Bain JV’s Retail Portfolio Gains $260M in Financing

October 7, 2025

Finance Investment News Retail More Southeast

The shopping center collection totals more than 1 million square feet.

Bain Capital Real Estate and 11North Partners have received a $260 million acquisition loan for a 10-property grocery-anchored retail portfolio.

The joint venture purchased the 1.1 million-square-foot portfolio for $395.5 million from PGIM Real Estate in early August. JLL Capital Markets arranged the five-year loan and has also been appointed as the property and leasing manager for the assets included in the acquisition.

Most of the assets included in the portfolio are in Florida, with one property located in Charleston, S.C. Each retail center is situated in a market with limited supply but strong growth potential. The acquisition is part of the joint venture’s plan of investing in open-air retail centers across the U.S. and Canada. The Business Journal reported that 11North paid $910,000 in real estate transfer taxes and $480,532 in intangible taxes that went to Broward County.

Of the 10 properties acquired, seven are anchored by Publix, while the remaining three feature national tenants such as CVS, TJ Maxx and Walgreens. Notable shopping centers include Sawgrass Square and Miramar Commons in Broward County, Fla., as well as Garden Shops at Boca and Lake Worth Plaza in Palm Beach County.

Each property holds a variety of tenants aside from its national anchor. In addition to well-known brands like Bank of America, Starbucks and McDonald’s, each center features local operators providing health and wellness, general merchandise and services. The entire portfolio is 93.6 percent leased.

Bain Capital and 11North were represented by JLL’s Managing Director Chris Knight, Senior Director Mike DiCosimo and Directors Matt Maksymec and Alex Staikos in the transaction.

Retail continues to surge in Florida

Florida represents about 11 percent of the total U.S. retail space, a Colliers market report on the Sunshine State shows. With highly visited metros including Orlando, Miami and Tampa, Florida continues to be a leader in development, as 26 percent of the new supply is being built within the state. On top of this, vacancies have remained under 4 percent since 2021.

Retail is set to benefit even further in the area now that sales tax on commercial leases has been eliminated in the state. This law change is expected to generate $2.5 billion in annual savings and make retail and other areas of Florida’s commercial real estate more competitive.

People continue to invest in retail across the state. In August, Second Horizon made its first Florida purchase with Orange Park Mall in Jacksonville, Fla. The shopping center spans 950,000 square feet and was owned by WPG previously. Last week, JLL brokered another retail deal in Miami. Asana Partners purchased Red Bird Shopping Center for $62.1 million from The Brando Co. The 92,089-square-foot property is fully leased.