Bain Capital Real Estate and 11North Partners have purchased a portfolio of 10 open-air retail centers located in Florida and South Carolina for approximately $395 million. The assets, sold by PGIM Real Estate, encompass over 1 million square feet and boast an occupancy rate exceeding 93 percent.
The retail centers are situated in key Florida markets, including Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as in Charleston, South Carolina. Notable properties in the portfolio include Sawgrass Square in Sunrise, Plantation Promenade in Plantation, and Point Hope Commons in Charleston, among others. Each center features a Publix grocery store, with seven of them anchored by the retailer. The portfolio also includes a diverse mix of tenants such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s.
The partnership between Bain Capital and 11North, established in 2024, aims to acquire and manage open-air retail centers across the U.S. and Canada. Recently, the joint venture expanded its footprint by acquiring three additional retail centers in Oklahoma City for $212 million, which are anchored by Whole Foods and Trader Joe’s and feature over 50 unique retailers.
The interest in grocery-anchored retail properties is not unique to Bain Capital and 11North. According to JLL’s Grocery Report 2025, investments in grocery-anchored centers rose by about 1.4 percent in 2024 compared to the previous year. The report highlights that the ongoing expansion of grocery stores is driving demand for retail space, making these properties increasingly appealing to investors.
As grocery stores continue to attract shoppers, foot traffic has seen a steady increase. In 2024, visits to grocery stores reached nearly 17.2 billion, marking a 1 percent rise from 2023 and a significant 10.9 percent increase compared to 2019, according to data from Placer.ai. This trend indicates that grocery-anchored retail properties will likely remain a focal point for investors, with REITs and grocery operators expected to play more prominent roles in the market.
