Dallas-based shopping center investor and operator Centennial is growing with the purchase of an Alabama real estate firm.
Centennial has acquired Birmingham-based Bayer Properties’ operations with its management portfolio of almost 8 million square feet of retail space. Most of Bayer’s properties are open-air shopping centers, including big box, neighborhood and mixed-use centers.
“Centennial’s current portfolio consists primarily of enclosed malls in major markets that are well-positioned for or are currently under redevelopment,” president Whitney Livingston said in a statement. “Successfully transforming these centers includes reducing the enclosed mall space and adding complementary open-air retail space as well as multi-family and independent living residences, hotels and offices.
“Bayer has been an owner, operator and developer of open-air retail space for almost three decades; its merchandising, placemaking, design and attention to detail are exceptional, and its staff of seasoned professionals will be an incredible addition to Centennial’s experienced team and platform.”
Terms of the transaction were not disclosed.
Bayer’s properties are in markets including Birmingham and Huntsville, Ala.; Cincinnati; and Lexington, Ky.
Centennial operates more than 15 million square feet of properties in 11 states. Earlier this year, the investor purchased Plano’s Shops at Willow Bend mall.
With the merger, Centennial will now have more than 23 million square feet of managed properties in 18 states served by 300 employees. The combined company plans to keep its headquarters in Dallas.
On completing the merger, Bayer’s president, Jami Wadkins, will join Centennial as the new chief operating officer.
“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,” Wadkins said. “Combining our two firms gives us a stronger platform at an excellent time to capitalize on market growth.”
