Bain Capital and 11North Partners (“11North”), a retail focused investment platform, today announced the acquisition of a portfolio of ten 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.

This 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 thriving 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

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 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. The assets are situated in high-barrier, desirable communities including Boca Raton, Sawgrass, Plantation, and Charleston, SC, 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. 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. “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.

About Bain Capital Real Estate

Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm's global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world's leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About 11North Partners

11North Partners is a real estate investment firm focused on curating a portfolio of retail investments diversified across markets and product types. With a focus on the intersection of superior performance and bold vision, the 11North team is dedicated to redefining the traditional approach to retail real estate.

The team’s combination of deep industry expertise, retailer and owner relationships, and blue-chip institutional partners provides unique insight into the ever-evolving retail landscape and unparalleled access to deal flow. 11North seeks to deliver attractive risk-adjusted returns through unlocking value across retail verticals including real estate ownership, debt and operating company investment. For more information, visit https://www.11northpartners.com.

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