11North Partners And Bain Capital Acquire Open-Air Retail Portfolio From PGIM Real Estate For $395.5M

The transaction involved the sale of a 10-property open-air retail portfolio located at 7060 West Palmetto Park Road in South Florida and Orlando. The properties collectively span 1,180,000 square feet and were sold for $395,500,000, equating to $335 per square foot. The portfolio primarily features properties anchored by Publix, and encompasses locations in Fort Lauderdale, Palm Beach, Orlando, and Tampa, along with a site in Charleston, South Carolina.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $395,500,000
• Buyer: 11North Partners & Bain Capital
• Seller: PGIM Real Estate
• Broker Representation: Jorge Portela, Danny Finkle, Kim Flores, Evan Lahr & Jacob Wise - JLL
• Square Footage: 1,180,000
• Price Per Square Foot: $335

JLL represented PGIM Real Estate in the sale, showcasing their role as the broker in this transaction. The transaction demonstrates the involvement of key players in the retail market, particularly with a focus on properties that are well-established in various thriving submarkets within Florida and South Carolina.