• JMB Realty Corporation (JMB) buys Urban Investment and Development Corporation (UIDC) from Aetna for $1.4 billion and creates JMB/Urban Development (JMB/Urban)


  • The retail development, management, and leasing activities of JMB/Federated, UIDC, and JMB Realty are consolidated under the name Urban Retail Properties, LLC (Urban).

1993 – 2000

  • Urban becomes one of the nation’s largest commercial property managers.

October 2000

  • Rodamco North America, buys Urban Shopping Centers, Inc. (URB) adding 17 of their own properties into the portfolio. Urban continues to manage all wholly owned company assets as well as its third-party management business.

May 3, 2002

  • Rodamco North America announces the purchase of the Company by Westfield America Trust (an Australian Trust), Simon Property Group, Inc., and The Rouse Company.

May 2002

  • Urban emerges as the nation’s largest provider of third-party management services to the retail industry, managing over 40 million square feet in more than 20 states and the District of Columbia.

November 2004

  • General Growth Properties, Inc. acquires The Rouse Company (RSE). Urban is now jointly owned by Westfield America Trust, Simon Property Group, Inc., and General Growth Properties, Inc.

May 2005

  • Urban completes a management buyout to become an independent, privately owned company, continuing to focus on development, leasing and management services for their clients.

April 2007

  • Urban forms a retail Joint Venture relationship (UrbanCal, LLC) with California State Teachers’ Retirement System (“CalSTRS”).  The venture was formed to look for value added development and acquisition opportunities in retail centers located throughout the United States.

September 2007

  • RAIT Urban Holdings, LLC, a Delaware limited liability company, becomes a minority equity partner in Urban.  RAIT is a publicly traded real estate investment trust focused on the commercial real estate industry.

November 2007

  • Urban acquires Oakland Mall in Troy, Michigan.  The purchase of Oakland Mall is Urban’s first acquisition since 2002, when the company was sold.

March 2008

  • Urban Retail Properties, LLC continues to achieve its goal to expand services into an ownership role by purchasing Manhattan Town Center in Manhattan, Kansas.

February 2010

  • Urban forms Urban Receivership Services, an affiliated entity to provide receivership services to the lenders and CMBS loan servicer communities.

March 2014

  • Urban Retail Properties, LLC becomes a wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS), continuing its strong presence in the Retail Real Estate Industry.

September 2014

  • Urban Retail Properties announces the acquisition of Oakland Square and Oakland Plaza by its parent company RAIT Financial Trust, signaling the beginning of a new chapter for Urban Retail.
September 2018
  • Urban Retail Properties, LLC partners with Forum Partners Investment, LLC, and becomes a privately held commercial real estate investment and operating company.