The Summit acquired by Federal Realty Investment Trust for $508 million

Federal Realty Investment Trust, a Maryland-based firm, has acquired The Summit, Birmingham’s largest retail destination, for $508 million. The property was purchased from its original local owner, Bayer Properties.

The 100-acre, 870,000-square-foot open-air shopping complex is considered the most-visited retail destination in Alabama, attracting nearly 9 million visits annually. The center is currently 92% occupied and features over 110 tenants, including Apple, Trader Joe’s, Nordstrom Rack, Barnes & Noble, and Belk.

In 2025, Chain Store Age ranked The Summit as the 10th best retail center experience in the United States. While the complex remains a dominant regional asset, it recently lost Saks Fifth Avenue as an anchor tenant following the retailer's bankruptcy filing in the spring of 2026.