JMB Realty

JMB Realty
Company typePrivate
IndustryReal estate investment trust
Founded1968; 57 years ago (1968)
FateSplit into Urban Shopping Centers & JMB Financial Advisors.
HeadquartersChicago, Illinois
SubsidiariesXanterra Travel Collection
Amfac
Randsworth Trust P.L.C

JMB Realty was a real estate investment company based in Chicago. In 1993, after suffering during the early 1990s recession, the company spun off its retail properties as Urban Shopping Centers, Inc., which was acquired by Rodamco in 2000 and broken up. After selling off its remaining assets in the late 2000s, JMB Realty was defunct; although its debt finance group was spun-out as JMB Financial Advisors and still exists as a going concern based in Chicago.

History

The company was founded as Robert Judelson & Co. in 1968. In October 1969, Judelson was joined by University of Illinois roommates Neil Bluhm[1] and Judd Malkin.[2] Judelson split from the partnership in 1973 to form Balcor Company with Jerry Reinsdorf. Bluhm became chairman and Malkin was president.[citation needed]

In 1983, JMB acquired Federated Realty Associates from Federated Department Stores (now Macy's, Inc.) for $112 million.[3][4]

In 1984, it acquired Urban Development from Aetna for $45 million in cash and $131 million in notes. At that time the company had a $9 billion real estate portfolio.[5]

In 1985, it acquired the portion of Water Tower Place that it did not already own.[6] In 1986, the company acquired a real estate portfolio in Century City for $600 million from Alcoa.[3] In 1987, the company acquired Arvida (now St. Joe Company), a developer of planned communities in Florida and Georgia, from The Walt Disney Company for $400 million.[3] It also acquired Cadillac Fairview, Canadian developer-owner of shopping centers and office buildings, for $2.6 billion.[3]

In 1988, it acquired Amfac, a large Hawaii sugar cane land owner for $920 million.[7]

In 1989, it acquired Randsworth Trust P.L.C. for $800 million. In 1990, it acquired Houston Center for $400 million.[8]

During the early 1990s recession, the company was forced to give some properties to its lenders. In 1993, it reorganized and completed the corporate spin-off and initial public offering of Urban Shopping Centers Inc.[9] Urban later acquired Houston Galleria and Century Square Shopping Center.[1] In 1997, Urban sold Copley Place for $300 million.[10]

In 2000, Urban Shopping Centers was acquired by Rodamco.[11] Who later sold Urban to a small consortium of The Rouse Company, Westfield Group, and Simon Property Group in 2002.

In 2002, Amfac was put into bankruptcy.[12] As part of the bankruptcy reorganization, JMB formed Xanterra Travel Collection, which was acquired by Philip Anschutz in 2008.[13]

References

  1. ^ a b Fitch, Stephane (October 16, 2000). "Rebuilding His Fortune". Forbes.com. Archived from the original on October 18, 2016. Retrieved September 1, 2017.
  2. ^ "ALP LIQUIDATING TRUST, Form 10-K, Annual Report, Filing Date Mar 30, 2001". U.S. Securities and Exchange Commission. Archived from the original on May 15, 2018. Retrieved May 15, 2018.
  3. ^ a b c d Phillips, Stephen (June 13, 1987). "a realty concern with a big appetite". The New York Times. Archived from the original on October 22, 2019. Retrieved December 1, 2024.
  4. ^ "JMB's major acquisitions". The New York Times. December 28, 1989.
  5. ^ "JMB BUYS URBAN FROM AETNA". Chicago Tribune. January 3, 1985. Archived from the original on 2022-08-29. Retrieved 2024-12-01.
  6. ^ Ibata, David (May 23, 1985). "WATER TOWER PLACE STAKE SOLD". Chicago Tribune. Archived from the original on 2022-08-29. Retrieved 2024-12-01.
  7. ^ WILLIAMS, LINDA (July 27, 1988). "Amfac Gives Nod to JMB Realty's $920-Million Bid". Los Angeles Times. Archived from the original on 2019-10-22. Retrieved 2024-12-01.
  8. ^ "JMB INSIDE THE SLIDE". April 8, 1995. Archived from the original on October 22, 2019. Retrieved December 1, 2024.
  9. ^ "Urban Retail Properties has debt but still a viable real estate player". Pittsburgh Post-Gazette. February 14, 2000. Archived from the original on October 22, 2019. Retrieved December 1, 2024.
  10. ^ Mishra, Upendra (January 13, 1997). "Copley Place is sold for $300 million". American City Business Journals. Archived from the original on July 5, 2022. Retrieved December 1, 2024.
  11. ^ "URBAN SHOPPING CENTERS SOLD FOR $3.4 BILLION CASH". Chicago Tribune. September 26, 2000.
  12. ^ Jefferson, Steve (June 2, 2002). "Bankrupt Amfac plans debt-free emergence". American City Business Journals.
  13. ^ GRIFFIN, GREG (June 11, 2008). "Anschutz to acquire operator of parks". The Denver Post. Archived from the original on October 22, 2019. Retrieved December 1, 2024.