Birmingham-based real estate company Bayer Properties just sold its entire portfolio of real estate management contracts to Dallas-based owner and operator of retail and mixed-use real estate Centennial. That said, Centennial is not acquiring any property in conjunction with this deal, which will be finalized August 3, 2022. Read on for everything you need to know.
Some background on Bayer Properties + Centennial
Centennial is a real estate investment firm:
- with a national portfolio including retail + mixed-use properties
- that owns or operates over 15 million square feet of property across 11 states
- manages over 8 million square feet of open-air + mixed-use destinations
- has been a key player in developing properties around Birmingham
Because both properties are privately held, the terms of the transaction are not being disclosed.
Bayer’s impact on Alabama
If you’ve been in Birmingham for more than a minute, you’ve been in or heard about Bayer Properties’ locations, including:
In Huntsville, Bridge Street Town Center belongs to Bayer.
What to expect with this change
“While Centennial has owned or operated nearly every type of retail real estate in its 25-year history, our 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. 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.”Whitney Livingston, President of Centennial
- Centennial will be the name of the combined organization.
- Centennial’s HQ will remain in Dallas.
- Bayer’s Birmingham HQ will remain operational and will become a regional office for Centennial.
- Bayer’s current President and Chief Financial Officer, Jami Wadkins, will become the Chief Operating Officer of Centennial.
- Current leases will remain in effect at Bayer’s Properties.
“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. 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.”Jami Wadkins, President and Chief Financial Officer of Bayer Properties
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