10-Property open-air retail portfolio trades hands for $395.5M in Florida and South Carolina

MIAMI, Aug. 5, 2025 – JLL Capital Markets announced today that it has arranged the $395.5 million sale of a 10-property open-air retail portfolio located throughout Florida and South Carolina, totaling approximately 1.04 million square feet.

JLL represented the seller PGIM Real Estate. 11North Partners and Bain Capital acquired the 10 properties for $395.5 million.

The portfolio boasts an impressive 91.6% overall occupancy and benefits from its locations in affluent trade areas with strong demographics, including an average household income of $101,152 within a three-mile radius.

The properties include:

• Plantation Promenade in Plantation, Florida
• Sawgrass Square I & II in Sunrise, Florida
• Garden Shops at Boca in Boca Raton, Florida
• Rolling Oaks in Orlando, Florida
• New Tampa Center in Tampa, Florida
• Miramar Commons in Miramar, Florida
• The Promenade in Poinciana, Florida
• Point Hope Commons in Charleston, South Carolina
• Solivita Marketplace in Poinciana, Florida
• Lake Worth 441 in Lake Worth, Florida
   

JLL Capital Markets' Investment Sales and Advisory team representing the seller was led by Senior Managing Director and co-lead of JLL’s US Retail Capital Markets team Danny Finkle, Senior Director Jorge Portela and Vice President Kim Flores.

"The ability to acquire a portfolio of this quality and scale in some of the most desirable Southeast markets is extremely unique" said Finkle. This strategic transaction demonstrates the insatiable investor demand for best-in-class, retail centers with strong anchor tenants and stable occupancy.”

“This transaction represents a compelling opportunity to embed our platform in strong, in-demand communities that are benefiting from significant demographic shifts across the Southeast, including lifestyle migration and an aging population,” added Brian Harper, Founder and Managing Partner of 11North.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-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 been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. 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 $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com. 

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. 

PGIM Real Estate is the world’s third-largest real estate investment manager, with $210 billion in gross assets under management and administration,¹ and real estate professionals located in 35 cities worldwide. Built on our belief that strong performance is fueled by dynamic expertise, our global network of on-the-ground specialists is dedicated to opportunity creation, optimization, and timely capital deployment amid shifting market conditions.

Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect. We strive to integrate sustainable best practices throughout our investment, asset management, risk and talent management processes for the benefit of our clients, employees, and the communities in which we operate. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. of the United States (NYSE: PRU). For more information visit pgimrealestate.com.

¹As of March 31, 2025. Net AUM is $136 billion and AUA is $47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024.