Bain Capital JV Snaps Up Retail Portfolio for $395M

August 5, 2025

Retail Featured Investment News More Southeast

The collection totals 1 million square feet.

Interior shot of a Publix store, in the area where shopping carts are stored — All the assets in the traded portfolio include a Publix store. *Image courtesy of Publix*

Bain Capital Real Estate and 11North Partners have acquired a portfolio of 10 open-air retail centers in Florida and South Carolina for about $395 million. PGIM Real Estate sold the assets that total more than 1 million square feet. Their 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. The portfolio includes:

Sawgrass Square: 215,658 square feet, Sunrise, Fla.
Plantation Promenade: 153,906 square feet, Plantation, Fla.
Miramar Commons: 83,740 square feet, Miramar, Fla.
Rolling Oaks Commons: 159,804 square feet, Kissimmee, Fla.
The Promenade at Poinciana: 86,007 square feet, Kissimmee
Solivita Marketplace: 38,473 square feet, Kissimmee
New Tampa Center: 93,666 square feet, Tampa, Fla.
Lake Worth Plaza: 29,011 square feet, Lake Worth, Fla.
Garden Shops at Boca: 142,566 square feet, Boca Raton, Fla.
Point Hope Commons: 75,056 square feet, Charleston, S.C.

All traded centers have a Publix store, seven of them being anchored by the grocery retailer. The portfolio otherwise features a mix of national, regional, and daily-needs tenants such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s and McDonald’s.

The partnership between 11North and Bain Capital, formed in 2024, focuses on purchasing and operating open-air retail centers in both the U.S. and Canada.

Recently, the joint venture acquired three open-air retail centers in Oklahoma City for $212 million. Those properties are also strongly anchored, in that case by Whole Foods and Trader Joe’s, and tenanted by more than 50 unique-to-market retailers.

Investors chase grocery-anchored centers

The partners are hardly alone in their interest in grocery-anchored retail. Investments in such properties increased about 1.4 percent in 2024 compared with the previous year, according to JLL’s Grocery Report 2025.

“The ongoing expansion of grocery stores is driving demand for retail space, making grocery-anchored retail properties increasingly attractive to investors,” the report notes. “This trend is expected to persist, with REITs and grocery operators likely to play more significant roles in the investment landscape.”

The investors are following shoppers, with grocery stores continuing to see a steady rise in foot traffic. Visits rose to nearly 17.2 billion in 2024, a 1 percent increase from 2023 and 10.9 percent compared with 2019, JLL reported, citing Placer.ai data.