JLL advises Miller Capital/CalPERS on sale of ownership interest in The Summit Birmingham

• JLL represented Miller Capital/CalPERS in the sale of its ownership interest in The Summit Birmingham, a 972,640-square-foot premier lifestyle center

• The transaction values The Summit Birmingham at approximately $508 million, representing one of the largest retail deals in the Southeast

• The Summit serves as Alabama's No. 1 shopping center, featuring 51 market-exclusive brands and drawing consumers from a 250-mile-plus trade area

DALLAS, Oct. 21, 2026 – JLL Capital Markets announced today that it has advised on the sale of Miller Capital/CalPERS' ownership interest in The Summit Birmingham, a 972,640-square-foot lifestyle center in Birmingham, Alabama. Federal Realty Investment Trust recently acquired the entire asset for approximately $508 million.

Originally developed in 1997 and expanded through multiple phases, The Summit Birmingham is Alabama's premier lifestyle center and one of the state's most established retail destinations. The property spans more than 32 acres and features a highly curated mix of apparel, home furnishings, beauty, food-and-beverage, entertainment, jewelry and specialty retail tenants. At the time of sale, the center was 94.9% occupied and included a significant concentration of market-exclusive retailers that draw shoppers from across the Southeast.

Located at the intersection of U.S. Highway 280 and Interstate 459, The Summit Birmingham benefits from exceptional visibility and accessibility within one of the region's most affluent trade areas. The property is surrounded by the communities of Mountain Brook, Vestavia Hills, Cahaba Heights and Greystone, and is situated near numerous office campuses, healthcare institutions and residential developments. Downtown Birmingham is approximately 15 minutes away, while Birmingham-Shuttlesworth International Airport is approximately 12 miles from the center.

The Summit Birmingham serves a regional trade area extending more than 250 miles and has established itself as a destination for shopping, dining and community events. The property has experienced significant leasing activity in recent years as ownership enhanced the tenant mix and expanded its offerings. The center's combination of grocery-anchored retail, experiential dining, digitally native brands and luxury and lifestyle tenants have helped position it as a dominant retail destination within the Birmingham metropolitan area.

The JLL Capital Markets team was led by Senior Managing Director Barry Brown and Director Erin Myer.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Miller Capital Advisory, Inc. is an Investment Advisor with headquarters in Skokie, Illinois, a suburb of Chicago, and a regional office in Austin, Texas. The firm manages property investments throughout the entire United States. Real Estate investments under management totaled approximately $8.19 billion as of June 30, 2026.

CalPERS is the largest defined-benefit public pension in the U.S., with 2.4 million members. Since 1932, CalPERS has provided retirement security for state, school, and public agency employees who invest their life’s work in public service. In 1962, CalPERS expanded its services to include health benefits and now offers quality health plan coverage for more than 1.5 million members and their families.