Federal Realty Acquires The Summit, Alabama's Premier Retail Destination

Federal Realty buys Birmingham, Alabama, retail property for $508M (FRT:NYSE)

Federal Realty (FRT) buys The Summit for $508M, boosting FFO with mark-to-market upside.

Federal Realty Acquires The Summit, Alabama's Premier Retail Destination

The first sale in The Summit's history adds Alabama's most-visited retail destination to the portfolio at a price immediately accretive to FFO per share

The Summit Gets New Owner in $508 Million Acquisition

For more than three decades, The Summit has been a familiar part of Birmingham’s retail landscape. Now, the 100-acre shopping destination has a new owner.Federa

The Summit shopping center acquired in massive deal

Federal Realty Acquires The Summit Shopping Center in Birmingham, Alabama, for $508 Million

Birmingham, Ala. — Maryland-based Federal Realty Investment Trust has acquired The Summit, an 870,000-square-foot, open-air shopping center in Birmingham, for $508 million. Purchased from the original developer, locally based Bayer Properties,…

Federal Realty Acquires The Summit For $508M

Bayer Properties sold the 870K SF open-air shopping center in Birmingham, Alabama, 30 years after developing it.