Bain Capital, 11North Partners Acquire Five Shopping Centers for $300M
By Amanda Schiavo May 27, 2026 12:19 pm
reprints
Bain Capital, a multi-asset alternative investment firm, and 11North Partners, a New York-based real estate investment company, have come together to acquire five open-air malls across four states for a total of $300 million, the companies announced Wednesday.
This was a private transaction completed through an exclusive joint venture between the two organizations.
The malls span approximately 757,000 square feet in total. The properties are the Beacon at 7720-7790 El Camino Road in Carlsbad, Calif., near San Diego; Barcroft Plaza at 6345 Columbia Pike in Falls Church in Northern Virginia; West Town Corners at 340 South State Road and 434 Altamonte Springs, in Altamonte Springs near Orlando, Fla.; and University Commons at 13550 University Boulevard in Sugar Land, Texas, near Houston.
University Commons in Houston was sold by Vista Private Equity Group, while the names of the other sellers and a breakdown of the price for each property were not immediately available.
“These assets align squarely with our strategy of building a portfolio of institutional-quality, open-air centers, anchored by best-in-class necessity and lifestyle tenants that serve as cornerstones of their communities,” Martha Kelley, a managing director for real estate at Bain Capital, said in a statement. “Each asset was underwritten using our proprietary data-driven framework, which allows us to evaluate markets, submarkets and individual assets with a level of precision and conviction we believe is differentiated in this sector.”
Retail has surged over the last year as demand rises and capital markets stabilize, according to Cushman & Wakefield research. Open-air malls seem to be the leader in the retail recovery as foot traffic at these shopping centers increased 6.4 percent between January and February of this year, according to data from foot traffic tracker Placer.ai.
“Open-air, grocery-anchored retail continues to demonstrate some of the most compelling risk-adjusted fundamentals in the real estate landscape,” Brian Harper, founder and managing partner at 11North, said in a statement. “We are acquiring high-quality, irreplaceable assets in undersupplied markets at a basis that would be structurally difficult to replicate.”
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
