{"id":1004814275,"date":"2026-10-05T04:54:29","date_gmt":"2026-10-05T12:54:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004814275"},"modified":"2026-10-05T06:13:30","modified_gmt":"2026-10-05T14:13:30","slug":"federal-realty-makes-508m-alabama-retail-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/federal-realty-makes-508m-alabama-retail-buy\/","title":{"rendered":"Federal Realty Makes $508M Alabama Retail Buy"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/Del-Monte-Shopping-Center-e1791200986550.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1200\" data-attachment-id=\"1004814279\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/federal-realty-makes-508m-alabama-retail-buy\/del-monte-shopping-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/Del-Monte-Shopping-Center-e1791200986550.jpg\" data-orig-size=\"1600,1200\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;9&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark IV&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1716072250&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;17&quot;,&quot;iso&quot;:&quot;640&quot;,&quot;shutter_speed&quot;:&quot;0.003125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Del_Monte_Shopping_Center_Monterey_CA\" data-image-description=\"&lt;p&gt;Image provided by JLL via e-mail with the press release&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Del Monte Shopping center, a roughly 670,000-square-foot retail center, is another property in Federal Realty&#8217;s portfolio. Image courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/Del-Monte-Shopping-Center-e1791200986550.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/Del-Monte-Shopping-Center-e1791200986550.jpg\" alt=\"Image of Del Monte Shopping Center, a retail destination in Monterey, Calif.\" class=\"wp-image-1004814279\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/Del-Monte-Shopping-Center-e1791200986550.jpg 1600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/Del-Monte-Shopping-Center-e1791200986550.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/Del-Monte-Shopping-Center-e1791200986550.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/Del-Monte-Shopping-Center-e1791200986550.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/Del-Monte-Shopping-Center-e1791200986550.jpg?resize=1536,1152 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/a><figcaption class=\"wp-element-caption\">Del Monte Shopping Center, a roughly 670,000-square-foot retail center in Monterey, Calif., is another property in Federal Realty&#8217;s portfolio.<em> Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Federal Realty Investment Trust\u00a0has paid $508 million, or $498 million on a net basis, for The Summit, an 870,000-square-foot, open-air shopping center in Birmingham, Ala. Centennial sold the asset, with the transaction marking the property&#8217;s first change in ownership since its completion.<\/p>\n\n\n\n<p>Federal Realty expects to fund the acquisition through a mix of asset sale proceeds, free cash flow and funds from recently originated convertible notes. The transaction adds to the company&#8217;s growing portfolio in Central U.S., where Federal Realty owns seven assets totaling 2.7 million square feet spread across Chicago, Kansas City, Kan., and Omaha, Neb.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/rethinking-the-map-the-rise-of-tertiary-retail-markets\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/rethinking-the-map-the-rise-of-tertiary-retail-markets\/\">Rethinking the Map: The Rise of Tertiary Retail Markets<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The Summit will join the buyer\u2019s collection of dominant retail destinations, including Santana Row in San Jose, Calif., Assembly Row in Somerville, Mass., and CocoWalk in Coconut Grove, Fla. The property was 92 percent occupied at the time of sale, with recently signed leases expected to increase its occupancy over the coming months. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-high-traffic-retail-center-in-birmingham\">A high-traffic retail center in Birmingham<\/h2>\n\n\n\n<p>Locally based Bayer Properties developed in phases and completed The Summit more than 30 years ago. Centennial acquired the firm in 2022, thus integrating an 8 million-square-foot portfolio of open-air, power and neighborhood centers across the U.S.<\/p>\n\n\n\n<p>The 100-acre shopping center is at 214 Summit Blvd., between Birmingham\u2019s suburbs of Mountain Brook, Ala., and Vestavia Hills, Ala., at the intersection of U.S. Highway 280 and Interstate 459. Downtown Birmingham and its international airport are both within 12 miles of the property.<\/p>\n\n\n\n<p>The Summit serves a metropolitan area with more than 1.2 million people, while the average household income within a 5-mile radius is roughly $193,000. The property attracts some 9 million visitors per year, according to Placer.ai data cited by the company.<\/p>\n\n\n\n<p>There are more than 110 tenants at The Summit, including Apple, AT&amp;T, Trader Joe\u2019s, Sephora, Restoration Hardware, Ann Taylor, Pandora and Wells Fargo, among others. More than 30 tenants are operating their only Alabama location there.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-targeting-key-assets-in-dominant-retail-corridors\">Targeting key assets in dominant retail corridors<\/h2>\n\n\n\n<p>Federal Realty has been steadily expanding its footprint through acquisitions of established, high-traffic lifestyle and open-air centers located in key corridors across the country, mirroring broader <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">retail trends<\/a> established early 2025.<\/p>\n\n\n\n<p>Many of Federal Realty&#8217;s recently purchased properties had remained under the same ownership for more than 20 years, with some trading for the first time since completion. That strategy helped the company expand its U.S. presence in select retail markets.<\/p>\n\n\n\n<p>In February last year, the company paid <a href=\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/\">$123.5 million for Del Monte Shopping Center<\/a>, a 673,155-square-foot&nbsp;property in Monterey, Calif. American Assets Trust Inc. sold it after 21 years of ownership.<\/p>\n\n\n\n<p>Later that year, <a href=\"https:\/\/www.commercialsearch.com\/news\/federal-realty-pays-153m-for-retail-center\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/federal-realty-pays-153m-for-retail-center\/\">Federal Realty acquired Village Pointe<\/a>, a 453,000-square-foot lifestyle center in Omaha, in a $153.3 million deal. It was the first time the asset changed hands since its completion in 2004.<\/p>\n\n\n\n<p>More recently, Federal Realty purchased a 176,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/federal-realty-pays-72m-for-dc-retail-center\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/federal-realty-pays-72m-for-dc-retail-center\/\">retail center in Rockville<\/a>, Md. The company paid $72.3 million for Congressional North Shopping Center, marking its fifth investment in the Rockville Pike commercial corridor.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The lifestyle center attracts roughly 9 million annual visits.<\/p>\n","protected":false},"author":2991,"featured_media":1004814279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,32781],"tags":[52163,33957],"class_list":["post-1004814275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-southeast","tag-centennial","tag-federal-realty-investment-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Federal Realty Makes $508M Alabama Retail Buy - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Federal Realty Investment Trust\u00a0has paid $508 million for The Summit, an 870,000-square-foot, open-air retail center in Birmingham, Ala.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/federal-realty-makes-508m-alabama-retail-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal Realty Makes $508M Alabama Retail Buy\" \/>\n<meta property=\"og:description\" content=\"Federal Realty Investment Trust\u00a0has paid $508 million for The Summit, an 870,000-square-foot, open-air retail center in Birmingham, Ala.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/federal-realty-makes-508m-alabama-retail-buy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-05T12:54:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-05T14:13:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/Del-Monte-Shopping-Center-e1791200986550.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-makes-508m-alabama-retail-buy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-makes-508m-alabama-retail-buy\\\/\"},\"author\":{\"name\":\"Simona Tudose\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/4659e2337f06b61cefc6b0b897d183a4\"},\"headline\":\"Federal Realty Makes $508M Alabama Retail Buy\",\"datePublished\":\"2026-10-05T12:54:29+00:00\",\"dateModified\":\"2026-10-05T14:13:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-makes-508m-alabama-retail-buy\\\/\"},\"wordCount\":522,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-makes-508m-alabama-retail-buy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2026\\\/10\\\/Del-Monte-Shopping-Center-e1791200986550.jpg\",\"keywords\":[\"Centennial\",\"Federal Realty Investment Trust\"],\"articleSection\":[\"Investment\",\"News\",\"Retail\",\"Southeast\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-makes-508m-alabama-retail-buy\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/federal-realty-makes-508m-alabama-retail-buy\\\/\",\"name\":\"Federal Realty Makes $508M Alabama Retail Buy - 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