Bain Capital, 11North Partners acquire portfolio of open-air lifestyle retail centers in Oklahoma City
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Bain Capital, 11North Partners acquire portfolio of open-air lifestyle retail centers in Oklahoma City
Bain Capital and 11North Partners have acquired three open-air, lifestyle retail centers in Oklahoma City for approximately $212 million. The three centers are anchored by Whole Foods and Trader Joe’s, and complemented by more than 50 unique-to-market tenants.
by Andrea Zander
Bain Capital and 11North Partners have acquired three open-air, lifestyle retail centers in Oklahoma City for approximately $212 million.
The private transaction was completed via an exclusive joint venture between Bain Capital Real Estate and 11North that focuses on acquiring and operating open-air retail centers throughout the United States and Canada.
Located in the affluent and growing Nichols Hills submarket of Oklahoma City, the portfolio includes Nichols Hills Plaza, The Triangle at Classen Curve, and Classen Curve, which comprise nearly 40 acres of high-performing open-air lifestyle centers with occupancy rates exceeding 97 percent. The properties are recognized as the choice for national retailers seeking to enter the market and are among the most frequented neighborhood centers in the state. The three 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
Bain Capital, 11North Close $212M Retail Deal
Bain Capital Real Estate and 11North Partners have acquired three premier open-air retail centers in Oklahoma City for a combined $212 million. The nearly 40-acre portfolio boasts 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.
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.
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“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.