Bain Capital, 11North Partners Acquire Oklahoma City Retail Centers for $212M

Bain Capital Real Estate and retail-focused investment firm 11North Partners are taking over a chunk of shopping centers in Oklahoma.

The joint venture has acquired three open-air retail centers in Oklahoma City’s Nichols Hills neighborhood for approximately $212 million, according to a Wednesday announcement. The nearly 40-acre portfolio includes Nichols Hills Plaza, The Triangle at Classen Curve and Classen Curve.

With occupancy rates exceeding 97 percent, the three retail centers are anchored by Whole Foods and Trader Joe’s, and feature more than 50 other tenants including Lululemon, Warby Parker, West Elm, Anthropologie, Sephora and Kendra Scott, according to the announcement.

“This portfolio’s combination of national retailers and superior demographics strongly aligns with our strategy of investing in well-located open-air properties that serve as essential retail centers in the communities where people live and work,” Martha Kelley, a managing director at Bain Capital, said in a statement.

News of the deal comes after Bain Capital and 11North formed their JV in April 2024 to “acquire open-air retail assets with a high concentration of necessity-based tenants” across the U.S. and Canada, the announcement said.

Many other firms have followed suit in recent months, picking up retail properties across the country.

Earlier this month, Continental Realty acquired the retail component of the CityPlace Doral mixed-use development in South Florida for $87.5 million, while investment firm Edens bought the 250,000-square-foot Fairfax Court retail plaza in Fairfax, Va., for $52 million.

And in New York City, Acadia Realty Trust acquired a single retail co-op a block west of Union Square, at 85 Fifth Avenue, from SL Green Realty for $46.8 million in April, as Commercial Observer previously reported.

The three shopping centers in the Oklahoma City portfolio are clustered near Western Avenue in an area just north of Interstate 44. The Nichols Hills neighborhood lies in the northern area of Oklahoma City, which is the state capital and home of the new NBA champions Oklahoma City Thunder.

“We believe the market opportunity today represents a compelling time to be investing in open-retail centers, an asset class which has proven resilient through multiple economic cycles and continues to benefit from attractive, long-term fundamentals, a convenience-oriented and necessity-driven consumer, and strong retail sales and tenant demand,” Brian Harper, founder and managing partner of 11North, said in a statement.

Isabelle Durso can be reached at idurso@commercialobserver.com.