Birmingham-based developer Bayer Properties, the name behind properties such as the Summit and downtown’s Pizitz building, has been acquired by Dallas-based Centennial.
Terms of the deal were not announced, but the deal gives Centennial Bayer’s management portfolio, including “nearly 8 million square feet of open-air fashion, power and neighborhood centers, as well as mixed-use destinations with many of the most coveted tenants in the nation,” according to Centennial.
“Centennial’s current portfolio consists primarily of enclosed malls in major markets that are well-positioned for or are currently under redevelopment. Successfully transforming these centers includes reducing the enclosed mall space and adding complementary open-air retail space, as well as multi-family and independent living residences, hotels and offices,” says Whitney Livingston, president of Centennial. “Bayer has been an owner, operator and developer of open-air retail space for almost three decades; its merchandising, placemaking, design and attention-to-detail are exceptional, and its staff of seasoned professionals will be an incredible addition to Centennial’s experienced team and platform.”
Centennial will now have more than 23 million square feet of managed properties in 18 states, with 300 employees.
“Our two companies share a similar vision for the future of retail real estate that will allow the combined firm to provide a wealth of solutions to complicated retail projects for our clients and partners,” says Jami Wadkins, president and chief financial officer of Bayer Properties, who will become chief operating officer at Centennial. “Each of our organizations also share similar ‘people-first’ corporate cultures, something which was apparent from our first discovery meeting and a critical factor for both companies in deciding to move forward. Combining our two firms gives us a stronger platform at an excellent time to capitalize on market growth.”
Bayer’s Birmingham headquarters will become a regional office for Centennial, which also has offices in Philadelphia, Pennsylvania; Chicago, Illinois; Orange County, California; and Lexington, Kentucky.