JMB Realty
{{Short description|Chicago real estate company}}
{{Infobox company
| name = JMB Realty
| type = Private
| industry = Real estate investment trust
| fate = Split into Urban Shopping Centers & JMB Financial Advisors.
| founded = {{Start date and age|1968}}
| defunct =
| hq_location = Chicago, Illinois
| subsid = Xanterra 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{{cite news | first=Stephane | last=Fitch | url=https://www.forbes.com//forbes/2000/1016/6611092a.html | title=Rebuilding His Fortune | work=Forbes.com | date=October 16, 2000 | access-date=September 1, 2017 | archive-date=October 18, 2016 | archive-url=https://web.archive.org/web/20161018231155/http://www.forbes.com/forbes/2000/1016/6611092a.html | url-status=live }} and Judd Malkin.{{cite web | url=http://edgar.secdatabase.com/849/89262601000142/filing-main.htm | title=ALP LIQUIDATING TRUST, Form 10-K, Annual Report, Filing Date Mar 30, 2001 | publisher=U.S. Securities and Exchange Commission | access-date=May 15, 2018 | archive-date=May 15, 2018 | archive-url=https://web.archive.org/web/20180515112605/http://edgar.secdatabase.com/849/89262601000142/filing-main.htm | url-status=live }} Judelson split from the partnership in 1973 to form Balcor Company with Jerry Reinsdorf. Bluhm became chairman and Malkin was president.{{cn|date=July 2020}}
In 1983, JMB acquired Federated Realty Associates from Federated Department Stores (now Macy's, Inc.) for $112 million.{{cite news | url=https://www.nytimes.com/1987/06/13/business/a-realty-concern-with-a-big-appetite.html | title=a realty concern with a big appetite | first=Stephen | last=Phillips | work=The New York Times | date=June 13, 1987 | url-access=subscription | access-date=December 1, 2024 | archive-date=October 22, 2019 | archive-url=https://web.archive.org/web/20191022023120/https://www.nytimes.com/1987/06/13/business/a-realty-concern-with-a-big-appetite.html | url-status=live }}{{cite news | url=https://www.nytimes.com/1989/12/28/business/jmb-s-major-acquisitions.html | title=JMB's major acquisitions | work=The New York Times | date=December 28, 1989 | url-access=subscription}}
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.{{cite news | url=https://www.chicagotribune.com/news/ct-xpm-1985-01-03-8501010384-story.html | title=JMB BUYS URBAN FROM AETNA | work=Chicago Tribune | date=January 3, 1985 | url-access=subscription | access-date=2024-12-01 | archive-date=2022-08-29 | archive-url=https://web.archive.org/web/20220829213624/https://www.chicagotribune.com/news/ct-xpm-1985-01-03-8501010384-story.html | url-status=live }}
In 1985, it acquired the portion of Water Tower Place that it did not already own.{{cite news | url=https://www.chicagotribune.com/news/ct-xpm-1985-05-23-8502010778-story.html | title=WATER TOWER PLACE STAKE SOLD | first=David | last=Ibata | work=Chicago Tribune | date=May 23, 1985 | url-access=subscription | access-date=2024-12-01 | archive-date=2022-08-29 | archive-url=https://web.archive.org/web/20220829213624/https://www.chicagotribune.com/news/ct-xpm-1985-05-23-8502010778-story.html | url-status=live }} In 1986, the company acquired a real estate portfolio in Century City for $600 million from Alcoa. 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. 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.{{cite news | url=https://www.latimes.com/archives/la-xpm-1988-07-27-fi-6304-story.html | title=Amfac Gives Nod to JMB Realty’s $920-Million Bid | first=LINDA | last=WILLIAMS | work=Los Angeles Times | date=July 27, 1988 | url-access=subscription | access-date=2024-12-01 | archive-date=2019-10-22 | archive-url=https://web.archive.org/web/20191022023118/https://www.latimes.com/archives/la-xpm-1988-07-27-fi-6304-story.html | url-status=live }}
In 1989, it acquired Randsworth Trust P.L.C. for $800 million. In 1990, it acquired Houston Center for $400 million.{{cite web | url=https://www.chicagobusiness.com/article/19950408/ISSUE01/10009932/jmb-inside-the-slide-part-6-6 | title=JMB INSIDE THE SLIDE | date=April 8, 1995 | access-date=December 1, 2024 | archive-date=October 22, 2019 | archive-url=https://web.archive.org/web/20191022023131/https://www.chicagobusiness.com/article/19950408/ISSUE01/10009932/jmb-inside-the-slide-part-6-6 | url-status=live }}
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.{{cite news | url=http://old.post-gazette.com/regionstate/20000214ffhistoryside8.asp | title=Urban Retail Properties has debt but still a viable real estate player | work=Pittsburgh Post-Gazette | date=February 14, 2000 | access-date=December 1, 2024 | archive-date=October 22, 2019 | archive-url=https://web.archive.org/web/20191022023123/http://old.post-gazette.com/regionstate/20000214ffhistoryside8.asp | url-status=live }} Urban later acquired Houston Galleria and Century Square Shopping Center. In 1997, Urban sold Copley Place for $300 million.{{cite news | url=https://www.bizjournals.com/boston/stories/1997/01/13/story1.html | title=Copley Place is sold for $300 million | first=Upendra | last=Mishra | work=American City Business Journals | date=January 13, 1997 | access-date=December 1, 2024 | archive-date=July 5, 2022 | archive-url=https://web.archive.org/web/20220705165058/https://www.bizjournals.com/boston/stories/1997/01/13/story1.html | url-status=live }}
In 2000, Urban Shopping Centers was acquired by Rodamco.{{cite news | url=https://www.chicagotribune.com/news/ct-xpm-2000-09-26-0009260167-story.html | title=URBAN SHOPPING CENTERS SOLD FOR $3.4 BILLION CASH | work=Chicago Tribune | date=September 26, 2000 | url-access=subscription}} 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.{{cite news|last=Jefferson|first=Steve|date=June 2, 2002|title=Bankrupt Amfac plans debt-free emergence|work=American City Business Journals|url=https://www.bizjournals.com/pacific/stories/2002/06/03/story2.html}} As part of the bankruptcy reorganization, JMB formed Xanterra Travel Collection, which was acquired by Philip Anschutz in 2008.{{cite news|last=GRIFFIN|first=GREG|date=June 11, 2008|title=Anschutz to acquire operator of parks|work=The Denver Post|url=https://www.denverpost.com/2008/06/11/anschutz-to-acquire-operator-of-parks/|access-date=December 1, 2024|archive-date=October 22, 2019|archive-url=https://web.archive.org/web/20191022023122/https://www.denverpost.com/2008/06/11/anschutz-to-acquire-operator-of-parks/|url-status=live}}