The Summit sells for $508M to out of state firm

The Summit, Birmingham’s largest retail destination, has been acquired for $508 million by Maryland-based Federal Realty Investment Trust.

Purchased from its original local owner Bayer Properties, the 100-acre, 870,000-square-foot open-air property is the most-visited retail destination in Alabama, drawing nearly 9 million visits annually. 

“Opportunities to buy truly irreplaceable, dominant assets like The Summit don’t come along often, and we can’t be more excited about adding this property to our portfolio.”

Don Wood, President and Chief Executive Officer of Federal Realty

Located at the intersection of Interstate 459 and U.S. 280, The Summit has more than 110 tenants including:

• Apple
• Trader Joe’s
• Nordstrom Rack
• Barnes and Noble
• Belk

10th best retail center in the U.S.

Known for bringing “first in Alabama stores” to The Magic City, in 2025, Chain Store Age named The Summit the 10th best retail center experience in the U.S. for such brands as Aritzia, Brandy Melville and LoveShackFancy–which represent the only retail stores of each brand in the state. 

The Summit: Most visited retail destination in Alabama

The Summit is the most-visited retail destination in Alabama, drawing nearly 9 million visits each year from a trade area extending 100 mile from its location, according to the release.

The property is 92% occupied, according to the Federal Realty Investment Trust news release, but the complex did lose Saks Fifth Avenue, a major anchor store in spring of 2026, when the famous retailer filed for bankruptcy.