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PGIM has issued a $260 million fixed-rate acquisition loan to Bain Capital Real Estate and 11North for the purchase of a retail portfolio across the Southeast United States.
The portfolio encompasses 1,057,008 square feet and includes 10 retail assets located in key submarkets across Florida and South Carolina. These Class-A retail centers are anchored by Publix and are strategically positioned in high-demand markets including Fort Lauderdale, Orlando, Tampa, Palm Beach, and Charleston, SC. The tenant mix includes a strong lineup of national, regional, and daily-needs retailers such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s Subs, and McDonald’s.
The transaction was advised by JLL Capital Markets’ Debt Advisory team, led by Chris Knight, Mike DiCosimo, Matt Maksymec, and Alex Staikos.
Commenting on the transaction, Chris Knight of JLL said, “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.”
This acquisition reflects continued investor confidence in well-located, necessity-based retail assets throughout the Southeast region.
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