Federal Realty Investment Trust acquired The Summit, an Alabama retail destination, for $508 million ($498 million on a net basis). The retail center is a 100-acre, approximately 870,000-square-foot open-air property developed over more than 30 years. It was owned by Bayer Properties, which has since opened a number of other retail hubs with “The Summit” moniker. Centennial handled the leasing and property management.
The acquisition is expected to be funded on a long-term basis with a combination of asset sale proceeds, free cash flow and proceeds from the company’s recently issued convertible notes.
Located in Birmingham, Alabama at the intersection of Interstate 459 and U.S. 280. The property is 92% occupied and has several signed leases in place that will increase occupancy over the next several months.
With the addition of The Summit, Federal’s Central Region now encompasses seven properties and approximately 2.7 million square feet across Chicago, Kansas City, Omaha and Birmingham.
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