Bain Capital and 11North Companions stated Wednesday they’d acquired 5 open-air retail facilities situated throughout California, Virginia, Florida, and Texas for about $300 million. The personal transactions had been executed by a three way partnership between Bain Capital Actual Property and 11North targeted 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. toes 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 few of the most compelling risk-adjusted fundamentals in the actual property panorama,” stated Brian Harper, founder and managing associate, 11North. “We’re buying top quality, irreplaceable belongings in undersupplied markets at a foundation that might be structurally troublesome to copy.”
The acquisitions comply with Bain Capital and 11North’s current capital increase of $1.6 billion devoted to investing in open-air retail by 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.
