NEW YORK – (Realty News Report) – A joint venture of Bain Capital and 11North Partners has acquired five open-air retail centers, including a property in Sugar Land, for $300 million.
Located in Texas, California, Virginia, and Florida, the centers meet the joint venture’s objective of investing in high-quality open-air centers throughout the U.S. and Canada.
The deal represents the JV’s entry to Texas with the acquisition of University Commons, a center along University Boulevard north of Highway 59 in Sugar Land. The property, located 22 miles southwest of downtown Houston in the Telfair community, was developed in phases by Houston-based Vista Companies. Tenants include Trader Joe’s, Ulta Beauty, 85C Bakery Café, Burlington, Michaels, and Haraz Coffee House. The center is near the University of Houston’s Sugar Land campus.
The portfolio, which spans 757,000 SF and is 93% occupied, included other properties in Carlsbad, Calif. near San Diego, Falls Church, Va., and Altamonte Springs, Fla. near Orlando. Anchors include Harris Teeter, Trader Joe’s, Walmart, Costco, and Equinox, according to the JV. Anchor store sales top $900 per square foot.
“We are acquiring high quality, irreplaceable assets in undersupplied markets at a basis that would be structurally difficult to replicate,” said Brian Harper, Founder and Managing Partner, 11North. “The demographic quality across this portfolio, with nearly $132,000 average household income within three miles, is a direct reflection of where we choose to allocate capital. These assets were individually curated based on the team’s decades of investing across the country, coupled with a data driven foundation. With several billion of remaining dry powder, we will remain disciplined in how and where we invest.”
The grocery-anchored centers are occupied by “best in class necessity and lifestyle tenants” including food, fitness, medical, and service businesses.
“Following our successful joint capital raise in December, our platform is well capitalized to continue scaling with discipline, and partnering shoulder-to-shoulder with 11North gives us the retail investment and operational expertise to create lasting value for our investors and the communities these centers serve,” said Martha Kelley, a Managing Director at Bain Capital Real Estate.
The partners recently raised $1.6 billion dedicated to investing in open-air retail through the co-owned, 11North platform. Combined with participation from Bain Capital Real Estate Fund III, the platform has access to more than $2 billion of investable equity.
Since launching the JV in April 2024, Boston-based Bain Capital and New York-based 11North have deployed nearly $1 billion on the acquisition of 18 assets totaling more than two million SF.
Other investors are targeting Houston. Brixmor Property Group recently acquired the Whole Foods-anchored Vintage Marketplace in northwest Houston.
May 29, 2026, Realty News Report Copyright 2026
Feature image: University Commons in Sugar Land. Realty News Report Photo Copyright 2026.
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File: Sugar Land Center Sold in $300M Portfolio Deal. Sugar Land Center Sold in $300M Portfolio Deal