Bain Capital and 11North Partners said Wednesday they had acquired five open-air retail centers located across California, Virginia, Florida, and Texas for approximately $300 million. The private transactions were executed through a joint venture between Bain Capital Real Estate and 11North focused on high-quality open-air retail centers throughout the U.S. and Canada and across the core-plus and value-add spectrum.
Collectively, the portfolio totals approximately 757,000 square feet and spans Carlsbad, CA (North County San Diego), Falls Church, VA (Fairfax County), Altamonte Springs, FL (Orlando), and Sugar Land, TX (Houston). The centers are anchored by Harris Teeter, Trader Joe’s, Walmart, Costco, and Equinox, with in-place occupancy exceeding 93%.
“Open-air, grocery-anchored retail continues to demonstrate some of the most compelling risk-adjusted fundamentals in the real estate landscape,” said Brian Harper, founder and managing partner, 11North. “We are acquiring high quality, irreplaceable assets in undersupplied markets at a basis that would be structurally difficult to replicate.”
The acquisitions follow Bain Capital and 11North’s recent capital raise of $1.6 billion dedicated to investing in open-air retail through the co-owned 11North platform. Together with participation from Bain Capital Real Estate Fund III, the platform has access to more than $2 billion of investable equity.
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