WASHINGTON (dpa-AFX) - Federal Realty Investment Trust (FRT), a real estate company, Thursday announced that it has acquired from the original developer, The Summit, Alabama's retail destination, for $498 million on a net basis.
The Summit is a 100 acre, approximately 870,000-square-foot open-air property, that was developed more than 30 years ago and as per Federal Realty it is the most visited retail destination in Alabama, drawing nearly 9 million visits annually.
'The Summit sits between Mountain Brook and Vestavia Hills, two of Birmingham's most affluent communities, in a metropolitan market of more than 1.2 million people with an average household income within five miles of approximately $193,000. The Summit has more than 110 tenants including Apple, Trader Joe's, RH, Nordstrom Rack, Alo Yoga, Sephora and North Italia, with more than 30 of those tenants operating their only Alabama location at the property. The property is 92% occupied and has a number of signed leases already in place that will increase that occupancy over the next several months.', FRT said in a statement.
The acquisition is expected to be funded with a combination of asset sale proceeds, free cash flow and proceeds from the company's recently issued convertible notes on a long-term basis.
With the addition of this property, FRT's central region now encompasses seven properties and approximately 2.7 million square feet across Chicago, Kansas City, Omaha and Birmingham.
On Thursday, shares closed at $108.03, up 0.84% on the New York Stock Exchange.
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