JLL secures $260M financing for 10-property grocery-anchored portfolio

CHICAGO, Oct. 6, 2025 – JLL Capital Markets announced today that it has secured $260 million in financing for a 10-property, grocery-anchored retail portfolio located in key markets in Florida and South Carolina.

JLL worked on behalf of the borrower, 11North Partners and Bain Capital Real Estate, to secure the five-year acquisition loan through PGIM Real Estate. In addition to arranging the $395.5 million sale, JLL was also retained by 11North and BCRE to handle the property management and leasing.

The portfolio totals more than 1.1 million square feet of primarily grocery-anchored space that is 93.6% occupied overall. Seven of the assets are anchored by a Publix Supermarket, while the remainder are anchored by national tenants, including TJ Maxx, Walgreens, and CVS. The properties feature a range of national, regional and necessity-based local tenants that include general merchandise, service providers, food and beverage, health and wellness and financial services.

All of the properties are located in retail markets with strong fundamentals, including Fort Lauderdale, Orlando, Tampa and Palm Beach County, Florida. One property is located in Charleston, South Carolina. Each market exhibits a lack of supply that ensures continued growth, coupled with high-density and strong demographics that draw consumers from a wide trade area.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Chris Knight, Senior Director Mike DiCosimo and Directors Matt Maksymec and Alex Staikos.

"The strong operating fundamentals across all retail property types have substantially increased lender demand, with the grocery-anchored sector maintaining its position as one of the most sought-after categories," said Knight. "Together with the portfolio's exceptional tenancy, prime locations and esteemed borrower resulted in a tremendous loan execution for Bain, 11North and PGIM."

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.

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.

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. 

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than $1.44 trillion in assets,¹ PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, the company serves retail and institutional clients worldwide. For more information visit pgim.com.

PGIM's real estate business is the world's third-largest real estate investment manager, with $213 billion in gross assets under management and administration,² and real estate professionals located in 30+ cities worldwide. Through its full suite of real estate equity and debt solutions, the company aims to achieve exceptional outcomes on behalf of investors and borrowers. PGIM's uncompromising commitment to building lasting relationships with clients is founded on trust, transparency, and mutual respect.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.