Urban Retail Properties

Last updated

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]

Contents

Urban Retail Properties
Company typePrivate Partnership
IndustryRetail Management
PredecessorUrban Investment and Development
Urban Shopping Centers
JMB Realty
Headquarters Chicago, Illinois
ProductsShopping Malls
Parent RAIT Financial Trust
Forum Partners Investment

History

In 1984, Aetna sold Urban Investment and Development Corporation of Chicago, to JMB Real Estate Group, 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, Rouse, 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
Purchased by Simon
Purchased by Rouse

Urban Retail

References

  1. ↑ Lara Bruegge (January 31, 2005). "$300 million shopping center planned at Rogers". Arkansas Business. Archived from the original on June 11, 2014. Retrieved March 6, 2014.
  2. ↑ Dan Fitzpatrick (October 28, 1999). "Problems Shadow Chicago-Based Urban Retail Properties Co". Tribune Business News. Archived from the original on June 11, 2014. Retrieved March 6, 2014.
  3. ↑ David Moin (March 31, 2008). "DEVELOPERS FORGE PARTNERSHIP TO LURE MERCHANTS TO CHINA". Women's Wear Daily. Archived from the original on June 11, 2014. Retrieved March 6, 2013.
  4. ↑ "Atlanta Sports City "signs" Emory Healthcare and Urban Retail to join project in Stonecrest". news.emory.edu. 17 May 2017.
  5. ↑ "Urban Retail Properties Co. Adds 3 More Market-Leading Shopping Centers to Roster of Managed Properties". www.blackstone.com. 19 November 2024.
  6. ↑ "JMB BUYS URBAN FROM AETNA" . Chicago Tribune . January 3, 1985.
  7. ↑ "Urban Retail Properties has debt but still a viable real estate player". Pittsburgh Post-Gazette . February 14, 2000.
  8. ↑ "URBAN SHOPPING CENTERS SOLD FOR $3.4 BILLION CASH" . Chicago Tribune . September 26, 2000.
  9. ↑ "Simon, Rouse and Westfield to buy Rodamco's North American assets for $5.1 billion". National Real Estate Investor. 2002-01-14. Retrieved 2021-01-09.
  10. ↑ "URBAN RETAIL". urbanretail.com.


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.