A significant transaction has reshaped the Southeast retail landscape with the sale of a 10-property open-air retail portfolio for $395.5 million. The expansive collection, totaling approximately 1.04 million square feet, spans prime locations across Florida and South Carolina, attracting substantial investor interest.
Key Takeaways
- Transaction Value: $395.5 million
- Portfolio Size: 10 open-air retail properties
- Total Square Footage: Approximately 1.04 million sq ft
- Locations: Florida and South Carolina
- Acquirers: 11North Partners and Bain Capital
- Seller: PGIM Real Estate
- Occupancy: 91.6% overall
A Strategic Acquisition
The portfolio, which boasts an impressive 91.6% overall occupancy, is strategically situated in affluent trade areas characterized by strong demographic profiles. The average household income within a three-mile radius of these properties stands at $101,152, underscoring their desirability.
This acquisition marks a significant move for 11North Partners and Bain Capital, who acquired the assets from PGIM Real Estate. The deal was facilitated by JLL Capital Markets, with a team led by Senior Managing Director Danny Finkle, Senior Director Jorge Portela, and Vice President Kim Flores representing the seller.
Portfolio Highlights
The 10 properties included in this major sale are:
- Plantation Promenade (Plantation, Florida)
- Sawgrass Square I & II (Sunrise, Florida)
- Garden Shops at Boca (Boca Raton, Florida)
- Rolling Oaks (Orlando, Florida)
- New Tampa Center (Tampa, Florida)
- Miramar Commons (Miramar, Florida)
- The Promenade (Poinciana, Florida)
- Point Hope Commons (Charleston, South Carolina)
- Solivita Marketplace (Poinciana, Florida)
- Lake Worth 441 (Lake Worth, Florida)
Investor Sentiment
Danny Finkle of JLL highlighted the rarity of acquiring such a high-quality and large-scale portfolio in sought-after Southeast markets. He noted that the transaction "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, commented on the strategic opportunity, 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, including lifestyle migration and an aging population."
About the Firms Involved
JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers. Bain Capital Real Estate, formed in 2018, focuses on investments in sectors driven by long-term demand growth. 11North Partners is a real estate investment firm dedicated to curating a diversified portfolio of retail investments. PGIM Real Estate is a leading global real estate investment manager with a significant presence worldwide.