Key Takeaways
- • Bain Capital and 11North Partners acquired a portfolio of 10 open-air retail centers across Florida and South Carolina for approximately $395 million, marking continued expansion in high-growth markets.
- • The portfolio spans more than 1 million square feet of gross leasable area with in-place occupancy exceeding 93 percent, anchored primarily by Publix supermarkets (seven of ten properties).
- • Properties are strategically positioned in high-barrier markets including Fort Lauderdale, Orlando, Tampa, Palm Beach, and Charleston, characterized by strong household demographics, limited new retail supply, and sustained population growth.
- • The acquisition reflects the Bain Capital and 11North joint venture's momentum following recent purchases of three open-air lifestyle retail centers in Oklahoma City, indicating a focused strategy on acquiring and operating open-air retail centers throughout the U.S. and Canada.
- • The portfolio features a diverse tenant mix including national and regional operators such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike's, and McDonald's, reducing concentration risk.
Summary
Bain Capital Real Estate and 11North Partners, a retail-focused investment platform, completed the acquisition of a 10-property open-air retail portfolio across Florida and South Carolina for approximately $395 million. The transaction, announced August 4, 2025, represents a significant deployment of capital in the Southeast retail real estate market and underscores institutional investor confidence in well-anchored community retail assets in high-growth corridors.
The portfolio comprises strategically located properties in premium Florida submarkets—Fort Lauderdale, Orlando, Tampa, and Palm Beach—as well as Charleston, South Carolina. Combined, the assets represent more than 1 million square feet of gross leasable area with occupancy levels exceeding 93 percent, indicating strong tenant demand and operational stability. The properties are anchored predominantly by Publix Super Markets, which anchors seven of the ten centers, providing stable, investment-grade cash flow characteristics. The portfolio includes named assets such as Sawgrass Square, Plantation Promenade, Miramar Commons, Rolling Oaks, Promenade at Poinciana, Solivita Marketplace, New Tampa Center, Lake Worth Plaza, Garden Shops at Boca, and Point Hope Commons.
Beyond anchor tenants, the properties house a diversified mix of national and regional operators including Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike's, and McDonald's, mitigating single-tenant concentration risk. The targeted markets themselves present structural tailwinds: high-barrier entry communities with strong household demographics, limited new retail supply, and demonstrated population growth trajectories. These fundamentals align with institutional investor preferences for retail assets in supply-constrained, affluent demographics.
This acquisition follows the Bain Capital and 11North joint venture's earlier purchase of three open-air lifestyle retail centers in Oklahoma City, signaling a systematic, momentum-driven approach to acquiring and operating open-air retail properties throughout the U.S. and Canada. The strategy reflects private equity conviction in the essential retail segment, particularly grocery-anchored and neighborhood shopping centers positioned in resilient, high-growth markets where demographic and supply-side dynamics support sustained leasing demand and value creation.
The portfolio comprises strategically located properties in premium Florida submarkets—Fort Lauderdale, Orlando, Tampa, and Palm Beach—as well as Charleston, South Carolina. Combined, the assets represent more than 1 million square feet of gross leasable area with occupancy levels exceeding 93 percent, indicating strong tenant demand and operational stability. The properties are anchored predominantly by Publix Super Markets, which anchors seven of the ten centers, providing stable, investment-grade cash flow characteristics. The portfolio includes named assets such as Sawgrass Square, Plantation Promenade, Miramar Commons, Rolling Oaks, Promenade at Poinciana, Solivita Marketplace, New Tampa Center, Lake Worth Plaza, Garden Shops at Boca, and Point Hope Commons.
Beyond anchor tenants, the properties house a diversified mix of national and regional operators including Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike's, and McDonald's, mitigating single-tenant concentration risk. The targeted markets themselves present structural tailwinds: high-barrier entry communities with strong household demographics, limited new retail supply, and demonstrated population growth trajectories. These fundamentals align with institutional investor preferences for retail assets in supply-constrained, affluent demographics.
This acquisition follows the Bain Capital and 11North joint venture's earlier purchase of three open-air lifestyle retail centers in Oklahoma City, signaling a systematic, momentum-driven approach to acquiring and operating open-air retail properties throughout the U.S. and Canada. The strategy reflects private equity conviction in the essential retail segment, particularly grocery-anchored and neighborhood shopping centers positioned in resilient, high-growth markets where demographic and supply-side dynamics support sustained leasing demand and value creation.
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