Bain Capital, 11North pay $395M for portfolio of 10 shopping centers, mostly in Florida
Bain Capital Real Estate and 11North Partners bagged 10 open-air shopping centers for $395 million, with the portfolio heavily weighted toward the Sunshine State and specifically South Florida, The Real Deal has learned. Boston-based private equity firm Bain and New York-based retail investment firm 11North bought nine plazas in Florida, five of which are in Broward and Palm Beach counties, according to the buyers’ news release. One property is in Charleston, South Carolina. “The NOI [net operating income] is definitely majority in South Florida. It’s over 50 or 55-plus percent in South Florida,” said Martha Kelley of Bain. Entities tied […]This article originally appeared on The Real Deal. Click here to read the full story.
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