JMB Realty

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JMB Realty
Company typePrivate
IndustryReal estate investment trust
Founded1968; 56 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

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

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

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. ^
    Forbes.com
    .
  2. ^ "ALP LIQUIDATING TRUST, Form 10-K, Annual Report, Filing Date Mar 30, 2001". U.S. Securities and Exchange Commission.
  3. ^ a b c d Phillips, Stephen (June 13, 1987). "a realty concern with a big appetite". The New York Times.
  4. ^ "JMB's major acquisitions". The New York Times. December 28, 1989.
  5. ^ "JMB BUYS URBAN FROM AETNA". Chicago Tribune. January 3, 1985.
  6. ^ Ibata, David (May 23, 1985). "WATER TOWER PLACE STAKE SOLD". Chicago Tribune.
  7. ^ WILLIAMS, LINDA (July 27, 1988). "Amfac Gives Nod to JMB Realty's $920-Million Bid". Los Angeles Times.
  8. ^ "JMB INSIDE THE SLIDE". April 8, 1995.
  9. ^ "Urban Retail Properties has debt but still a viable real estate player". Pittsburgh Post-Gazette. February 14, 2000.
  10. ^ Mishra, Upendra (January 13, 1997). "Copley Place is sold for $300 million". American City Business Journals.
  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.
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