Bain Capital and 11North Partners Complete $300 Million Retail Real Estate Acquisition of Five Open-Air Centers
BOSTON & NEW YORK — Bain Capital Real Estate and 11North Partners have completed a real estate acquisition of five open-air retail centers across four states for approximately $300 million, the firms announced May 27, 2026. The portfolio, totaling roughly 757,000 square feet, spans markets in Carlsbad, Calif.; Falls Church, Va.; Altamonte Springs, Fla.; and Sugar Land, Texas, and brings the joint venture platform to 18 assets and nearly $1 billion of capital deployed since its launch in April 2024.
The private transactions were executed through an exclusive joint venture between Bain Capital Real Estate and 11North focused on investing in open-air retail centers throughout the United States and Canada across the core-plus and value-add spectrum.
Portfolio Composition and Tenant Profile
The five centers are anchored by Harris Teeter, Trader Joe's, Walmart, Costco, and Equinox Capital Partners, with anchor sales per square foot exceeding $900. In-place occupancy across the portfolio stands above 93%, and the centers feature a mix of food, fitness, medical, service, and necessity tenants. The submarkets — North County San Diego, Fairfax County, the Orlando metro, and the Houston metro — carry an average household income of approximately $132,000 within a three-mile radius, according to the firms.
Joint Venture Scale and Capital Position
The acquisition follows a $1.6 billion capital raise completed by the Bain Capital–11North platform in December 2025. Combined with participation from Bain Capital Real Estate Fund III, the platform has access to more than $2 billion of investable equity, the firms said. With the addition of these five assets, the joint venture has completed six transactions and assembled a portfolio of 18 retail real estate properties totaling more than two million square feet.
"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 of 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."
Martha Kelley, a Managing Director at Bain Capital Real Estate, said the assets align with the firm's strategy of building a portfolio of institutional-quality, open-air centers anchored by necessity and lifestyle tenants. "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," Kelley said. "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."
Additional Deal Details
Bain Capital Real Estate has described open-air retail as one of the sectors it targets through its broader investment strategy, which focuses on what the firm characterizes as difficult-to-access sectors underpinned by long-term demand trends. As of December 31, 2025, Bain Capital Real Estate reported having invested and committed more than $10.7 billion of equity across sectors. Bain Capital overall manages approximately $225 billion in assets under management.
The release does not disclose cap rates, loan amounts, individual asset prices, or seller identities. The transactions are described as private.
About the Firms
Bain Capital Real Estate pursues investments in sectors underpinned by secular trends that drive long-term demand for real estate assets and services. The firm focuses on assets where deep industry expertise can accelerate operational improvements.
11North Partners is a real estate investment firm focused on retail investments diversified across markets and product types, with an emphasis on the intersection of performance and operational vision. The firm seeks to deliver risk-adjusted returns through retail real estate ownership, debt, and operating company investment.