PGIM Lends $260M on Southeast Retail Portfolio Purchase
By Andrew Coen October 3, 2025 12:58 pm
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A joint venture between Bain Capital Real Estate and 11North Partners has secured $260 million of acquisition financing to purchase a portfolio of grocery-anchored retail centers in Florida and South Carolina, Commercial Observer can first report.
PGIM Real Estate provided the loan for the sponsorship’s acquisition of 10 shopping center assets comprising 1.1 million square feet in the Florida markets of Fort Lauderdale, Palm Beach, Orlando and Tampa along with Charleston, S.C. Bain and 11North acquired the properties from PGIM’s equity platform for $395 million this past summer, The Real Deal reported at the time.
“With strong tenant demand, resilient consumer spending, and a diverse mix of tenants across these centers, this portfolio is well positioned to deliver durable performance,” Michelle Liu, executive director for PGIM’s real estate business, said in a statement.
The portfolio features Broward County retail centers Sawgrass Square at 12500 West Sunrise Boulevard in Sunrise; Plantation Promenade at 10065 Cleary Boulevard in Plantation; and Miramar Commons at 11000 Pembroke Road in Miramar, which are all anchored by Publix.
Palm Beach County assets involved in the deal consist of Lake Worth Plaza at 4360 State Road 7 in Lake Worth and Garden Shops at Boca at 7060 West Palmetto Park Road in Boca Raton.
In addition to Publix, the retail assets also feature other national tenants including Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s and McDonald’s.
JLL arranged the financing with a capital markets debt advisory team consisting of Chris Knight, Mike DiCosimo, 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,” Knight, managing director at JLL Capital Markets, said in a statement.
Bain and 11North formed a strategic partnership to acquire and operate open-air retail centers throughout the U.S. and Canada in April.
“This scaled acquisition, which has strong fundamentals and sits in one of the country’s most attractive growth regions, squarely aligns with our thematic approach to investing in open-air, necessity-based retail,” Martha Kelley, managing director at Bain Capital Real Estate, said in a statement at the time of the purchase.
Brian Harper, founder and managing partner at 11North, said in a statement that the properties
are located in “strong, in-demand communities that are benefiting from significant demographic shifts.”
Andrew Coen can be reached at acoen@commercialobserver.com.
