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Bain Capital, 11North Form JV to Invest in Open-Air Retail
Bain Capital Real Estate and 11North Partners have formed a strategic partnership to acquire and manage open-air retail centers in the U.S. and Canada. Led by CEO Brian Harper, 11North focuses on necessity-based tenants in open-air retail. Harper, formerly of RPT Realty, brings retail experience to the partnership.
The collaboration aims to capitalize on favorable market conditions, including low supply growth and increased demand for open-air shopping centers. The partnership seeks to build a high-quality portfolio by leveraging consumer insights and market trends in the retail sector, aiming to deliver strong returns in a changing retail landscape.
“Today, open-air retail centers benefit from a confluence of tailwinds and strong real estate fundamentals that create an attractive risk-return opportunity,” said Harper. “We believe historically low supply growth and increased demand for open-air shopping centers, driven by strong retail sales, persistent work-from-home trends, and the increased prevalence for omnichannel shopping, provide a favorable backdrop for the sector.”
