{"id":1004800336,"date":"2026-05-28T05:06:13","date_gmt":"2026-05-28T13:06:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004800336"},"modified":"2026-05-28T05:17:10","modified_gmt":"2026-05-28T13:17:10","slug":"bain-capital-11north-partners-make-300m-retail-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bain-capital-11north-partners-make-300m-retail-buy\/","title":{"rendered":"Bain Capital, 11North Partners Make $300M Retail Buy"},"content":{"rendered":"\n

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University Commons in Sugar Land, Texas, is among the properties included in the acquisitions.
Image courtesy of Bain Capital and 11North Partners<\/em><\/figcaption><\/figure><\/div>\n\n\n

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.<\/p>\n\n\n\n

The private transactions were the first purchases made by the joint venture since Bain Capital and 11North\u2019s $1.6 billion capital raise<\/a> 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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READ ALSO: <\/strong>Ground Control: Retailers Are Leaning Into Buying Their Spaces<\/a><\/p>\n\n\n\n

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The joint venture focuses on open-air, grocery-anchored retail properties<\/a> 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.<\/p>\n\n\n\n

Closer look at latest transactions<\/h2>\n\n\n\n

The properties in the joint venture\u2019s 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.<\/p>\n\n\n\n

The centers are anchored by Harris Teeter, Trader Joe\u2019s, 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.<\/p>\n\n\n\n

While there are five assets in the portfolio, the joint venture only disclosed details on four of the properties. Among them are:<\/p>\n\n\n\n