California

BOSTON AND NEW YORK CITY — A joint venture between Bain Capital and 11North Partners has acquired five open-air retail centers for approximately $300 million. The properties total roughly 757,000 square feet and are located in Carlsbad, Calif.; Falls Church, Va.; Altamonte Springs, Fla.; and Sugar Land, Texas. The seller was not disclosed. Anchor tenants of the portfolio include Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox, with sales from those anchor stores exceeding $900 per square foot. The portfolio, which was more than 93 percent occupied at the time of sale, also features a mix of food, fitness, medical, service and other necessity-based tenants. “Open-air, grocery-anchored retail continues to demonstrate some of the most compelling risk-adjusted fundamentals in the real estate landscape,” says Brian Harper, founder and managing partner of New York City-based 11North. “These assets align squarely with our strategy of building a portfolio of institutional-quality, open-air centers, anchored by best-in-class necessity and lifestyle tenants that serve as cornerstones of their communities,” adds Martha Kelley, a managing director at Boston-based Bain. The acquisition follows Bain and 11North’s recent capital raise of $1.6 billion that is dedicated to investing in open-air retail throughout the co-owned, 11North platform. Together with …