Newmark Facilitates $508M Sale of The Summit Lifestyle Center in Birmingham
Newmark Group has arranged a record-breaking $508 million sale of The Summit, an 870,000-square-foot mixed-use lifestyle center located in Birmingham, Alabama. This transaction marks the largest single-property commercial real estate deal in Alabama history by purchase price. Newmark's President and Head of Retail Capital Markets for North America, Conor Lalor, represented JDJ—a private retail investor—in selling the property to Federal Realty. The Summit is a premier open-air destination featuring over 110 retailers, restaurants, and entertainment options such as Trader Joe’s, Apple, lululemon, Nordstrom Rack, and Alo Yoga. At the time of sale, it was approximately 95% leased with strong leasing momentum from major brands like Vuori, Reformation, and Brandy Melville. The property offers significant rent-growth potential due to in-place rents being below national averages for similar centers. The asset benefits from affluent demographics, high traffic volumes, and a unique tenant mix that includes exclusive Birmingham-area locations for over 40 retailers.
Topics: M&A real estate retail