Bain Capital and 11North Partners Acquire Five Open-Air Retail Centers for $300 Million

Platform Reaches 18 Assets and Nearly $1 Billion of Capital Invested

BOSTON & NEW YORK--(BUSINESS WIRE)--Bain Capital and 11North Partners (“11North”) today announced the acquisition of five open-air retail centers located across California, Virginia, Florida, and Texas for approximately $300 million. The private transactions were executed through an exclusive joint venture between Bain Capital Real Estate and 11North focused on investing in high-quality open-air retail centers throughout the United States and Canada and across the core plus and value add spectrum.

Collectively, the portfolio totals approximately 757,000 square feet and spans Carlsbad, CA (North County San Diego), Falls Church, VA (Fairfax County), Altamonte Springs, FL (Orlando), and Sugar Land, TX (Houston) – all dense and affluent submarkets benefiting from strong retail fundamentals. The centers are anchored by Harris Teeter, Trader Joe’s, Walmart, Costco, and Equinox, with anchor sales per square foot in excess of $900. The portfolio, with in-place occupancy exceeding 93%, features a dynamic mix of food, fitness, medical, service and other necessity tenants, with low tenant health ratios.

“Open-air, grocery-anchored retail continues to demonstrate some of the most compelling risk-adjusted fundamentals in the real estate landscape. We are acquiring high quality, irreplaceable assets in undersupplied markets at a basis that would be structurally difficult to replicate,” said Brian Harper, Founder and Managing Partner, 11North. “The demographic quality across this portfolio, with nearly $132,000 average household income within three miles, is a direct reflection of where we choose to allocate capital. These assets were individually curated based on the team’s decades of investing across the country, coupled with a data driven foundation. With several billion of remaining dry powder, we will remain disciplined in how and where we invest.”

“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. Each asset was underwritten using our proprietary data-driven framework, which allows us to evaluate markets, submarkets, and individual assets with a level of precision and conviction we believe is differentiated in this sector,” said Martha Kelley, a Managing Director at Bain Capital Real Estate. "Following our successful joint capital raise in December, our platform is well capitalized to continue scaling with discipline, and partnering shoulder-to-shoulder with 11North gives us the retail investment and operational expertise to create lasting value for our investors and the communities these centers serve.”

The acquisition of these five assets follows Bain Capital and 11North’s recent capital raise of $1.6 billion dedicated to investing in open-air retail through the co-owned, 11North platform. Together with participation from Bain Capital Real Estate Fund III, the platform has access to more than $2 billion of investable equity. Since launching their joint venture in April 2024, Bain Capital and 11North have curated a portfolio of 18 assets totaling over two million square feet across six transactions. With nearly $1 billion of capital deployed to date, the partnership remains focused on expanding its portfolio in markets with strong demographic tailwinds and exceptional retail productivity.

About Bain Capital Real Estate

Bain Capital Real Estate pursues investments in often difficult-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has invested and committed over $10.7 billion of equity across multiple sectors as of December 31, 2025. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm's global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world's leading private investment firms, with approximately $225 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About 11North Partners

11North Partners is a real estate investment firm focused on curating a portfolio of retail investments diversified across markets and product types. With a focus on the intersection of superior performance and bold vision, the 11North team is dedicated to redefining the traditional approach to retail real estate.

The team’s combination of deep industry expertise, retailer and owner relationships, and blue-chip institutional partners provides unique insight into the ever-evolving retail landscape and unparalleled access to deal flow. 11North seeks to deliver attractive risk-adjusted returns through unlocking value across retail verticals including real estate ownership, debt and operating company investment. For more information, visit https://www.11northpartners.com.