Joint venture partners, Bain Capital Real Estate and 11North Partners, have snagged acquisition financing to help support their recent Southeast portfolio retail purchase, as GlobeSt. previously reported.
Now, a $260 million loan was provided by PGIM Real Estate, with JLL brokering the deal, according to a new report from the Commercial Observer.
The financing relates to the JV's announced purchase in August, involving a 10 shopping center open-air portfolio located in the Southeast. The properties take up a total of 1.1 million square feet, mostly positioned in Florida, with some in Charleston, South Carolina. Seven of the assets are anchored by a Publix. Other tenants include Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, McDonald’s and Bank of America.
At the time of the purchase, Bain and 11North cited the strong fundamentals, from the 93 percent portfolio occupancy to favorable household and population trends.
The two first formed their JV in April 2024, targeting open-air retail in the U.S. and Canada. Another recent purchase under the JV involved three open-air centers in Oklahoma City for about $212 million. Occupancy across the properties, at the time, surpassed 97 percent.
As many consumers find themselves financially constrained in the current environment and store closures persist — off-price retail has found success, as Brandon Svec, national director of U.S. retail analytics for CoStar Group, recently noted to GlobeSt. Particularly, the thriving brands include Dollar Tree, Dollar General, T.J.Maxx, Burlington and Walmart.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.