Federal Realty has acquired The Summit, an 870,000-square-foot, mixed-use lifestyle destination in Birmingham, Ala., for $508 million.
Located at the intersection of Interstate 459 and U.S. Route 280, The Summit is an open-air retail destination serving as the primary shopping, dining and entertainment hub for the Birmingham metropolitan area and drawing consumers from across the region.
The property features more than 110 retailers, restaurants and entertainment concepts, including Trader Joe’s, Apple, lululemon, Restoration Hardware, Nordstrom Rack and Alo Yoga. The Summit has established itself as Birmingham’s premier retail destination and one of the leading lifestyle centers in the Southeast.
At the time of sale, the property was approximately 95 percent leased and experiencing strong leasing momentum, with recent commitments from leading retailers including Vuori, Reformation, Arizona, Alo Yoga, LoveShackFancy and Brandy Melville. The asset also offers
