Bain Capital and 11North Partners have announced the acquisition of a portfolio of ten open-air retail centers in Florida and South Carolina for approximately $395 million. The purchase, executed through a new joint venture between the two firms, continues their strategy of investing in high-growth markets.
The portfolio includes over one million square feet of leasable space, with occupancy exceeding 93%. Seven of the centers are anchored by Publix, and the properties feature a potent mix of daily-needs tenants, including Starbucks, Chipotle, and McDonald’s.
The portfolio includes:
— 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
Located in thriving Florida submarkets like Fort Lauderdale, Orlando, and Tampa, as well as in Charleston, South Carolina, these properties are situated in communities with strong demographics and sustained population growth.
Bain Capital and 11North formed their partnership in April 2024 to acquire and operate open-air retail assets with a focus on necessity-based tenancy and long-term consumer demand.
KEY QUOTES:
“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. We’re thrilled to expand our presence in Florida through the acquisition of this high-performing portfolio anchored by Publix and complemented by a mix of top-tier national retailers. Our combined portfolio of grocery-anchored assets now includes Whole Foods, Trader Joe’s, and Publix, three of the most trusted names in retail. Across the platform, average grocery sales volumes are approximately $1,000 per square foot, underscoring the quality and durability of these centers.”
Brian Harper, Founder and Managing Partner of 11North
“This scaled acquisition, which has strong fundamentals and sits in one of the country’s most attractive growth regions, squarely aligns with our thematic approach to investing in open-air, necessity-based retail. We are excited to continue building a differentiated and high-quality portfolio alongside our partners at 11North in markets where we have long-term conviction.”
Martha Kelley, Managing Director at Bain Capital Real Estate
