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Federal Realty buys Birmingham retail center for $508 million
The Summit spans about 870,000 square feet on 100 acres and is 92% occupied, according to ConnectCRE.
Federal Realty Investment Trust agreed to acquire The Summit, an open-air retail destination in Birmingham, Alabama, for $508 million, or $498 million on a net basis, according to ConnectCRE.
The property covers 100 acres and is approximately 870,000 square feet, developed over more than 30 years, and it is 92% occupied, the outlet reported.
ConnectCRE said Centennial handled leasing and property management, and that Federal Realty expects the purchase to be funded through a mix of asset sale proceeds, free cash flow, and proceeds from recently issued convertible notes.
The acquisition involves a site located at the intersection of Interstate 459 and U.S. 280, ConnectCRE added.