Bain Capital, 11North Partners acquire 10 Sunbelt centers
Bain Capital and 11North Partners are continuing their joint venture with the addition of a handful of open-air shopping centers to their portfolio.
The two companies, which launched a joint partnership in 2024, have acquired a portfolio of 10 open-air retail centers, including nine in Florida and one in South Carolina for approximately $395 million. Most of the centers are are anchored by Publix. List of acquired centers at end of article.)
Collectively, the 10 properties span more than 1 million sq. ft. of gross leasable area, with in-place occupancy exceeding 93%. Seven of the centers are anchored by Publix, and the portfolio features a strong mix of national, regional, and daily-needs tenants such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s and McDonald’s.
[READ MORE: Bain Capital, 11North Partners team up to acquire grocery-anchored centers]
The companies say the assets are situated in high-barrier, desirable communities including Boca Raton, Sawgrass and Plantation, Fla., along with Charleston, S.C., which they say are markets known for strong household demographics, limited new retail supply, and sustained population growth.
“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. “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.”
The 10 newly-acquired centers include:
- Sawgrass Square (Sunrise, Fla.)
- Plantation Promenade (Plantation, Fla.)
- Miramar Commons (Miramar, Fla.)
- Rolling Oaks (Kissimmee, Fla.)
- Promenade at Poinciana (Poinciana, Fla.)
- Solivita Marketplace (Kissimmee, Fla.)
- New Tampa Center (Tampa, Fla.)
- Lake Worth Plaza (Lake Worth, Fla.)
- Garden Shops at Boca (Boca Raton, Fla.)
- Point Hope Commons (Charleston, S.C.)
The acquisitions follow the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City.
“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. “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.”
