Bain Capital and 11North Partners have jointly acquired a significant 10-property open-air retail portfolio spanning Florida and South Carolina for $395.5 million. This strategic acquisition, totaling approximately 1.04 million square feet, underscores the strong investor demand for well-located, high-occupancy retail centers in the rapidly growing Southeast.
Key Takeaways
- A 10-property open-air retail portfolio across Florida and South Carolina has been sold for $395.5 million.
- The portfolio comprises approximately 1.04 million square feet and boasts a high occupancy rate.
- Bain Capital and 11North Partners are the new owners, with many centers anchored by Publix.
A Strategic Investment in High-Growth Markets
The expansive portfolio, which includes properties in key Florida submarkets like Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina, features an impressive overall occupancy rate of 91.6%, with some sources citing over 93%. The centers are situated in affluent trade areas, benefiting from strong demographics, including an average household income of $101,152 within a three-mile radius.
This acquisition marks a significant expansion 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 portfolio includes well-known centers such as Plantation Promenade, Sawgrass Square, Garden Shops at Boca, Rolling Oaks, and Point Hope Commons.
Anchored by Strong Tenancy
A notable aspect of the acquired portfolio is its strong tenant mix, with seven of the centers anchored by Publix, a leading grocery chain. The portfolio also features a diverse array of national and regional tenants, including Bank of America, Chipotle, Starbucks, Chick-fil-A, and McDonald’s, highlighting the daily-needs and essential services offered by these retail hubs.
Brian Harper, Founder and Managing Partner of 11North, expressed enthusiasm for the acquisition, 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." Martha Kelley, Managing Director at Bain Capital Real Estate, added that the acquisition "squarely aligns with our thematic approach to investing in open-air, necessity-based retail."
A Flourishing Retail Landscape
The deal was facilitated by JLL Capital Markets, who represented the seller, PGIM Real Estate. The transaction highlights the continued investor appetite for high-quality, grocery-anchored retail assets in markets experiencing robust population growth and favorable economic conditions. This acquisition follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City, signaling a sustained momentum in high-conviction markets.