Bain Capital and 11North Partners Expand Retail Portfolio with $395 Million Acquisition
Bain Capital Real Estate and 11North Partners have acquired a portfolio of ten Publix-anchored retail centers in Florida and South Carolina for $395 million, signaling a strategic move towards stable, high-performing retail assets.
The recent acquisition of a ten-property retail portfolio by Bain Capital Real Estate and 11North Partners for $395 million underscores a strategic focus on grocery-anchored, open-air retail centers in high-growth markets. This portfolio, predominantly anchored by Publix stores across Florida and South Carolina, including the notable New Tampa Center, represents a significant investment in retail assets known for their resilience and consumer appeal.
With over one million square feet of retail space and an occupancy rate exceeding 93%, the portfolio's strength lies in its tenant mix of national brands such as Bank of America, Chipotle, and Starbucks. The presence of Publix in seven out of the ten centers highlights the grocery chain's strong market presence and its role as a key traffic driver. The New Tampa Center, sold for $57 million alone, serves a rapidly growing submarket with a population of over 115,000 and an average household income exceeding $157,000, indicating robust local consumer spending power.
Brian Harper, founder and managing partner of 11North Partners, emphasized the strategic importance of this acquisition, noting the expansion into Florida and the addition of Publix to their portfolio of grocery anchors, which already includes Whole Foods and Trader Joe's. The average grocery sales volumes of approximately $1,000 per square foot across their platform further attest to the quality and stability of these assets.
This acquisition is part of a broader trend in retail real estate, where investors are increasingly drawn to grocery-anchored and open-air retail centers for their ability to withstand shifts in consumer behavior. The partnership between Bain Capital and 11North, established last year, is clearly focused on building a portfolio of stable, high-performing retail assets across the U.S. and Canada, with this latest deal reinforcing their commitment to growth in essential retail sectors.
For more information on the properties involved in this transaction, visit https://www.citybiz.com.