Federal Realty buys Alabama retail center The Summit for $508 million
Bitget2026/10/01 20:35- Federal Realty Investment Trust acquired The Summit, an 870,000-square-foot open-air retail property in Birmingham, Alabama.
- Purchase price totaled USD 508 million, or USD 498 million on a net basis.
- The 100-acre center is 92% occupied, with signed leases expected to lift occupancy in coming months.
- Funding planned through asset sale proceeds, free cash flow, proceeds from recently issued convertible notes.
- The deal expands Federal’s Central Region portfolio to seven properties totaling about 2.7 million square feet.
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