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Federal Realty buys The Summit shopping center for $508M

The Summit is 92% occupied, and the acquisition is the first ownership change in more than 30 years for the property.

Reported · Written up by our desk · REITs

Federal Realty Investment Trust acquired The Summit, an open-air retail property in Birmingham, Alabama, covering 870,000 square feet, for $508M, according to Bisnow and a company release.

The deal marks the first time the center, developed by Bayer Properties more than 30 years ago, has changed hands since its original development, Bisnow reported.

Federal Realty said it is adding a dominant, hard-to-replace asset to its portfolio, and noted that The Summit is 92% occupied, the outlet said.

The acquisition expands the REIT’s presence in the middle of the country, following decades focused on retail and mixed-use developments, Bisnow added.

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