Bain Capital, 11North Close $1.6B Capital Raise
The partners plan to expand their portfolio of open-air retail assets.
Bain Capital Real Estate and 11North Partners have closed on a capital raise of $1.6 billion, which will be used to invest in open-air retail centers in the U.S. and Canada, in the core-plus and value-add sectors.
The partners will use the funds to invest alongside their co-owned operating platform dedicated to open-air retail. Since its launch in 2024, the platform has acquired a number of assets in markets with strong population and income growth, according to the investors.
Most recently, the partners completed the acquisition of a 10-asset portfolio of Publix-anchored centers in Florida and South Carolina for about $395 million. PGIM Real Estate sold the assets, which total more than 1 million square feet and whose occupancy currently exceeds 93 percent.
That deal followed the platform’s purchase of three open-air lifestyle retail centers in Oklahoma City for about $212 million.
Two global institutional investors anchored the capital raise, which includes commitments from existing and new Bain Capital investors. Along with Bain Capital Real Estate Fund III, the new platform has access to more than $2 billion in equity to deploy.
LISTEN TO: Flair for Open-Air Centers
Open-air retail continues to benefit from various trends, including the growth of omnichannel shopping, healthy sales performance in essential categories, and evolving consumer preferences, noted Martha Kelley, a managing director at Bain Capital Real Estate, in a statement.
As a major private investor, Bain Capital has about $205 billion of assets under management. 11North Partners specializes in retail property investment.
Retail real estate turns a corner
The U.S. retail real estate market posted positive net absorption of 4.7 million square feet in the third quarter of 2025, JLL reported, after two consecutive quarters of decline in the first half. The industry is working through store closures, with landlords benefiting from limited new supply as construction has slowed down.
High-profile bankruptcies are theoretically adding available space to the market, but prime locations are quickly snapped up, JLL noted. Major store closures in 2025 have included the likes of JC Penney, all of Joann, and even some Walgreens and Dollar General locations. Moreover, the wrecking ball is removing obsolete retail space, so expanding retailers are facing a supply shortage, according to JLL. But they are still seeking to expand as consumer spending holds up, especially quick-service restaurants and dollar concepts looking for smaller footprints.
You must be logged in to post a comment.