In a high-profile move spotlighting retail resilience amid economic headwinds, Bain Capital Real Estate and 11North Partners have acquired three premier open-air retail centers in Oklahoma City for a combined $212 million, the firms announced Wednesday.
The off-market deal includes Nichols Hills Plaza, The Triangle at Classen Curve, and Classen Curve—a nearly 40-acre portfolio boasting more than 50 tenants and an occupancy rate topping 97%. Anchored by Whole Foods and Trader Joe’s, the centers also house top-tier brands like Lululemon, Sephora, Warby Parker, and West Elm.
Strategic Bet on Necessity-Based Retail
The transaction marks a major acquisition for the Bain-11North joint venture, launched in April 2024 to target lifestyle and grocery-anchored retail centers across North America. The purchase reflects rising institutional interest in open-air, experience-driven shopping environments, even as the broader sector navigates economic turbulence.
“This portfolio’s national brand mix and demographics perfectly align with our strategy,” said Martha Kelley, managing director at Bain Capital Real Estate. “These properties serve as vital retail anchors where people live, work, and engage daily.”
While the retail market remains bifurcated—with traditional malls struggling and grocery-anchored centers thriving—this acquisition signals a deliberate tilt toward high-performing, community-based retail assets.
