| Industry | Real estate investment trust |
|---|---|
| Fate | Acquired by Rodamco. Later dissolved. |
| Founded | 1968 |
| Defunct | 2002 |
| Headquarters |
JMB Realty was a real estate investment company based in Chicago. In 1993, after suffering during the early 1990s recession, the company was reorganized as Urban Shopping Centers, Inc., which was acquired by Rodamco in 2000 and broken up. It debt finance group was spun-out as JMB Financial Advisors and still exists as a going concern based in Chicago.
The company was founded as Robert Judelson & Co. in 1968. In October 1969, Judelson was joined by University of Illinois roommates Neil Bluhm [1] and Judd Malkin. [2] Judelson split from the partnership in 1973 to form Balcor Company with Jerry Reinsdorf. Bluhm became chairman and Malkin was president.[ citation needed ]
In 1983, JMB acquired Federated Realty Associates from Federated Department Stores (now Macy's, Inc.) for $112 million. [3] [4]
In 1984, it acquired Urban Development from Aetna for $45 million in cash and $131 million in notes. At that time the company had a $9 billion real estate portfolio. [5]
In 1985, it acquired the portion of Water Tower Place that it did not already own. [6] In 1986, the company acquired a real estate portfolio in Century City for $600 million from Alcoa. [3] In 1987, the company acquired Arvida (now St. Joe Company), a developer of planned communities in Florida and Georgia, from The Walt Disney Company for $400 million. [3] It also acquired Cadillac Fairview, Canadian developer-owner of shopping centers and office buildings, for $2.6 billion. [3]
In 1988, it acquired Amfac, a large Hawaii sugar cane land owner for $920 million. [7] In 2002, Amfac was put into bankruptcy. [8] As part of the bankruptcy reorganization, the company formed Xanterra Travel Collection, which was acquired by Philip Anschutz in 2008. [9]
In 1989, it acquired Randsworth Trust P.L.C. for $800 million. In 1990, it acquired Houston Center for $400 million. [10]
During the early 1990s recession, the company was forced to give some properties to its lenders. In 1993, it reorganized and completed the corporate spin-off and initial public offering of Urban Shopping Centers Inc. [11] The company acquired Houston Galleria and Century Square Shopping Center. [1] In 1997, the company sold Copley Place for $300 million. [12]
In 2000, Urban Shopping Centers was acquired by Rodamco. [13] Who later sold Urban to a small consortium of The Rouse Company, Westfield Group, and Simon Property Group in 2002.
Macy's, Inc. is an American holding company founded by Xavier Warren in 1929. Upon its establishment, Federated held ownership of the regional department store chains Abraham & Straus, Lazarus, Filene's, and Shillito's. Bloomingdale's joined Federated Department Stores the following year. Throughout its early history, frequent acquisitions and divestitures saw the company operate a number of nameplates. In 1994, Federated took over the department store chain Macy's. With the acquisition of The May Department Stores Company in 2005, the regional nameplates were retired and replaced by the Macy's and Bloomingdale's brands nationwide by 2006. Ultimately, Federated itself was renamed Macy's, Inc. in 2007.
GGP Inc. was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa in 1954, and headquartered in Chicago, Illinois since 2000. It was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009.
Amfac, Inc., formerly known as American Factors and originally H. Hackfeld and Company, was a land development company in Hawaii. Founded in 1849 as a retail and sugar business, it was considered one of the so-called Big Five companies in the Territory of Hawaii. At its peak, it owned 60,000 acres (24,000 ha) of land, and was a dominant sugar company in Hawaii as well the founder of one of its best known department stores, Liberty House. It now owns 5,000 acres (2,000 ha) of land in Kaanapali on the island of Maui. Since 2005 it is known as Kaanapali Land, LLC.
Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that invests in shopping centers mostly in the Mid-Atlantic states.
Liberty House, headquartered in Honolulu, Hawaii, was a department store and specialty store chain with locations throughout the Hawaiian Islands and on Guam, as well as several locations on the United States mainland.
Simon Property Group, Inc. is an American commercial real estate company, the largest retail real estate investment trust (REIT), and the largest shopping mall operator in the US.
Vornado Realty Trust is a real estate investment trust formed in Maryland, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
Forest City Realty Trust, Inc. was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.
Xanterra Travel Collection is a privately owned United States park and resort management company based in Greenwood Village, Colorado, controlled by entertainment magnate Phillip Anschutz. Denver-based billionaire Anschutz, who has an extensive history of developing and operating mineral, railroad, newsmedia and entertainment enterprises, is one of the largest private promoters of live events in the world, most notably soccer.
The Westfield San Francisco Centre is an upscale shopping mall located in San Francisco, California, managed by the Westfield Group and co-owned by Westfield and Brookfield Asset Management. It is anchored by Nordstrom and Bloomingdale's, and includes a Century Theatres multiplex and a branch of San Francisco State University. It connects directly to the Powell Street transit station via an underground entrance.
Taubman Centers, Inc. is a real estate investment trust that invests in shopping centers.
MainPlace Mall is a shopping mall at the north edge of Santa Ana, California, adjacent to the City of Orange and the Orange Crush interchange of the Santa Ana, Garden Grove and Orange freeways. It is anchored by Macy's and JCPenney.
Great Northern Mall, is a single-level enclosed shopping mall in North Olmsted, Ohio, a suburb of Cleveland. Its anchor stores are Dick's Sporting Goods, Dillard's, J. C. Penney, Macy's and Sears.
Unibail-Rodamco-Westfield SE is a European commercial real estate company headquartered in Paris, France. Its history originates with the formation of two separate shopping centre operators, Unibail and Rodamco Europe, which merged in 2007 and became a societas Europaea in 2009. The company acquired Australian shopping centre operator Westfield Corporation, created by the split of Westfield Group, in 2018.
Glimcher Realty Trust was a real estate investment trust based in Columbus, Ohio that invested in shopping malls. In 2015, the company was acquired by Washington Prime Group.
SL Green Realty Corp. is a real estate investment trust that primarily invests in office buildings and shopping centers in New York City. As of December 31, 2019, the company owned 43 properties comprising 14,438,964 square feet. Notable properties owned by the company are One Astor Plaza, One Vanderbilt, 461 Fifth Avenue, 810 Seventh Avenue, 919 Third Avenue, the Pershing Square Building, and Random House Tower.
Neil Gary Bluhm is an American billionaire real estate and casino magnate. He is a partner of Midwest Gaming & Entertainment, which owns several casinos.
Washington Prime Group Inc. is a real estate investment trust that invests in shopping centers. The company is organized in Indiana with its headquarters in Columbus, Ohio. From January 2015 to September 2016, the company had the name WP Glimcher.
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
Walton Street Capital is a private equity real estate investment firm founded in 1994 by American billionaire real estate and casino magnate Neil Bluhm and other senior executives from his previous venture, JMB Realty. The firm specializes in value-added and opportunistic investment strategies. Walton Street Capital is headquartered in Chicago, with satellite offices in Mexico City and Mumbai.
