Bain Capital, 11North Partners Make $300M Retail Buy

May 28, 2026

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The open-air, grocery-anchored collection totals five properties across four states.

A joint venture between Bain Capital and 11North Partners has acquired five open-air grocery-anchored retail centers totaling approximately 757,000 square feet in California, Florida, Texas and Virginia. The acquisitions were completed in four separate transactions.

The private transactions were the first purchases made by the joint venture since Bain Capital and 11North’s $1.6 billion capital raise in December. The partners are using the funds to invest in open-air retail centers in the U.S. and Canada in the core-plus and value-add sectors.

Together with participation from Bain Capital Real Estate Fund III, the platform has access to more than $2 billion of investable equity. Since launching the joint venture in 2024, Bain Capital and 11North have deployed nearly $1 billion in capital and assembled an 18-property portfolio with more than 2 million square feet across six transactions.

The joint venture focuses on open-air, grocery-anchored retail properties in markets with strong demographic tailwinds and retail productivity. The team seeks assets in undersupplied markets at a basis that would be difficult to replicate. They also want to invest in retail centers that are anchored by necessity and lifestyle tenants that serve as cornerstones in their communities.

Closer look at latest transactions

The properties in the joint venture’s recent purchases are located in Carlsbad, Calif.; Falls Church, Va.; Altamonte Springs, Fla.; and Sugar Land, Texas. They are all described by the buyers as dense and affluent submarkets benefiting from strong retail fundamentals. The average household income within three miles of the centers in the portfolio is nearly $132,000.

The centers are anchored by Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox, with anchor sales of more than $900 per square foot. The portfolio has in-place occupancy exceeding 93 percent and features a mix of food, fitness, medical services and other necessity tenants.

While there are five assets in the portfolio, the joint venture only disclosed details on four of the properties. Among them are:

University Commons, 13550 University Blvd. in Sugar Land, Texas, sold by Vista Private Equity Group
Barcroft Plaza, 6345 Columbia Pike in Falls Church, Va. in Fairfax County, sold by Federal Realty Trust
The Beacon, 7720-7790 El Camino Road in Carlsbad, Calif. The seller was not identified.

Additionally, Washington Prime Group sold West Town Corners, located at 340 W. State Road 434 in Altamonte Springs, near Orlando, to the joint venture for $59.5 million, according to Seminole County public records. Anchors include Winn-Dixie, PetSmart, TJ Maxx and American Signature Furniture.

Completed in 1989, the retail center was most recently renovated in 2024. It is the 11^th most-visited shopping center in the state, according to JLL, which arranged the sale for the seller.

Other JV retail deals

Prior to this latest deal, the partners’ most recent acquisition was the August 2025 purchase 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. The properties are in the Florida markets of Fort Lauderdale, Orlando, Tampa and Palm Beach, as well as Charleston, S.C. They range in size from 29,011 to 215,658 square feet.

All the centers have a Publix store, with seven of them being anchored by the grocery retailer. Other tenants include a mix of national, regional and daily needs tenants.

Earlier that summer, the platform acquired three open-air lifestyle retail centers in Oklahoma City for about $212 million. The portfolio comprises Nichols Hills Plaza, The Triangle at Classen Curve and Classen Curve, with a total of 327,679 square feet across nearly 40 acres.

Located in the Nichols Hills submarket, the portfolio has an average occupancy of more than 97 percent. Grocery anchors are Whole Foods Market and Trader Joe’s. Other tenants include Lululemon, Warby Parker, West Elm, Anthropologie, Sephora and Kendra Scott.