11North Partners Company Profile

Background

Overview

11North Partners is a real estate investment firm specializing in the acquisition and management of open-air retail centers across the United States and Canada. The firm focuses on properties with a high concentration of necessity-based tenants, aiming to redefine traditional approaches to retail real estate.

Mission and Vision

The company's mission is to curate a diversified portfolio of retail investments that deliver attractive risk-adjusted returns. By leveraging deep industry expertise and strong relationships with retailers and institutional partners, 11North Partners seeks to unlock value across various retail verticals, including real estate ownership, debt, and operating company investments.

Primary Area of Focus

11North Partners concentrates on open-air retail centers, particularly those anchored by necessity-based retailers. This focus aligns with the growing consumer preference for convenience-oriented shopping experiences and the resilience of open-air centers in various economic cycles.

Industry Significance

The firm plays a pivotal role in the retail real estate sector by identifying and revitalizing high-quality assets. Through strategic acquisitions and management, 11North Partners contributes to the evolution of retail spaces that meet the changing demands of consumers and retailers alike.

Key Strategic Focus

Core Objectives

Acquisition of High-Quality Assets: Targeting well-located open-air retail centers with strong tenant mixes and high occupancy rates.

Value Creation: Enhancing asset performance through strategic management and operational improvements.

Diversification: Building a portfolio diversified across markets and product types to mitigate risk and capitalize on various opportunities.

Specific Areas of Specialization

Open-Air Retail Centers: Focusing on properties that offer a blend of retail, dining, and entertainment options in an open-air environment.

Necessity-Based Retailers: Prioritizing tenants that provide essential goods and services, ensuring consistent foot traffic and tenant demand.

Key Technologies Utilized

While specific technological platforms are not detailed in the available information, 11North Partners likely employs advanced data analytics and market research tools to inform investment decisions and asset management strategies.

Primary Markets or Conditions Targeted

The firm targets markets with strong demographics, high disposable income, and a preference for open-air shopping experiences. Properties located near major employers and affluent residential areas are particularly attractive.

Financials and Funding

Funding History

Specific details regarding the total funds raised by 11North Partners are not publicly disclosed. However, the firm's strategic partnership with Bain Capital Real Estate indicates substantial financial backing and access to significant capital resources.

Recent Funding Rounds

In April 2024, 11North Partners formed a joint venture with Bain Capital Real Estate to acquire and operate open-air retail centers throughout the U.S. and Canada. This partnership leverages Bain Capital's extensive experience in the consumer and retail sectors.

Notable Investors

Bain Capital Real Estate, a division of Bain Capital, is a significant investor and strategic partner, providing both capital and industry expertise to 11North Partners.

Intended Utilization of Capital

The capital raised through these partnerships is primarily utilized for the acquisition, development, and management of open-air retail centers, focusing on properties with high occupancy rates and a strong mix of necessity-based tenants.

Pipeline Development

Key Pipeline Candidates

11North Partners has identified several high-performing open-air retail centers for acquisition, including:

Nichols Hills Plaza: Located in the affluent Nichols Hills submarket of Oklahoma City, this center is anchored by Whole Foods and Trader Joe’s, with occupancy rates exceeding 97%.

The Triangle at Classen Curve: Also situated in Nichols Hills, this center features a mix of national retailers and unique-to-market tenants, contributing to its high occupancy rate.

Classen Curve: Part of the Nichols Hills portfolio, this center benefits from proximity to major employers and a diverse tenant mix.

Stages of Clinical Trials or Product Development

As a real estate investment firm, 11North Partners does not engage in clinical trials or product development. Instead, the firm focuses on the acquisition and management of retail properties.

Target Conditions

The firm's investment strategy targets properties in markets with strong demographics, high disposable income, and a preference for open-air shopping experiences. Proximity to major employers and affluent residential areas is also a key consideration.

Relevant Timelines for Anticipated Milestones

Specific timelines for future acquisitions or developments are not publicly disclosed. However, the firm's recent acquisition of the Oklahoma City portfolio in June 2025 indicates an active investment strategy.

Technological Platform and Innovation

Proprietary Technologies

While specific proprietary technologies are not detailed, 11North Partners likely utilizes advanced data analytics and market research tools to inform investment decisions and asset management strategies.

Significant Scientific Methods

The firm employs data-driven methodologies to assess market trends, tenant performance, and consumer behavior, enabling informed investment decisions and effective asset management.

Leadership Team

Brian Harper – CEO and Founder

Brian Harper is the CEO and founder of 11North Partners, bringing over 25 years of real estate industry experience with a strong focus on retail. Prior to founding 11North, he served as President and CEO of RPT Realty, where he led a strategic transformation and oversaw its merger with Kimco Realty in January 2024.

Martha Kelley – Managing Director at Bain Capital Real Estate

Martha Kelley is a Managing Director at Bain Capital Real Estate, a strategic partner of 11North Partners. She has over 40 years of experience in the consumer and retail sectors and has been instrumental in the partnership between Bain Capital and 11North.

Leadership Changes

Specific details regarding recent leadership changes within 11North Partners are not publicly disclosed.

Competitor Profile

Market Insights and Dynamics

The open-air retail center market is characterized by a growing consumer preference for convenience-oriented shopping experiences. Properties that offer a mix of retail, dining, and entertainment options in an open-air environment are particularly attractive. The sector has demonstrated resilience through various economic cycles, benefiting from strong real estate fundamentals and a necessity-driven consumer base.

Competitor Analysis

Key competitors in the open-air retail center market include:

Kimco Realty Corporation: A real estate investment trust (REIT) focusing on open-air shopping centers.

Regency Centers Corporation: Specializes in the ownership, development, and management of open-air shopping centers.

Federal Realty Investment Trust: Focuses on the ownership, management, and development of retail and mixed-use properties.

These competitors have established portfolios of open-air retail centers and employ strategies to enhance tenant mix and property performance.

Strategic Collaborations and Partnerships

A significant collaboration is the joint venture between 11North Partners and Bain Capital Real Estate, formed in April 2024. This partnership aims to acquire and operate open-air retail centers throughout the U.S. and Canada, focusing on properties with a high concentration of necessity-based tenants.

Operational Insights

11North Partners differentiates itself through its deep industry expertise, strong relationships with retailers and institutional partners, and a focus on necessity-based retail tenants. This approach enables the firm to identify and revitalize high-quality assets, creating value for both tenants and investors.

Strategic Opportunities and Future Directions

The firm is well-positioned to capitalize on the growing demand for open-air retail centers by leveraging its strategic partnerships and industry expertise. Future opportunities include expanding the portfolio through targeted acquisitions and enhancing asset performance through strategic management and operational improvements.