Bain Capital and 11North Partners Acquire $395 Million Publix-Anchored Retail Portfolio in Florida and South Carolina

Bain Capital Real Estate and 11North Partners have jointly acquired a portfolio of ten open-air retail centers, predominantly anchored by Publix stores, for approximately $395 million. This strategic investment spans properties across Florida and South Carolina, including the New Tampa Center, a 93,666-square-foot retail development sold for $57 million alone. The portfolio, exceeding one million square feet with a 93% occupancy rate, features a mix of national tenants such as Bank of America, Chipotle, and Starbucks, highlighting the centers' appeal and stability.

The acquisition underscores the partners' focus on open-air retail assets with necessity-based tenancy, a strategy that has previously led them to purchase three other centers in Oklahoma City. Brian Harper, founder and managing partner of 11North Partners, emphasized the significance of expanding into Florida, noting the inclusion of grocery anchors like Whole Foods, Trader Joe’s, and Publix. These brands are renowned for their consumer loyalty and sales durability, with average grocery sales volumes of approximately $1,000 per square foot across their platform.

The New Tampa Center, serving a rapidly growing submarket, boasts a diverse tenant mix and is situated in an area with a population of over 115,000 and an average household income exceeding $157,000. Other properties in the portfolio are located in affluent trade areas across Fort Lauderdale, Kissimmee, and Charleston, among others, representing some of the Southeast’s most dynamic retail markets.

This transaction reflects a broader trend in retail real estate, where investors are increasingly drawn to grocery-anchored and open-air retail centers for their resilience amidst shifting consumer preferences. The partnership between Bain Capital and 11North, established last year, is set to continue its expansion, targeting stable, high-performing retail assets across the U.S. and Canada. For more details on the acquisition, visit https://www.citybiz.com.