Birmingham-based Bayer Properties has been sold to a Dallas real estate investment firm, a move that puts some of Alabama’s most high-profile retail properties under new management.
Centennial announced the acquisition last week. Under the terms of the deal, Bayer’s Birmingham headquarters will remain open and will become a regional office for Centennial, which also has regional offices in Philadelphia, Chicago, Orange County, California and Lexington, Kentucky. Bayer’s president, Jami Wadkins, will join Centennial as Chief Operating Officer immediately upon acquisition.
Centennial will take over management and leasing of The Summit and The Pizitz in Birmingham and Bridge Street Town Centre in Huntsville, as well as Bayer properties in Newnan, Georgia, Lake Jackson, Texas, Collierville, Tenn., Sterling, Virginia, Memphis, Tenn. and more. The Summit and Bridge Street are owned by Miller Capital Advisory Inc.
In a statement, Centennial said Bayer’s 8 million square feet of open-air “fashion, power and neighborhood centers as well as mixed-use destinations with many of the most coveted tenants in the nation,” made it attractive to the firm.
“Our two companies share a similar vision for the future of retail real estate that will allow the combined firm to provide a wealth of solutions to complicated retail projects for our clients and partners,” said Wadkins, President and Chief Financial Officer of Bayer Properties. “Each of our organizations also share similar ‘people-first’ corporate cultures, something which was apparent from our first discovery meeting and a critical factor for both companies in deciding to move forward. Combining our two firms gives us a stronger platform at an excellent time to capitalize on market growth.”
Centennial currently manages properties in 18 states and has a staff of 300 employees.
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