Bain Capital Real Estate and 11North Partners have jointly acquired a $212m portfolio of open-air lifestyle retail centres in Oklahoma City. 

The off-market deal includes Nichols Hills Plaza, The Triangle at Classen Curve, and Classen Curve – spanning nearly 40 acres in the affluent Nichols Hills submarket.

With occupancy exceeding 97%, the centres are anchored by Whole Foods and Trader Joe’s, and feature over 50 unique-to-market tenants including Lululemon, Warby Parker, Sephora, Anthropologie, and West Elm. Located near major employers Integris Baptist Medical Center and Chesapeake Energy Headquarters, the assets are among the most frequented neighbourhood retail hubs in Oklahoma.

The acquisition was made through a strategic joint venture between Bain Capital and 11North Partners, established in April 2024 to target high-performing open-air retail assets across North America, particularly those with strong necessity-based tenant mixes.

“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 centres in the communities where people live and work,” said Martha Kelley, Managing Director at Bain Capital Real Estate.

Brian Harper, Managing Partner at 11North, added: “We believe the market opportunity today represents a compelling time to be investing in open-air retail centres… The acquisition of these three trophy assets is representative of our platform’s differentiated sourcing capabilities and deep industry relationships.”

This transaction reflects Bain Capital Real Estate’s focus on value-added investments in sectors with long-term growth trends and builds on the firm’s global investment platform, which manages approximately $185bn in assets. For 11North, the deal enhances its growing portfolio focused on high-performing retail assets across North America.

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