Centennial, a real estate investment firm with a national portfolio of retail and mixed-use destinations as well as a full-service advisory services platform has acquired the operating platform of Birmingham, Alabama-based Bayer Properties, which boasts a portfolio nearly 8 million square feet of open-air fashion, power and neighborhood centers as well as mixed-use destinations.
“Centennial’s current portfolio consists primarily of enclosed malls in major markets that are well-positioned for or are currently under redevelopment. 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,” said Whitney Livingston, president of Centennial. “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.”
Centennial operates over 15 million square feet of owned or managed assets in 11 states. Like Centennial, Bayer Properties provides leasing and merchandising, investment and asset management, development, property management, marketing, construction, tenant coordination, research and technology services to its partners, creating immediate synergies between the two organizations.
As a combined platform, Centennial will now have a wider national reach with more than 23 million square feet of managed properties in 18 states, a combined staff of 300 employees, deeper tenant relationships, and the industry’s best playbook for how to reposition and redevelop dominant mixed-use developments.
The combined organization will take the Centennial name and the headquarters will remain in Dallas. Bayer’s Birmingham headquarters will remain operational and will become a regional office for Centennial. Bayer’s president, Jami Wadkins, will join Centennial as chief operating officer immediately upon acquisition.
Earlier this year, Centennial announced the acquisition of Fairlane Town Center in Dearborn, Michigan; The Shops at Willow Bend in Plano, Texas and Westland Mall in Hialeah, Florida. Also earlier this year, Centennial was awarded management contracts for The Promenade Shops at Saucon Valley in Center Valley, Pennsylvania and The Shops at Montebello in Montebello, California.
