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Urban Retail Properties

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

History

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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

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Major retail properties owned by Urban Retail include:[10]

Current

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Former

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Urban Shopping Centers

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  • Copley Place (sold in 1997)
Purchased by Westfield
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Purchased by Simon
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Purchased by Rouse
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Urban Retail

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References

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  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.
  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.
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