Bain Capital and 11North Partners have acquired three open-air retail centers in Oklahoma City for approximately $212 million.
The properties include Nichols Hills Plaza, The Triangle at Classen Curve, and Classen Curve.
Located in the city’s Nichols Hills submarket, the sites comprise nearly 40 acres of open-air lifestyle areas, with occupancy rates exceeding 97 per cent.
The 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 within the proximity to the two largest private employers in the city.
According to 11North founder and managing partner Brian Harper, open-retail centers continue to benefit from attractive, long-term fundamentals, a convenience-oriented and necessity-driven consumer, and strong retail sales and tenant demand.
“The acquisition of these three trophy assets is representative of our platform’s differentiated sourcing capabilities and deep industry relationships,” he continued.
“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,” added Martha Kelley, an MD at Bain Capital Real Estate.
The two companies formed a joint venture in April to acquire and operate open-air retail centers throughout the US and Canada.
