Federal Realty Buys Hoover Retail Hub in $508 Million Deal

Federal Realty Investment Trust paid $508 million to acquire The Summit, a 100-acre commercial property at 214 Summit Blvd. in Hoover. The Maryland-headquartered firm, founded in 1962, purchased the 870,000-square-foot complex from its original developer.

The transaction adds a high-traffic asset to the trust's regional portfolio. The Summit receives approximately 9 million visits annually and houses more than 100 tenants. Anchor brands include Trader Joe’s, Belk, AMC Theatres, and Abercrombie & Fitch. The property operates Monday through Saturday from 10 a.m. to 9 p.m. and Sunday from noon to 6 p.m.

This acquisition expands Federal Realty’s presence in the region to seven properties. The trust now manages assets in Chicago, Kansas City, Omaha, and Birmingham. The Summit’s sale follows a trend of large-scale institutional buying in the 280 corridor, where several new businesses and developments are also launching.

Local commercial activity shows a mix of retail expansion and residential construction. Onelife Fitness opened a new gym in Lee Branch, while Reformation launched a sustainable clothing store at The Summit. Waldo’s Chicken and Beer added a Chelsea location in September. Nekter Juice Bar is set to open its first Alabama location at Riverhills Shopping Center in November.

In the residential sector, Arlington Construction Services received permits for a 275-unit luxury apartment complex at 4641 U.S. 280. The company, founded in 1955, has built more than 37,000 multifamily units in the Southeast. Meanwhile, Capstone Building Corp. began construction on two major projects: Beaumont Mill in Spartanburg, S.C., and The Emerald in Centerton, Ark.

Beaumont Mill is a $51 million development with 275 apartment homes, scheduled for completion in 2028. It will include a gym, elevators, and a central courtyard with a pool. The Emerald, a $45.1 million project, features 256 units across nine buildings. It will include a resort-style pool, pickleball courts, and a clubhouse, with completion expected by summer 2028.

AmFirst credit union named Alan Walker as vice president and head of construction and facilities management. Walker previously served as director of the city of Birmingham’s Department of Capital Projects. The credit union also selected the National Credit Union Foundation’s At-Risk Youth Financial Well-Being Grant, which runs through September 30, 2027.