Bain Capital Real Estate and 11North Partners have taken over a portfolio of 10 open -air shopping centers in Florida and South Carolina for around $ 395 million. PGIM real estate sold the assets that a total of more than 1 million square feet. Their occupation is currently more than 93 percent.
The properties are located on the Florida markets of Fort Lauderdale, Orlando, Tampa and Palm Beach, as well as Charleston, SC De Portfolio includes:
- Sawgrass Square: 215,658 square base, sunrise, FLA.
- Plantage promenade: 153,906 square base, plantation, FLA.
- Miramar Commons: 83,740 square base, Miramar, FLA.
- Rolling Oaks Commons: 159.804 square foot, Kissimmee, Fla.
- The Promenade At Poinciana: 86.007 Square Feet, Kissimmee
- Solivita Marketplace: 38,473 square foot, Kissimmee
- New Tampa Center: 93,666 square base, Tampa, FLA.
- Lake Worth Plaza: 29.011 Square, Lake Worth, Fla.
- Garden shops in Boca: 142,566 square foot, Boca Raton, FLA.
- Point Hope Commons: 75,056 square foot, Charleston, SC
All traded centers have a Publix store, seven of which are anchored by the supermarket store. The portfolio otherwise has a mix of national, regional and daily tenants such as Bank of America, Chipotle, Starbucks, Chick-Fil-A, Jersey Mike’s and McDonald’s.
Also read: Top Retail Trends: Uncertainty shifts the demand dynamics in 2025
The partnership between 11north and Bain Capital, formed in 2024, focuses on the purchase and operational open -air shop centers in both the US and Canada.
The joint venture recently acquired three open -air shopping centers in Oklahoma City for $ 212 million. Those properties are also strongly anchored, in that case by Whole Foods and Trader Joe’s, and rented by more than 50 unique-to-market retailers.
Investors chase supermarket-worshiped centers
The partners are hardly alone in their interest in supermarket-worshiped stores. Investments in such property increased by around 1.4 percent in 2024 compared to the previous year, according to JLL’s Supermarket Report 2025.
“The continuous expansion of supermarkets stimulates the demand for retail space, making supermarket-worshiped shops more attractive for investors,” the report notes. “This trend is expected to continue to exist, with Reit’s and supermarkets that will probably play a greater role in the investment landscape.”
The investors follow shoppers, with supermarkets that continue to see a steady increase in foot traffic. Visits rose to nearly 17.2 billion in 2024, an increase of 1 percent compared to 2023 and 10.9 percent compared to 2019, JLL reported, stating Placer.ai data.
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