Tampa Publix-anchored center included in $395M portfolio sale

A 10-shopping center portfolio, which includes a property in Tampa, has sold to a pair of investors for $395 million.

The open-air centers, which are mostly anchored by Publix, were bought by Bain Capital Real Estate and 11North Partners from PGIM Real Estate. The joint partnership recently bought three other centers in Oklahoma and say they are committed to owning and running retail centers in the U.S. Canada.

The Tampa property is the New Tampa Center, a 93,666-square-foot open air retail development on Bruce B. Downs Boulevard. It is anchored by a 56,146-square-foot Publix.

While the joint venture did not disclose the sale price for the individual centers, Hillsborough County records show New Tampa Center sold for $57 million.

The other centers included in the sale are in near Fort Lauderdale, Kissimmee, Palm Beach and Charleston, South Carolina.

According to a statement announcing the deal, the joint partnership says the 10 centers span a total of more than 1 million square feet and are 93% occupied with a tenant mix that includes Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s and McDonald’s.

Of the 10, seven of the properties are anchored by Publix.

Bain Capital and 11North formed their partnership last year, the release statews, to target “open-air retail assets with a high concentration of necessity-based tenancy and long-term consumer demand drivers.”

Brian Harper, founder and managing partner at 11North, says in the statement that with the expansion into Florida “our combined portfolio of grocery-anchored assets now includes Whole Foods, Trader Joe’s, and Publix, three of the most trusted names in retail.

“Across the platform, average grocery sales volumes are approximately $1,000 per square foot, underscoring the quality and durability of these centers.”