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Bain, 11North Partners Acquire 9 Florida Retail Centers
Bain Capital and 11North Partners acquired a portfolio of ten open-air retail centers, nine in Florida and one in South Carolina, for approximately $395 million. The private transaction was executed through a partnership between Bain Capital Real Estate and 11North, which is focused on acquiring and operating open-air retail centers throughout the U.S. and Canada. Commercial Edge reports the seller was PGIM Real Estate.
This acquisition follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City.
Located across the Florida submarkets of Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina, the portfolio includes:
- Sawgrass Square (pictured)
- Plantation Promenade
- Miramar Commons
- Rolling Oaks
- Promenade at Poinciana
- Solivita Marketplace
- New Tampa Center
- Lake Worth Plaza
- Garden Shops at Boca
- Point Hope Commons/Charleston
Collectively, the ten properties span more than one million square feet of gross leasable area, with in-place occupancy exceeding 93 percent. Seven of the centers were anchored by Publix.
- ◦Sale/Acquisition
