Centennial Announces Acquisition of Bayer Properties Operating Platform

DALLAS – August 4, 2022 – 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 (www.CentennialREC.com), announced today it has acquired the operating platform of Bayer Properties, a best-in-class open-air real estate company headquartered in Birmingham, Alabama. Bayer’s management portfolio includes nearly 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, making it an attractive purchase for Centennial.

“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,” says 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.”

With a unique vision for the future of retail real estate that has led to the successful repositioning of retail properties in key markets from coast to coast, 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. 

 

“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,” says Jami 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.”

“With the addition of Bayer’s experienced and well-established platform, Centennial will select the best processes and procedures from each organization to deliver a flawless execution at each of our combined properties,” says Steven Levin, Chief Executive Officer, Centennial. “This, combined with more resources, expansive tenant relationships, and a larger team will allow Centennial to create more value for its owned and managed properties and for its partners and investors.”

Key Acquisition Facts

    ·         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.
    ·         Additional regional offices for Centennial will include Philadelphia, Pennsylvania; Chicago, Illinois; Orange County, California; and Lexington, Kentucky.
    ·         Centennial plans to fully leverage the strengths and capabilities of both teams to create a unified and stronger platform, merging the two successful and talented
           organizations into one company.
    ·         Bayer’s president, Jami Wadkins, will join Centennial as Chief Operating Officer immediately upon acquisition.

Earlier this year, Centennial also announced the acquisition of Fairlane Town Center in Dearborn, Michigan (May 2022); The Shops at Willow Bend in Plano, Texas (May 2022); and Westland Mall in Hialeah, Florida (January 2022). Also earlier this year, Centennial was awarded management contracts for The Promenade Shops at Saucon Valley in Center Valley, Pennsylvania (April 2022), and The Shops at Montebello in Montebello, California (April 2022).

About Bayer Properties

At the core of its business, Birmingham, Alabama-based Bayer Properties is committed to creating places people love and providing best-in-class experiences for the communities it serves. Founded in 1983, Bayer currently owns and/or operates approximately 8 million square feet of single and mixed-use properties across the U.S. Bayer offers a diverse collection of client-centric services, including leasing and merchandising, investment and asset management, development, property management, marketing services, construction and tenant coordination, and research and technology capabilities among other offerings. The award-winning firm’s portfolio features The Pizitz and The Summit in Birmingham, Alabama; Liberty Center in Cincinnati, Ohio; The Summit at Fritz Farm in Lexington, Kentucky; and Bridge Street Town Centre in Huntsville, Alabama, among others. For more information, visit www.bayerproperties.com or follow the company on LinkedIn.

About Centennial

Centennial is a real estate investment firm with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform delivered through Centennial Advisory Services, its third-party property and asset management division. Rooted in retail since 1997, Centennial is focused on shaping the evolution of American retail by creating a superior multi-faceted shopping experience through properties that serve not only as a place of commerce, but as a place of community. For more information, visit CentennialREC.com. 

Media Contacts:

Deborah Blackford
Blackford & Associates
blkfrd@earthlink.net

Karen Franse
Blackford & Associates
karenfranse@gmail.com
386-649-1887

Carmen Herlihy
Blackford & Associates
cherlihypr@gmail.com
646-770-2623