JMB Realty
JMB Realty was a real estate investment company based in Chicago. In 1993, after suffering during the early 1990s recession, the company was reorganized as Urban Shopping Centers, Inc., which was acquired by Rodamco in 2000 and broken up. It 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 and Judd Malkin. Judelson split from the partnership in 1973 to form Balcor Company with Jerry Reinsdorf. Bluhm became chairman and Malkin was president.
In 1983, JMB acquired Federated Realty Associates from Federated Department Stores for $112 million.
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.
In 1985, it acquired the portion of Water Tower Place that it did not already own. In 1986, the company acquired a real estate portfolio in Century City for $600 million from Alcoa. In 1987, the company acquired Arvida, a developer of planned communities in Florida and Georgia, from The Walt Disney Company for $400 million. It also acquired Cadillac Fairview, Canadian developer-owner of shopping centers and office buildings, for $2.6 billion.
In 1988, it acquired Amfac, a large Hawaii sugar cane land owner for $920 million. In 2002, Amfac was put into bankruptcy. As part of the bankruptcy reorganization, the company formed Xanterra Travel Collection, which was acquired by Philip Anschutz in 2008.
In 1989, it acquired Randsworth Trust P.L.C. for $800 million. In 1990, it acquired Houston Center for $400 million.
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. The company acquired Houston Galleria and Century Square Shopping Center. In 1997, the company sold Copley Place for $300 million.
In 2000, Urban Shopping Centers was acquired by Rodamco. Who later sold Urban to a small consortium of The Rouse Company, Westfield Group, and Simon Property Group in 2002.
