Bain Capital and 11North Partners have acquired five open-air retail centers across California, Virginia, Florida and Texas for approximately $300 million.
The private transactions were completed through a joint venture between Bain Capital Real Estate and 11North focused on investing in open-air retail centers in the United States and Canada across the core-plus and value-add spectrum.
The portfolio totals approximately 757,000 square feet and includes properties in Carlsbad, Calif.; Falls Church, Va.; Altamonte Springs, Fla.; and Sugar Land, Texas. The centers are anchored by Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox, with anchor sales per square foot exceeding $900.
The portfolio is more than 93 percent occupied and includes 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,â
