Cumberland Mall in Vineland is part of a nationwide acquisition and consolidation of retail centers by Summit Properties USA, a subsidiary of UK-based Summit Properties Ltd. This acquisition and consolidation of its U.S. retail center portfolio is valued at approximately $700 million.
The acquisition marks a key milestone in the company’s strategy to strengthen and expand its commercial property assets across the United States, with a focus on quality, growth, and long-term value.
Over the past several quarters, Summit Properties USA has strategically deployed nearly $700 million to acquire a diverse range of shopping centers throughout the country, primarily located on the East Coast and Mid-West. Looking ahead, the company plans to invest hundreds of millions more to develop and reposition these assets. These investments will focus on capital improvements, redevelopment projects, and attracting strategic tenants, including leading retail chains and lifestyle brands. This commitment to upgrading and modernizing the portfolio is designed to enhance both the individual assets and the overall value of the portfolio, which currently spans approximately 13 million square feet of leasable area across 1,400 acres.
Summit Group is controlled by its main shareholder, Zohar Levy, and other prominent international institutional investors and includes group companies previously traded on stock exchanges in London, Frankfurt, and Luxembourg.
Commenting on this milestone, Zohar Levy stated, “Today, we celebrate the successful completion of the acquisition and aggregation phase of our retail portfolio. We see immense potential in transforming our retail centers into flagship assets within their local communities. Our aim is to attract anchor tenants, including leisure and entertainment, alongside leading national retail tenants. The recent establishment of our internal management platform will accelerate development and enhancement initiatives, enabling optimal management of the centers and benefiting both the tenants and the company’s efficiency,”.
Other properties include Triangle Town Center in Raleigh, NC; Animas Valley in Farmington, NM; Ashville Mall in Ashville NC; North Town Mall in Spokane WA; Crossroads in Portage, MI; and River Hills in Mankato, MN.
