BOSTON AND NEW YORK CITY — A joint venture between Bain Capital and 11North Partners has acquired a portfolio of 10 open-air retail centers in Florida and South Carolina for $395 million. Danny Finkle, Jorge Portela and Kim Flores of JLL represented the seller, PGIM Real Estate.
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 for $212 million.
Publix anchors seven of the retail centers. The portfolio was more than 93 percent leased at the time of sale to tenants including Bank of America, Chipotle, Starbucks Coffee, Chick-fil-A, Jersey Mike’s and McDonald’s.