Bain Capital and 11North Partners acquired a portfolio of ten open-air retail centers, nine in Florida and one in South Carolina, for approximately $395 million. The private transaction was executed through a partnership between Bain Capital Real Estate and 11North, which is focused on acquiring and operating open-air retail centers throughout the U.S. and Canada. The South Florida Business Journal reports the seller was PGIM Real Estate and Southeast Centers.
This acquisition follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City.
Located across the Florida submarkets of Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina, the portfolio includes:
- Sawgrass Square (pictured)
- 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
Collectively, the ten properties span more than one million square feet of gross leasable area, with in-place occupancy exceeding 93 percent. Seven of the centers were anchored by Publix.
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