Dallas-based procuring heart investor and operator Centennial is rising with the acquisition of an Alabama actual property agency.
Centennial has acquired Birmingham-based Bayer Properties’ operations with its administration portfolio of just about 8 million sq. ft of retail area. Most of Bayer’s properties are open-air procuring facilities, together with huge field, neighborhood and mixed-use facilities.
“Centennial’s present portfolio consists primarily of enclosed malls in main markets which might be well-positioned for or are at present underneath redevelopment,” president Whitney Livingston stated in an announcement. “Efficiently remodeling these facilities consists of decreasing the enclosed mall area and including complementary open-air retail area in addition to multi-family and unbiased residing residences, motels and workplaces.
“Bayer has been an proprietor, operator and developer of open-air retail area for nearly three a long time; its merchandising, placemaking, design and a focus to element are distinctive, and its workers of seasoned professionals can be an unbelievable addition to Centennial’s skilled workforce and platform.”
Phrases of the transaction weren’t disclosed.
Bayer’s properties are in markets together with Birmingham and Huntsville, Ala.; Cincinnati; and Lexington, Ky.
Centennial operates greater than 15 million sq. ft of properties in 11 states. Earlier this 12 months, the investor bought Plano’s Outlets at Willow Bend mall.
With the merger, Centennial will now have greater than 23 million sq. ft of managed properties in 18 states served by 300 staff. The mixed firm plans to maintain its headquarters in Dallas.
On finishing the merger, Bayer’s president, Jami Wadkins, will be a part of Centennial as the brand new chief working officer.
“Our two firms share an identical imaginative and prescient for the way forward for retail actual property that may permit the mixed agency to offer a wealth of options to difficult retail initiatives for our shoppers and companions,” Wadkins stated. “Combining our two corporations provides us a stronger platform at a wonderful time to capitalize on market development.”