Florida and South Carolina — A joint venture between Bain Capital and 11North Partners has purchased a portfolio of 10 open-air retail centers in Florida and South Carolina for $395 million. The properties — which are located across the submarkets of Fort Lauderdale, Orlando, Tampa, Palm Beach and Charleston — include Sawgrass Square, Plantation Promenade, Miramar Commons, Rolling Oaks, Promenade at Poinciana, Solivita Marketplace, New Tampa Center, Lake Worth Plaza, Garden Shops at Boca and Point Hope Commons.
The acquisition spans more than 1 million square feet and follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City.
Publix anchors seven of the retail centers, which feature a mix of additional tenants such as Bank of America, Chipotle, Starbucks Coffee, Chick-fil-A, Jersey Mike’s and McDonald’s. The portfolio was more than 93 percent leased at the time of sale.
Danny Finkle, Jorge Portela and Kim Flores of JLL represented the seller, PGIM Real Estate, in the transaction. Chris Knight, Mike DiCosimo, Matt Maksymec and Alex Staikos, also of JLL, worked on behalf of 11North Partners and Bain Capital Real Estate to secure $260 million in financing. Additionally, JLL arranged the five-year acquisition loan through PGIM Real Estate.