Martha Kelley And Ryan Cotton Of Bain Capital Acquire Retail Portfolio From Cathy Marcus For $395M

A retail portfolio consisting of ten grocery-anchored shopping centers was involved in this transaction, totaling a sale price of $395,000,000. The portfolio spans 1,080,500 square feet and is located in the Broward and Palm Beach markets in Florida, as well as Charleston, South Carolina. The price per square foot for the sale was $366.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $395,000,000
• Square Footage: 1,080,500
• Price Per Square Foot: $366
• Buyer: Martha Kelley & Ryan Cotton - Bain Capital; Brian Harper - 11North Partners
• Seller: Cathy Marcus - PGIM
• Market: Broward & Palm Beach & FL; Charleston, SC

Bain Capital Real Estate and 11North Partners successfully acquired the portfolio from PGIM Real Estate in an all-cash deal. The transaction includes nine shopping centers located in Florida and one in South Carolina, with JLL taking over management responsibilities from Southeast Centers. Notably, more than half of the net operating income is concentrated in South Florida.