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(123rf.com photo)
Bain Capital and 11North Partners, a retail focused investment platform, announced the acquisition of a portfolio of 10 open-air retail centers across Florida and South Carolina, most of which are anchored by Publix, for approximately $395 million.
The private transaction was executed through an exclusive partnership between Bain Capital Real Estate and 11North focused on acquiring and operating open-air retail centers throughout the U.S. and Canada.
The acquisition follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City and reflects the platform’s continued momentum in high-growth, high-conviction markets.
Strategically located across the Florida submarkets of Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina, 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 (Charleston, SC).
Collectively, the 10 properties span more than one million square feet of gross leasable area, with in-place occupancy exceeding 93 percent.
Seven of the centers are anchored by Publix, and the portfolio features a mix of national, regional, and daily-needs tenants such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s.
“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,” said Brian Harper, founder and managing partner of 11North.
Harper added, “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.”
“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,” said Martha Kelley, managing director at Bain Capital Real Estate.
Kelley added, “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.”
Bain Capital and 11North formed their strategic joint venture in April 2024, targeting open-air retail assets with a high concentration of necessity-based tenancy and long-term consumer demand drivers.
Bain Capital is one of the world's leading private investment firms with approximately $185 billion of assets under management.
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