Federal Realty Acquires The Summit for $508 Million

Federal Realty Investment Trust has purchased The Summit, a 100-acre shopping center located at 214 Summit Blvd., for $508 million. The Maryland-headquartered trust, founded in 1962, bought the 870,000-square-foot property from its original developer. The acquisition adds The Summit to Federal Realty’s regional portfolio, which now includes seven properties in Chicago, Kansas City, Omaha and Birmingham.

The Summit draws approximately 9 million visits each year and houses more than 100 tenants. Major brands on the property include Trader Joe’s, Belk, AMC and Abercrombie & Fitch. The center operates Monday through Saturday from 10 a.m. to 9 p.m. and Sunday from noon to 6 p.m.

Other business activity along the U.S. 280 corridor shows mixed momentum. Onelife Fitness recently opened a new gym and fitness center at 801 Doug Baker Blvd., Suite 105, in Lee Branch. The facility offers a cycle studio, turf training areas, a kids’ club and group classes. Hours range from 5 a.m. to 10 p.m. Monday through Thursday to 8 a.m. to 6 p.m. on Sundays.

Reformation, a women’s clothing and accessories store known for sustainable fashion, also opened at The Summit. Located at 214 Summit Blvd., Unit 450, the store sells dresses, jeans, shoes and wedding attire. It is open Monday through Saturday from 10 a.m. to 7 p.m. and Sunday from 11 a.m. to 6 p.m.

Waldo’s Chicken and Beer added a new location in September at 1012 Dunnavant Valley Road in Chelsea’s Valley Post development. Founded by Birmingham native Mark Waldo, the restaurant serves made-from-scratch chicken and sauces. The chain now operates in 10 states, with additional Alabama locations in Cahaba Heights, Dothan, Auburn, Vestavia Hills and Pelham.

Several establishments are scheduled to open soon. Nekter Juice Bar, a California-based franchise, plans to open its first Alabama location in November at 4647 U.S. 280, Suite B, in the Riverhills Shopping Center. The company, created in 2010, has opened more than 220 locations across 26 states. Yummy Bowl Mongolian Stir-Fry and Sushi is opening a second restaurant at 4606 U.S. 280 in the River Ridge Shopping Center this fall. The original location is at 109 Wildwood Parkway in Homewood.

The Collective Boutiques will take over the former Painted Tree Boutiques location at 4612 U.S. 280. Vendors began moving in on Oct. 14, with a soft opening scheduled for Oct. 24. The collective handles store operations, registers and returns, while vendors pay monthly rent and a 10 percent commission. Sparrow Salon is also opening a second location on U.S. 280 in Inverness this fall, adding to its original Birmingham address at 4414 Fourth Ave. S.

Arlington Construction Services received building permits for a 275-unit luxury apartment complex at 4641 U.S. 280 behind the Courtyard by Marriott. The company, founded in 1955, has built more than 37,000 multifamily units across the Southeast. An opening date has not yet been set. Meanwhile, Capstone Building Corp. began construction on Beaumont Mill in Spartanburg, South Carolina, and The Emerald in Centerton, Arkansas. Both projects are multifamily developments expected to be completed in 2028.