A Maryland group has acquired Birmingham’s The Summit shopping center for $508 million.
Federal Realty Investment Trust called its new property “Alabama’s most-visited retail destination” in a news release about the sale. The Summit, at the intersection of I-459 and U.S. 280 between Mountain Brook and Vestavia Hills, has 110 tenants, including Apple, Trader Joe’s, Nordstrom Rack and Sephora. It is 92% leased, according to the release.
“Opportunities to buy truly irreplaceable, dominant assets like The Summit don’t come along often, and we can’t be more excited about adding this property to our portfolio,” said Don Wood, president and CEO of Federal Realty. “This acquisition … has exceptional mark-to-market opportunities over the next five years and enhances and expands our already deep retailer relationships that we will be able to use to benefit many of our other assets.”
Federal Realty’s other properties include Town Center Crossing and Plaza, Leawood, Kansas; Village Pointe, Omaha, Nebraska; Santana Row, San Jose, California; and CocoWalk, Coconut Grove, Florida.
Developer Bayer Properties opened The Summit in 1997, selling its property management and leasing portfolio to Centennial in 2022.
