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Bain Capital, 11North Partners Acquire Five Shopping Centers for $300M
- Bain Capital Real Estate and 11North Partners jointly bought five open-air shopping centers for $300 million in a private transaction.
- The centers total about 757,000 square feet and include Beacon, Barcroft Plaza, West Town Corners, Altamonte Springs, and University Commons.
- The deal was executed through an exclusive joint venture between Bain Capital and 11North.
- Executives cited a strategy focused on institutional-quality, open-air centers anchored by essential and lifestyle tenants.
- Analysts note rising demand for open-air retail as foot traffic improves in the sector.
- Brian Harper of 11North and Martha Kelley of Bain Capital commented on acquiring irreplaceable assets in undersupplied markets.
- The transaction includes commentary on data-driven underwriting driving asset selection.
- University Commons in Houston was previously sold by Vista Private Equity Group; other sellers were not named.
- The five centers are located in California, Northern Virginia, Florida, and Texas.
- Amanda Schiavo authored the piece detailing the acquisition.
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