JDJ, a privately owned retail investor, has sold The Summit, an 870,000-square-foot, mixed-use lifestyle destination in Birmingham, Ala., to Federal Realty.
The sales price was $508 million. The transaction is the largest single-property commercial real estate transaction in Alabama history by purchase price.
Located at the intersection of Interstate 459 and U.S. Route 280, The Summit is among the Southeast’s most prominent open-air retail destinations, serving as the primary shopping, dining and entertainment hub for the Birmingham metropolitan area and drawing consumers from across the region.
“The Summit is an irreplaceable asset with a dominant market position, exceptional demographics and meaningful growth potential,” said Conor Lalor, Newmark president and head of retail capital markets for North America at Newmark Group, which represented JDJ on the sale. “Investor demand for high-quality lifestyle retail continues to strengthen nationwide, and op
