Federal Realty buys Alabama retail center The Summit for $508 million
FRT•Federal Realty Investment Trust acquired The Summit, an 870,000-square-foot retail property in Birmingham, Alabama, for $508 million, or $498 million net. The 100-acre center is 92% occupied, with signed leases expected to lift occupancy in coming months.
1. Acquisition details
Federal Realty Investment Trust acquired The Summit, an 870,000-square-foot open-air retail property in Birmingham, Alabama. The purchase price was $508 million, or $498 million on a net basis. The 100-acre center is 92% occupied, with signed leases expected to lift occupancy in coming months. Federal Realty plans to fund the deal with asset sale proceeds, free cash flow and proceeds from recently issued convertible notes.
2. Regional portfolio
The acquisition expands Federal Realty’s Central Region portfolio to seven properties totaling about 2.7 million square feet.
