality and large-scale portfolio in prime Southeast markets. He noted that the transaction reflects "insatiable investor demand for best-in-class, retail centers with strong anchor tenants and stable occupancy."
Brian Harper, Founder and Managing Partner of 11North, emphasized the opportunity to integrate their platform into communities experiencing significant demographic shifts, driven by lifestyle migration and an aging population in the Southeast. This acquisition signifies a strategic move to capitalize on these favorable market dynamics.