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]
| Company type | Private Partnership |
|---|---|
| Industry | Retail Management |
| Predecessor | Urban Investment and Development Urban Shopping Centers JMB Realty |
| Headquarters | Chicago, Illinois |
| Products | Shopping Malls |
| Parent | RAIT Financial Trust Forum Partners Investment |
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.
Major retail properties owned by Urban Retail include:[10]