Joint venture partners Bain Capital and 11North Partners are teaming to acquire more open-air lifestyle retail properties. The latest features a portfolio that comes at a price tag of roughly $395 million, with the assets located in the Southeast.
Most of the 10 acquired centers are located in Florida markets, including Orlando, Tampa, Palm Beach and Fort Lauderdale. Some are located across Charleston, South Carolina, as well. Seven of them feature Publix as the anchor. Some other retailers that can be found include major chains such as Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, McDonald’s and Bank of America.
The names of the purchased properties are as follows: Rolling Oaks, Promenade at Poinciana, Solivita Marketplace, New Tampa Center, Lake Worth Plaza, Garden Shops at Boca, Point Hope Commons, Sawgrass Square, Plantation Promenade and Miramar Commons.
Most importantly, the fundamentals are what attracted the JV to the one million square foot gross leaseable area portfolio. For example, some of the communities feature strong household demographics, consistent population growth and scarce retail supply, according to the two partners. Occupancy at the portfolio currently surpasses 93 percent.
“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, said.
"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.”
The JV, which was first formed in April 2024, most recently acquired three open-air centers in Oklahoma City for about $212 million in June.
As fears over the economy and inflation persist, retail has been holding strong so far this year. A Marcus & Millichap analysis found that core retail sales were up 0.6% month-over-month in June and up 4.1% year-over-year. Currently, households are targeting restaurants and necessity-based stores, according to the CRE firm.
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