Bain Capital, 11North Partners buy Five Open-Air Retail Centers
Across four states, the 757,000-square-foot portfolio is more than 93 percent occupied and anchored by Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox.
A joint venture of Bain Capital Real Estate and 11North Partners paid approximately $300 million for five open-air, grocery-anchored retail centers serving necessity-based retail and services tenants.
The 757,000-square-foot portfolio spans Carlsbad, Calif.; Falls Church, Va.; Altamonte Springs, Fla.; and Sugar Land, Texas.
The centers are more than 93 percent occupied and are anchored by Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox, with anchor sales exceeding $900 a square foot.
Tenants include food, fitness, medical, service and other necessity-based categories.
The joint venture is focused on open-air retail centers in the United States and Canada across core-plus and value-add strategies.