Bain Capital and 11North Partners Acquire Portfolio of Open-Air Lifestyle Retail Centers in Oklahoma City

BOSTON & NEW YORK--(BUSINESS WIRE)--Bain Capital and 11North Partners (“11North”), a retail focused investment platform, today announced the acquisition of three open-air, lifestyle retail centers in Oklahoma City for approximately $212 million. The private transaction was completed via an exclusive joint venture between Bain Capital Real Estate and 11North that focuses on acquiring and operating open-air retail centers throughout the U.S. and Canada.

Competitively located in the affluent and growing Nichols Hills submarket of Oklahoma City, the portfolio includes Nichols Hills Plaza, The Triangle at Classen Curve, and Classen Curve, which together comprise nearly 40 acres of high-performing open-air lifestyle centers with occupancy rates exceeding 97%. The properties are recognized as the go-to choice for national retailers seeking to enter the market and are among the most frequented neighborhood centers in the state. The three centers are anchored by Whole Foods and Trader Joe’s and complemented by more than 50 unique-to-market tenants including Lululemon, Warby Parker, West Elm, Anthropologie, Sephora, and Kendra Scott, the portfolio benefits from high traffic volumes and enjoys proximity to the two largest private employers in the city – Integris Baptist Medical Center and Chesapeake Energy Headquarters.

Bain Capital Real Estate and 11North, founded by Managing Partner Brian Harper, a 25-year real estate industry veteran with deep retail experience, formed a strategic joint venture in April 2024 to acquire open-air retail assets with a high concentration of necessity-based tenants. At 11North, Mr. Harper is joined by several senior executives from RPT Realty, who have a long track record of working as a team to create value and transform assets.

“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,” said Mr. Harper. “As one of the most dominant, highest quality assets in the region, the acquisition of these three trophy assets is representative of our platform’s differentiated sourcing capabilities and deep industry relationships. Together with the partnership and support of our partners at Bain Capital, along with our global investors, we are well-positioned to capitalize on the many opportunities ahead of us as we seek to create a high-quality portfolio of scale.”

“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,” said Martha Kelley, a Managing Director at Bain Capital Real Estate. “Through Bain Capital’s more than 40 years of investing in the consumer and retail sector and our collaborative partnership with Brian and the 11North team, we have created a differentiated platform that is well-capitalized to seize the compelling open-air retail opportunity and create value for our trusted investors.”

About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm's global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world's leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About 11North Partners
11North Partners is a real estate investment firm focused on curating a portfolio of retail investments diversified across markets and product types. With a focus on the intersection of superior performance and bold vision, the 11North team is dedicated to redefining the traditional approach to retail real estate.

The team’s combination of deep industry expertise, retailer and owner relationships, and blue-chip institutional partners provides unique insight into the ever-evolving retail landscape and unparalleled access to deal flow. 11North seeks to deliver attractive risk-adjusted returns through unlocking value across retail verticals including real estate ownership, debt and operating company investment. For more information, visit https://www.11northpartners.com.