North Bethesda, Md.-based Federal Realty Investment Trust recently announced the acquisition of a premier retail destination in Alabama.

The Trust reportedly paid $508 million for The Summit, a 100-acre, open-air property that was developed throughout more than 30 years and has become the most-visited retail destination in the state. Totaling roughly 870,000 square feet of Birmingham, Ala., retail space, The Summit attracts nearly 9 million visits every year from a 100-mile surrounding trade area.

Located at the intersection of Interstate 459 and U.S. 280, the largest retail property in Birmingham is situated between two of the most affluent communities in the market — Mountain Brook, Ala., and Vestavia Hills, Ala. According to statements about the recent change in ownership, the property is 92% occupied and has a number of signed leases already in place that will increase occupancy in the next several months.

The Summit is home to more than 110 tenants, including: Apple, Trader Joe’s, Nordstrom Rack, Alo Yoga, Sephora and North Italia. Notably, more than 30 of the names on the roster are operating their only Alabama location at The Summit. Recent commitments from Canadian women’s fashion brand and retail company Aritzia; Los Angeles-based women’s contemporary apparel brand Reformation; and New York City-based lifestyle brand LoveShackFancy reinforce the Birmingham mall’s position as the entry point for retailers expanding into the state.

“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 chief executive officer of Federal Realty Investment Trust. “This acquisition is immediately accretive to FFO, has exceptional mark-to-market opportunities over the next 5 years, and enhances and expands our already-deep retailer relationships that we will be able to use to benefit many of our other assets. Adding The Summit to our collection of market-dominant assets — such as Town Center Crossing and Plaza in Leawood, Kan.; Village Pointe in Omaha, Neb.; Santana Row in San Jose, Calif.; Assembly Row in Somerville, Mass.; and CocoWalk in Coconut Grove, Fla., among others — positions the company extremely well for growth over the next several years.”