Urban Retail Properties
Retail management company
From Wikipedia, the free encyclopedia
Urban Retail Properties is a third-party retail management company based in Chicago.[1] The company develops shopping complexes and other retail centers across the United States, in addition to help managing retail space development.[2] The company partnered with Long Runn Urban Development Group in Shanghai in 2008.[3] As of 2021 it owns over 50 shopping centers.[4] A news article in 2003 described Urban Retail as "the nation’s largest third-party retail manager".[5]
Urban Shopping Centers
JMB Realty
| Company type | Private Partnership |
|---|---|
| Industry | Retail Management |
| Predecessors | Urban Investment and Development Urban Shopping Centers JMB Realty |
| Headquarters | Chicago, Illinois |
| Products | Shopping Malls |
| Parent | RAIT Financial Trust Forum Partners Investment |
History
In 1984, Aetna sold Urban Investment and Development Corporation of Chicago, to JMB Realty, for $1.4 billion.[6]
In 1993, JMB spun off its retail properties into Urban Shopping Centers, and was traded on NYSE and CSE under "URB".[7]
In 2000, Urban was purchased by Rodamco North America.[8]
In 2001, Westfield Trust bought 25% of USC and Rodamco North America. The next year, Rodamco was fully sold to Westfield Group, The Rouse Company, and Simon Property Group.[9]
In May 2005, Urban was purchased in a management buyout deal, becoming a private entity.
In September 2007, RAIT Urban Holdings, LLC acquired a minority interest in Urban.
In May 2014, RAIT Financial Trust purchases Urban Retail Properties.
In September 2018, Urban becomes a private partnership firm when Forum Partners Investment, LLC purchased half of Urban from RAIT.
Properties owned by Urban Retail
Major retail properties owned by Urban Retail include:[10]
Current
Former
Urban Shopping Centers
- Copley Place (sold in 1997)
Purchased by Westfield Group
Purchased by Simon Property Group
Purchased by The Rouse Company
- Collin Creek
- Lakeside Mall
- North Star Mall (Reacquired)
- Oakbrook Center
- Perimeter Mall (Reaquired)
- The Streets at Southpoint (under construction at the time)
- Water Tower Place
- Willowbrook (Reaquired)
Urban Retail
- Inlet Square Mall
- PlazAmericas
- Oakland Mall
- Manhattan Town Center
- Oakland Square
- Oakland Plaza
