Taubman Centers

Last updated
Taubman Centers, Inc.
Type Subsidiary
Industry Real estate investment trust
Founded1950;71 years ago (1950)
Founder A. Alfred Taubman
Headquarters
Bloomfield Hills, Michigan
,
US
Area served
  • North America
  • Asia
Key people
RevenueIncrease2.svg $661 million (2019)
Increase2.svg $330 million (2019)
Total assets Increase2.svg $4.515 billion (2019)
Total equity Increase2.svg -$177 million (2019)
Number of employees
420 (2019)
Parent Simon Property Group (2020–present)
Website taubman.com
Footnotes /references
[1]

Taubman Centers, Inc. is an American real estate investment trust headquartered in Bloomfield Hills, Michigan. The company invests in shopping centers, and is a subsidiary of Simon Property Group since 2020.

Contents

History

The company was founded in 1950 by A. Alfred Taubman. [2] In 1953, it opened its first shopping center, North Flint Plaza, in Flint, Michigan. In 1964, the company opened its first enclosed mall, Southland Mall, in Hayward, California. In 1973, the company was incorporated as Taubman Centers, Inc. [1] In 1987, the company sold Southridge Mall, in Milwaukee County, Wisconsin. In 1992, the company became a public company via an initial public offering. [3] In 1997, the company sold Queens Center to Macerich. [4] In 1998, the company sold The Mall at Tuttle Crossing, Hilltop Mall, Marley Station, Meadowood Mall, Lakeforest Mall, Briarwood Mall, Stoneridge Shopping Center, The Falls Mall, and Columbus City Center to GM Pension Trust. [5] The company continued to manage the properties until 2003 when they were sold again.

In 2000, the company traded Lakeside Mall Rodamco for full ownership of Twelve Oaks. [6] In 2003, Simon Property Group attempted to acquire the company via a hostile takeover. [7] In 2011, the company transferred The Pier Shops at Caesars to its lenders. [8] In January 2012, Regency Square in Richmond, Virginia, was surrendered to creditors to avoid foreclosure. [9] In January 2014, the company sold Arizona Mills and land for the proposed The Mall at Oyster Bay to Simon Property Group. [10] In October 2014, the company sold The Mall at Partridge Creek, MacArthur Center, Northlake Mall, The Mall at Wellington Green, Stony Point Fashion Park, The Shops at Willow Bend, and Fairlane Town Center to Starwood Capital Group. [11] In April 2015, the founder, Alfred Taubman, died at the age of 91. [2] In March 2016, in a joint venture with Macerich, the company acquired Country Club Plaza in Kansas City, Missouri, for $660 million. [12] In October 2020, Taubman sold Stamford Town Center for $20 million. [13]

In February 2020, the company agreed to be acquired by Simon Property Group. [14] This would have ended family control but the Taubman family will retain an ownership stake in its malls. [15] In June 2020, Simon announced that it terminated the merger agreement with Taubman, before reversing its decision and modifying certain terms of the original merger agreement, including a modified purchase price of $43.00 per share in cash in November 2020. [16] [17] The merger closed in December 2020.

Investments

As of December 31, 2019, the company owned interests in 24 shopping centers in 11 U.S. states, Puerto Rico, South Korea, and China. [1]

The company's largest tenants include Forever 21, The Gap, H&M, L Brands, Williams Sonoma, Urban Outfitters, Ascena Retail Group, Abercrombie & Fitch, Inditex, and Foot Locker. [1]

Notable properties owned by the company include:

Related Research Articles

The Galleria Shopping mall in Texas, United States

The Galleria, stylized theGalleria and also known as the Houston Galleria, is an upscale mixed-use urban development and shopping mall located in the Uptown District of Houston, Texas, United States. The development consists of a retail complex, as well as the Galleria Office Towers complex, two Westin hotels, and a private health club. The office towers and hotels are separately owned and managed from the shopping center. The anchor stores are Neiman Marcus, Nordstrom, Saks Fifth Avenue, and Macy's.

Northridge Mall Shopping mall in California, United States

Northridge Mall is a shopping mall in Salinas, California, the largest in Monterey County. The single-story structure encompasses 976,913 sq ft (90,758 m2) of retail space and features more than 110 shops, two restaurants, a fast-food court with eight outlets, a Round One Entertainment, and three department stores including Hobby Lobby, JCPenney, and Macy's with one vacant anchor last occupied by Sears. There are approximately 3,000 spaces in the open-air parking lot.

Simon Property Group International real estate investment trust founded in the United States

Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. It owns interests in 203 properties comprising approximately 241,000,000 square feet (22,400,000 m2) of gross leasable area in North America and Asia. For a list of notable properties owned by the company, see List of Simon Property Group properties.

Twelve Oaks Mall Shopping mall in Michigan, USA

Twelve Oaks Mall is a shopping mall with over 180 stores which is located in Novi, Michigan, a suburb of Detroit. The mall is located on the Northeast corner of Interstate 96 and Novi Road. Taubman Centers is the owner and manager of the mall, and the anchor stores are Macy's, JCPenney, and Nordstrom with two vacant anchors last occupied by Lord & Taylor and Sears. It is among the largest malls owned by Taubman, and one of the largest in Michigan in terms of gross leasable area and total stores. The mall completed a major remodel and expansion in 2007.

Lakeside Mall is a Taubman-built super-regional full-line shopping mall located in the northeastern Metro Detroit suburb of Sterling Heights, Michigan. The mall is located on M-59 between Hayes and Schoenherr Roads. The anchor stores are 2 Macy's stores and JCPenney. There are 2 vacant anchor stores that were once Sears and Lord & Taylor. The mall also features more than 90 stores on two levels, as well as a food court and the first H&M in Michigan. Out Of The Box Ventures owns and manages the mall, which is the largest mall in the state of Michigan based on floor area.

The Falls (mall) Shopping mall in Kendall, Florida

The Falls is an open-air shopping mall in Kendall, Florida. The mall has 111 upscale stores. The mall's anchor store is Macy's. Bloomingdale's was an anchor at this mall, but closed on March 20, 2020. This mall also features a movie theater, which is called Regal Entertainment Group, and is currently managed and 50% owned by the Simon Property Group.

Lindale Mall is an enclosed regional shopping mall on the northeast side of Cedar Rapids, Iowa, United States.

Macerich American real estate company

Macerich is a real estate investment trust that invests in shopping centers. It is the third-largest owner and operator of shopping centers in the United States. As of December 31, 2020, the company owned interests in 52 properties comprising 50 million square feet of leasable area. The company name is a portmanteau of its founders, Mace Siegel and Richard Cohen.

Great Northern Mall (Ohio) Shopping mall in Ohio, United States

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, and Macy's.

Westfield Plaza Bonita Shopping mall in National City, California

Westfield Plaza Bonita commonly known as Plaza Bonita and Plaza is a shopping mall located in National City, California, and is owned by Unibail-Rodamco-Westfield. Anchor stores at the center include Macy's, JCPenney, Crunch Fitness, Target, and Nordstrom Rack.

Fairlane Town Center Regional shopping mall in Dearborn, Michigan

Fairlane Town Center is a super-regional shopping mall in the Detroit suburb of Dearborn, Michigan. The mall is adjacent to The Henry Hotel, The Fairlane Club, the University of Michigan–Dearborn, Henry Ford Community College, The Henry Ford, and the Ford Motor Company headquarters. The anchor stores are AMC Theatres, Macy's, and JCPenney. There is 1 vacant anchor store that was once Sears.

Westfarms Shopping mall

Westfarms is a shopping mall on the West Hartford–Farmington town line in the U.S. state of Connecticut. It was opened in 1974, expanded in 1982 and 1995–1997, and remodeled in 2008–2009. With 1,267,000 square feet (117,700 m2) of gross leasable area, Westfarms is the third-largest mall in Connecticut and occupies over 160 stores and restaurants. It is located on Route 71, off the I-84 and Route 9 junction and near several open-air shopping plazas. The mall was sold as part of a 3.6 billion dollar deal and is currently owned and managed by Simon Property Group.

Unibail-Rodamco-Westfield French real estate company

Unibail-Rodamco-Westfield SE is a French 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 in June 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.

Cousins Properties American real estate company

Cousins Properties Incorporated is a publicly traded real estate investment trust (REIT) that invests in office buildings in Atlanta, Charlotte, Austin, Phoenix, Tampa, and Chapel Hill, North Carolina. The company has developed notable properties including CNN Center, Omni Coliseum, 191 Peachtree Tower, and Emory Point in Atlanta.

Starwood Capital Group American private equity and investment firm

Starwood Capital Group is an investment firm headquartered in Miami Beach, Florida. It is managed by Barry Sternlicht. It was co-founded by Sternlicht and Robert Faith in 1991. In 1993, Faith left Starwood to found Greystar Real Estate Partners.

Urban Retail Properties is a third-party retail management company based in Chicago. The company develops shopping complexes and other retail centers across the United States, in addition to help managing retail space development. The company partnered with Long Runn Urban Development Group in Shanghai in 2008. As of 2021 it owns over 50 shopping centers. A news article in 2003 described Urban Retail as "the nation’s largest third-party retail manager".

Washington Prime Group Inc. is an American 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. On June 13, 2021, Washington Prime filed for Chapter 11 bankruptcy.

References

  1. 1 2 3 4 "Taubman Centers, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 Burke, Heather (April 18, 2015). "Alfred Taubman, Mall Developer, Ex-Sotheby's Chair, Dies at 91" . Bloomberg L.P.
  3. ↑ Norris, Floyd (August 4, 1992). "Taubman Centers, a Mall Empire, to Go Public; Big Developer To Shed Debt In Stock Sale" . The New York Times .
  4. ↑ Lee, Tien-Shun (October 10, 2011). "106 new stores to open at Queens Center Mall". TimesLedger Newspapers .
  5. ↑ "Taubman Sets Mall Deal With G.M. Fund" . The New York Times . Bloomberg News. August 20, 1998.
  6. ↑ "Taubman, Rodamco Swap Interests in Twelve Oaks, Lakeside". CRE News. January 14, 2000.
  7. ↑ DAY, SHERRI; SORKIN, ANDREW ROSS (August 4, 1992). "Simon Group Gives Up Hostile Bid for Taubman Centers" . The New York Times .
  8. ↑ "The Pier Shops at Caesars Transferred to the Mortgage Lender" (Press release). PR Newswire. November 14, 2011.
  9. ↑ "Regency Square Transferred to the Mortgage Lender" (Press release). PR Newswire. January 5, 2012.
  10. ↑ "Taubman Centers Sells Long Island Land And Interest In Arizona Mills To Simon Property Group" (Press release). PR Newswire. January 31, 2014.
  11. ↑ "Taubman Completes Sale of Seven Malls to Starwood Capital Group" (Press release). PR Newswire. October 17, 2014.
  12. ↑ "It's official: Sale of Country Club Plaza closes". The Kansas City Star . March 1, 2016.
  13. ↑ Urbanski, Al. "Rug merchant buys Stamford Town Center for $20.15 million". Chain Store Age. Retrieved 21 April 2021.
  14. ↑ "Simon Property Group to Acquire Taubman Centers, Inc" (Press release). PR Newswire. February 10, 2020.
  15. ↑ "Mall merger: Simon is buying Beverly Center owner Taubman for $3.6 billion". Bloomberg. 2020-02-11. Retrieved 2020-02-11– via Los Angeles Times.
  16. ↑ Simon Properties press release
  17. ↑ "Simon And Taubman Modify Merger Price To $43.00 Per Share In Cash". investors.taubman.com. Retrieved 2020-11-16.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.