Urban Retail Properties
Urban Retail Properties is a Chicago-based U.S. retail property owner, developer, and third-party shopping-center management company.
Last updated August 31, 2026
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Overview
Urban Retail Properties is a Chicago-based company focused on the ownership, development, and management of retail real estate in the United States. Its activities have centered on shopping complexes, enclosed malls, outlet centers, neighborhood and community shopping centers, and other retail properties. In addition to owning retail assets, the company provides third-party management and supports the planning and development of retail space for property owners and investment partners. The business has roots in the retail-property operations associated with Urban Investment and Development Corporation of Chicago. In 1984, Aetna sold that company to JMB Realty in a transaction reported at $1.4 billion. JMB later separated its retail properties into Urban Shopping Centers, which became a publicly traded real-estate company in 1993 under the ticker symbol URB on the New York Stock Exchange and the Chicago Stock Exchange. This corporate structure made Urban a significant participant in the institutional U.S. shopping-center market. Urban Shopping Centers changed ownership several times during the following decade. Rodamco North America acquired Urban in 2000. Westfield Trust bought a 25 percent interest in Urban Shopping Centers and Rodamco North America in 2001, and Rodamco North America was subsequently sold to a group consisting of Westfield Group, The Rouse Company, and Simon Property Group. In May 2005, Urban was acquired through a management buyout and became privately held. RAIT Urban Holdings acquired a minority interest in September 2007, and RAIT Financial Trust purchased Urban Retail Properties in May 2014. In September 2018, Forum Partners Investment acquired half of Urban from RAIT, after which Urban became a private partnership firm. The company has operated across a broad U.S. retail portfolio. Properties associated with Urban Retail have included large regional malls, outlet centers, lifestyle-oriented retail destinations, and smaller shopping centers. Properties identified as current in reference material include 110 Tower, Colony Square Mall, College Square Mall, Foothills Mall, Governors Crossing, LaCarrete Plaza, The Mall at Stonecrest, Monroe Crossing Mall, Orlando Fashion Square, The Outlet Collection | Seattle, Plank Road, Shoppes at Isla Verda, Somersville Towne Center, Southland Mall, and VU New River. The company has also historically owned or managed numerous properties that were later acquired by major real-estate groups, including Westfield Group, Simon Property Group, and The Rouse Company. Urban has also pursued cross-border development relationships. In 2008, it partnered with Long Runn Urban Development Group in Shanghai. Although its principal business remains U.S. retail real estate, the partnership reflected an interest in applying its retail-development and management capabilities in an international setting. A 2003 news description characterized Urban as the largest third-party retail manager in the United States at that time. Reference material states that the company owned more than 50 shopping centers as of 2021. Because ownership and management assignments can change over time, individual properties and portfolio totals should be treated as time-sensitive rather than permanent characteristics of the brand.
History
Urban Retail Properties developed from the retail real-estate operations associated with Urban Investment and Development Corporation of Chicago. In 1984, Aetna sold Urban Investment and Development Corporation to JMB Realty for a reported $1.4 billion. JMB subsequently separated the retail properties into a distinct business known as Urban Shopping Centers. Urban Shopping Centers became publicly traded in 1993. Its shares traded on the New York Stock Exchange and the Chicago Stock Exchange under the symbol URB. The public-company period placed the business within the expanding institutional market for regional shopping centers and other large-scale retail properties. In 2000, Rodamco North America acquired Urban. The following year, Westfield Trust purchased a 25 percent interest in Urban Shopping Centers and Rodamco North America. In 2002, Rodamco North America was fully sold to Westfield Group, The Rouse Company, and Simon Property Group. These transactions connected Urban's portfolio and operations with several of the most important owners of U.S. shopping-center real estate. A management buyout in May 2005 returned Urban to private ownership. In September 2007, RAIT Urban Holdings acquired a minority interest. RAIT Financial Trust then purchased Urban Retail Properties in May 2014. In September 2018, Forum Partners Investment acquired half of Urban from RAIT. Following that transaction, Urban operated as a private partnership firm. The company has combined direct ownership of retail assets with third-party management and development services. Its property base has included regional malls, outlet centers, community shopping centers, and other retail destinations across the United States. The reference portfolio includes properties such as Orlando Fashion Square, The Mall at Stonecrest, Southland Mall, The Outlet Collection | Seattle, Colony Square Mall, Foothills Mall, and Somersville Towne Center. Earlier properties associated with Urban Shopping Centers were later transferred to or acquired by Westfield Group, Simon Property Group, and The Rouse Company, illustrating the frequent portfolio restructuring characteristic of the U.S. shopping-center industry. Urban also formed an international development relationship in 2008 with Long Runn Urban Development Group in Shanghai. Its core business, however, remained U.S.-focused. A 2003 report identified Urban as the nation's largest third-party retail manager at that time. Reference material states that Urban owned more than 50 shopping centers as of 2021. Since retail-property ownership and management contracts change, the company's current portfolio should be verified against contemporary corporate or property-level sources.
- 2018
Forum Partners acquires half of Urban
[1]Forum Partners Investment purchased half of Urban from RAIT, after which Urban became a private partnership firm.
- 2014
RAIT Financial Trust purchases Urban Retail Properties
[1]RAIT Financial Trust acquired Urban Retail Properties in May.
- 2008
Shanghai partnership
[1]Urban partnered with Long Runn Urban Development Group in Shanghai.
- 2007
RAIT Urban Holdings acquires a minority interest
[1]RAIT Urban Holdings acquired a minority stake in Urban in September.
- 2005
Management buyout returns Urban to private ownership
[1]A management buyout in May made Urban a private entity.
- 2002
Rodamco North America is sold to major property groups
[1]Rodamco North America was fully sold to Westfield Group, The Rouse Company, and Simon Property Group.
- 2001
Westfield Trust takes a minority interest
[1]Westfield Trust acquired a 25 percent interest in Urban Shopping Centers and Rodamco North America.
- 2000
Rodamco North America acquires Urban
[1]Urban was purchased by Rodamco North America.
- 1993
Urban Shopping Centers becomes publicly traded
[1]JMB's retail-property business was spun off as Urban Shopping Centers, which traded on the NYSE and Chicago Stock Exchange under URB.
- 1984
Aetna sells Urban Investment and Development Corporation to JMB Realty
[1]Aetna sold the Chicago-based Urban Investment and Development Corporation to JMB Realty in a transaction reported at $1.4 billion.
Products and positioning
A private U.S. retail real-estate platform combining shopping-center ownership, development expertise, and third-party property-management services.
Real estate investment
Retail property ownership
Urban owns and has owned a varied portfolio of U.S. retail properties, including regional shopping malls, outlet centers, community shopping centers, and other commercial retail destinations. The portfolio has included properties such as The Mall at Stonecrest, Orlando Fashion Square, Southland Mall, The Outlet Collection | Seattle, Colony Square Mall, and Foothills Mall. Ownership lists are time-sensitive because properties may be sold, transferred, or recapitalized.
Property management services
Third-party retail management
The company manages retail space and shopping centers on behalf of owners and investment partners. Its management role can encompass the operation and administration of retail properties and support for leasing, development, and property-level activities. A 2003 report described Urban as the largest third-party retail manager in the United States at that time.
Commercial property development
Retail center development
Urban develops shopping complexes and other retail centers and assists with retail-space development. Its historical activities have covered both large shopping destinations and smaller retail properties, with the company providing development capabilities alongside ownership and management services.
Brand decisions
2018
Forum Partners investment and restructuringM&ABackground
RAIT remained an owner of Urban after its 2014 acquisition, while Forum Partners Investment pursued an ownership interest.
Action taken
Forum Partners Investment purchased half of Urban from RAIT in September 2018.
Aftermath
Urban became a private partnership firm.
2005
Management buyoutM&ABackground
Following ownership changes involving Rodamco North America and major shopping-center groups, Urban was acquired in a management buyout.
Action taken
The transaction made Urban a privately held company in May 2005.
Aftermath
Urban continued operating as a private retail-property business before later receiving investment from RAIT.
Recent events
- 2018
Forum Partners acquires half of Urban from RAIT[1]
M&A
Forum Partners Investment acquired a 50 percent interest in Urban from RAIT, resulting in Urban becoming a private partnership firm.
- 2008
Urban partners with Long Runn Urban Development Group in Shanghai[1]
Other
Urban Retail Properties entered a partnership with Long Runn Urban Development Group in Shanghai, extending its retail-development relationships beyond the United States.
- 2003
Urban described as the largest third-party retail manager in the United States[1]
Other
A 2003 news report described Urban Retail Properties as the largest third-party retail manager in the nation, highlighting the scale of its shopping-center management business.
Sources1 sources
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