Taubman Centers
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Real estate investment trust |
| Founded | 1950 |
| Founder | A. Alfred Taubman |
| Headquarters | , US |
Area served |
|
Key people |
|
| Revenue |  $661 million (2019) |
Parent | Simon Property Group (2020–present) |
| Website | taubman |
| Footnotes / references [1] | |
Taubman Centers, Inc. is an American real estate investment trust headquartered in Bloomfield Hills, Michigan. The company invests in shopping centers, and is a subsidiary of Simon Property Group since 2020.
History
The company was founded in 1950 by
Marley Station, Meadowood Mall, Lakeforest Mall, Briarwood Mall, Stoneridge Shopping Center, The Falls Mall, and Columbus City Center to GM Pension Trust.[5]
The company continued to manage the properties until 2003 when they were sold again.
In 2000, the company traded
Northlake Mall, The Mall at Wellington Green, Stony Point Fashion Park, The Shops at Willow Bend, and Fairlane Town Center to Starwood Capital Group.[11] In April 2015, the founder, Alfred Taubman, died at the age of 91.[2] In March 2016, in a joint venture with Macerich, the company acquired Country Club Plaza in Kansas City, Missouri, for $660 million.[12] In October 2020, Taubman sold Stamford Town Center for $20 million.[13] In April 2024, the company sold Fair Oaks Mall
to Olshan Properties.
In February 2020, the company agreed to be acquired by Simon Property Group.[14] This would have ended family control but the Taubman family will retain an ownership stake in its malls.[15] In June 2020, Simon announced that it terminated the merger agreement with Taubman, before reversing its decision and modifying certain terms of the original merger agreement, including a modified purchase price of $43.00 per share in cash in November 2020.[16][17] The merger closed in December 2020.
Investments
As of April 2024, the company owned interests in 23 shopping centers in 10 U.S. states, Puerto Rico, South Korea, and China.[1]
The company's largest tenants include
Williams Sonoma, Urban Outfitters, Ascena Retail Group, Abercrombie & Fitch, Inditex, and Foot Locker.[1]
Notable properties owned by the company include:
- Los Angeles, California
- Denver, Colorado
- Salt Lake City, Utah
- Country Club Plaza - Kansas City, Missouri (50/50 partnership with Macerich)
- Miami, Florida
- Great Lakes Crossing Outlets - Auburn Hills, Michigan
- International Plaza and Bay Street - Tampa, Florida
- Mall at Green Hills - Nashville, Tennessee
- The Mall at Millenia - Orlando, Florida (50% equity stake, managed by The Forbes Company)
- The Mall at Short Hills - Short Hills, New Jersey
- The Mall at University Town Center - Sarasota, Florida
- The Mall of San Juan - San Juan, Puerto Rico
- Miami, Florida
- Sunvalley Shopping Center - Concord, California
- Twelve Oaks Mall - Novi, Michigan
- Waterside Shops - Naples, Florida (50% equity stake, managed by The Forbes Company)
- Westfarms - West Hartford, Connecticut
- CityOn Zhengzhou Shopping Center - Zhengzhou, China
- Starfield Hanam - Hanam, South Korea
References
- ^ a b c d "Taubman Centers, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b Burke, Heather (April 18, 2015). "Alfred Taubman, Mall Developer, Ex-Sotheby's Chair, Dies at 91". Bloomberg L.P.
- ^ Norris, Floyd (August 4, 1992). "Taubman Centers, a Mall Empire, to Go Public; Big Developer To Shed Debt In Stock Sale". The New York Times.
- ^ Lee, Tien-Shun (October 10, 2011). "106 new stores to open at Queens Center Mall". TimesLedger Newspapers.
- ^ "Taubman Sets Mall Deal With G.M. Fund". The New York Times. Bloomberg News. August 20, 1998.
- ^ "Taubman, Rodamco Swap Interests in Twelve Oaks, Lakeside". CRE News. January 14, 2000.
- ^ DAY, SHERRI; SORKIN, ANDREW ROSS (August 4, 1992). "Simon Group Gives Up Hostile Bid for Taubman Centers". The New York Times.
- ^ "The Pier Shops at Caesars Transferred to the Mortgage Lender" (Press release). PR Newswire. November 14, 2011.
- ^ "Regency Square Transferred to the Mortgage Lender" (Press release). PR Newswire. January 5, 2012.
- ^ "Taubman Centers Sells Long Island Land And Interest In Arizona Mills To Simon Property Group" (Press release). PR Newswire. January 31, 2014.
- ^ "Taubman Completes Sale of Seven Malls to Starwood Capital Group" (Press release). PR Newswire. October 17, 2014.
- ^ "It's official: Sale of Country Club Plaza closes". The Kansas City Star. March 1, 2016.
- ^ Urbanski, Al. "Rug merchant buys Stamford Town Center for $20.15 million". Chain Store Age. Retrieved 21 April 2021.
- ^ "Simon Property Group to Acquire Taubman Centers, Inc" (Press release). PR Newswire. February 10, 2020.
- ^ "Mall merger: Simon is buying Beverly Center owner Taubman for $3.6 billion". Bloomberg. 2020-02-11. Retrieved 2020-02-11 – via Los Angeles Times.
- ^ Simon Properties press release
- ^ "Simon And Taubman Modify Merger Price To $43.00 Per Share In Cash". investors.taubman.com. Retrieved 2020-11-16.
External links
- Official website
- Historical business data for Taubman Centers:
- SEC filings