The portfolio spans more than one million square feet and boasts a high occupancy rate exceeding 93%. The tenant mix is composed of well-known national brands such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s, underpinning the centres’ appeal and resilience. Seven out of the ten centres in the portfolio are anchored by Publix, reflecting the company’s strong presence and drawing power in these markets.

Bain Capital and 11North Partners, which recently completed the purchase of three other open-air retail centres in Oklahoma City, have expressed a strategic focus on owning and operating retail assets characterised by open-air layouts and necessity-based tenancy. In a statement, Brian Harper, founder and managing partner of 11North Partners, highlighted the expansion into Florida as a significant step, noting the combined portfolio now includes grocery anchors like Whole Foods, Trader Joe’s, and Publix—three brands known for their consumer loyalty and sales durability. Harper cited average grocery sales volumes of approximately $1,000 per square foot across their platform, underscoring the quality and stability of their assets.

The New Tampa Center serves the rapidly growing New Tampa submarket and features a mix of tenants including Pizza Hut, The Joint Chiropractic, The Little Greek Restaurant, Coldwell Banker, Pak Mail, Coast Dental, H & R Block, and Pinch-A-Penny. Demographic data within a five-mile radius of the centre reveals a population of over 115,000 with an average household income exceeding $157,000, indicative of strong local consumer purchasing power.

The other properties in the portfolio are spread across affluent trade areas in Fort Lauderdale, Kissimmee, Palm Beach, Miramar, Poinciana, Lake Worth, and Charleston. These locations represent some of the Southeast’s most dynamic retail markets. The acquisition reinforces Bain Capital and 11North Partners’ commitment to growth in essential retail sectors, focusing on open-air centres that combine necessity-based tenants with long-term demand drivers.

Industry observers see the deal as part of a broader trend in retail real estate, where investors prioritise grocery-anchored and open-air retail centres for their resilience in changing consumer environments. The partnership between Bain Capital and 11North, formed last year, appears poised to continue expanding its portfolio, targeting stable, high-performing retail assets across the U.S. and Canada.

The post Bain Capital And 11North Acquire Florida And South Carolina Publix-Anchored Retail Portfolio For $395 Million appeared first on citybiz.

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