A partnership between Bain Capital Real Estate and 11North Partners, created to acquire and manage open-air retail centres in the US and Canada, has acquired a $395m (€340m) portfolio in the US.
The partnership, formed in April 2024, has acquired the portfolio of ten assets across Florida and South Carolina, most of which are anchored by US supermarket chain Publix.
With a combined gross leasable area of over 1m sqft, the properties currently have an occupancy of over 93%.
The acquired portfolio includes the Sawgrass Square, Plantation Promenade, Miramar Commons, Rolling Oaks, Promenade at Poinciana, Solivita Marketplace, New Tampa Center, Lake Worth Plaza, Garden Shops at Boca and the Point Hope Commons asset.
Martha Kelley, managing director at Bain Capital Real Estate, said: “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.
“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.”
Brian Harper, founder and managing partner of 11North Partners, said: “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.
“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 sqft, underscoring the quality and durability of these centres.”
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