Urban Retail Properties Explained

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]

Type:Private Partnership
Industry:Retail Management
Predecessor:Urban Investment and Development
Urban Shopping Centers
JMB Realty
Hq Location: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 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

Purchased by Westfield
Purchased by Simon
Purchased by Rouse

Urban Retail

Notes and References

  1. Web site: $300 million shopping center planned at Rogers . https://web.archive.org/web/20140611075140/http://www.highbeam.com/doc/1G1-128671726.html . dead . June 11, 2014 . January 31, 2005 . March 6, 2014 . Lara Bruegge . Arkansas Business.
  2. Web site: Problems Shadow Chicago-Based Urban Retail Properties Co . https://web.archive.org/web/20140611075135/http://www.highbeam.com/doc/1G1-57003448.html . dead . June 11, 2014 . Dan Fitzpatrick . March 6, 2014 . Tribune Business News . October 28, 1999.
  3. David Moin. March 31, 2008. DEVELOPERS FORGE PARTNERSHIP TO LURE MERCHANTS TO CHINA. dead. Women's Wear Daily. https://web.archive.org/web/20140611075133/http://www.highbeam.com/doc/1G1-177924839.html. June 11, 2014. March 6, 2013.
  4. Web site: 17 May 2017. Atlanta Sports City "signs" Emory Healthcare and Urban Retail to join project in Stonecrest. news.emory.edu.
  5. Web site: Urban Retail Properties Co. Adds 3 More Market-Leading Shopping Centers to Roster of Managed Properties. www.blackstone.com.
  6. News: January 3, 1985. JMB BUYS URBAN FROM AETNA. Chicago Tribune. subscription.
  7. News: February 14, 2000. Urban Retail Properties has debt but still a viable real estate player. Pittsburgh Post-Gazette.
  8. News: September 26, 2000. URBAN SHOPPING CENTERS SOLD FOR $3.4 BILLION CASH. Chicago Tribune. subscription.
  9. Web site: 2002-01-14. Simon, Rouse and Westfield to buy Rodamco's North American assets for $5.1 billion. 2021-01-09. National Real Estate Investor. en.
  10. Web site: URBAN RETAIL. urbanretail.com.

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