Bain Capital and 11North Companions mentioned Wednesday that they had acquired 5 open-air retail facilities positioned throughout California, Virginia, Florida, and Texas for about $300 million. The personal transactions have been executed by way of a three way partnership between Bain Capital Actual Property and 11North centered on high-quality open-air retail facilities all through the U.S. and Canada and throughout the core-plus and value-add spectrum.
Collectively, the portfolio totals roughly 757,000 sq. ft and spans Carlsbad, CA (North County San Diego), Falls Church, VA (Fairfax County), Altamonte Springs, FL (Orlando), and Sugar Land, TX (Houston). The facilities are anchored by Harris Teeter, Dealer Joe’s, Walmart, Costco, and Equinox, with in-place occupancy exceeding 93%.
“Open-air, grocery-anchored retail continues to exhibit a number of the most compelling risk-adjusted fundamentals in the actual property panorama,” mentioned Brian Harper, founder and managing accomplice, 11North. “We’re buying top quality, irreplaceable property in undersupplied markets at a foundation that will be structurally tough to copy.”
The acquisitions observe Bain Capital and 11North’s current capital increase of $1.6 billion devoted to investing in open-air retail by way of the co-owned 11North platform. Along with participation from Bain Capital Actual Property Fund III, the platform has entry to greater than $2 billion of investable fairness.
