Federal Realty Acquires The Summit Birmingham for About $508M as JLL Advises Miller Capital/CalPERS

DALLAS, Oct. 21, 2026 — JLL Capital Markets announced that it advised Miller Capital/CalPERS on the sale of their ownership interest in The Summit Birmingham, a lifestyle center in Birmingham, Alabama. Federal Realty Investment Trust acquired the entire asset in a transaction that values the property at approximately $508 million, JLL said.

JLL described the deal as one of the largest retail transactions in the Southeast. The JLL Capital Markets team was led by Senior Managing Director Barry Brown and Director Erin Myer.

Deal Overview: Federal Realty Buys The Summit Birmingham

Federal Realty Investment Trust acquired The Summit Birmingham from its original ownership group. JLL represented Miller Capital/CalPERS in the sale of its interest in the property. Federal Realty reported a net purchase price of $498 million, while JLL said the transaction values the center at approximately $508 million.

Using the $508 million valuation and JLL's reported 972,640 square feet, the price works out to roughly $522 per square foot. Federal Realty has described the open-air center as approximately 870,000 square feet, which would imply about $584 per square foot on the same price. These are gross calculations rather than reported valuation metrics.

Property Details: A Multi-Tenant Lifestyle Center in Birmingham

The Summit Birmingham sits at the intersection of U.S. Highway 280 and Interstate 459, between the communities of Mountain Brook and Vestavia Hills. JLL said the property is also surrounded by Cahaba Heights and Greystone and is near office campuses, healthcare institutions and residential developments. Downtown Birmingham is about 15 minutes away, and Birmingham-Shuttlesworth International Airport is about 12 miles from the center.

The center was developed in 1997 and expanded in phases. JLL said the property spans more than 32 acres, though Federal Realty has described the overall property as approximately 100 acres. At the time of sale, JLL reported the center was 94.9% occupied; Federal Realty cited 92% occupancy and said signed leases are expected to raise that figure.

The tenant mix spans apparel, home furnishings, beauty, food and beverage, entertainment, jewelry and specialty retail. Tenants include Apple, Trader Joe's, RH, Nordstrom Rack, Alo Yoga, Sephora and North Italia. The center has more than 110 retail, restaurant and entertainment tenants, and more than 30 of them operate their only Alabama location at The Summit. JLL said the property features 51 market-exclusive brands and serves as Alabama's No. 1 shopping center.

Trade Area and Demographics

JLL said The Summit draws shoppers from a trade area extending more than 250 miles. Federal Realty has said the center attracts nearly 9 million visits annually and serves a trade area of roughly 100 miles in every direction. Average household income within five miles is approximately $193,000, and the Birmingham metropolitan area has more than 1.2 million residents.

JLL said the property has seen significant leasing activity in recent years as ownership enhanced the tenant mix and expanded its offerings. Recent or upcoming tenants include Vuori, Reformation, Arizona, Alo Yoga, LoveShackFancy and Brandy Melville. The center recently lost Saks Fifth Avenue following the retailer's bankruptcy, but has continued to attract new store openings and signed leases.

Market Context and Implications

The acquisition expands Federal Realty's portfolio into Birmingham and adds a high-traffic open-air destination anchored by market-exclusive retailers, restaurants and entertainment uses. Signed leases and recent leasing commitments are expected to improve occupancy at the property, offering potential lease-up and tenant remixing opportunities for the new owner.

About Miller Capital Advisory, Inc.: the Skokie, Illinois-based investment advisor, which also has a regional office in Austin, Texas, manages property investments across the United States, with real estate investments under management of approximately $8.19 billion as of June 30, 2026. CalPERS is the largest defined-benefit public pension in the U.S., with 2.4 million members. JLL's Capital Markets group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

Sources

JLL newsroom: JLL advises Miller Capital/CalPERS on sale of ownership interest in The Summit Birmingham