Real estate investment trust
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
A. Alfred Taubman .
[2] In 1953, it opened its first shopping center, North Flint Plaza, in
Flint, Michigan . In 1964, the company opened its first enclosed mall,
Southland Mall , in
Hayward, California . In 1973, the company was incorporated as Taubman Centers, Inc.
[1] In 1987, the company sold
Southridge Mall , in
Milwaukee County ,
Wisconsin . In 1992, the company became a
public company via an
initial public offering .
[3] In 1997, the company sold
Queens Center to
Macerich .
[4] In 1998, the company sold
The Mall at Tuttle Crossing ,
Hilltop Mall ,
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
Lakeside Mall Rodamco for full ownership of Twelve Oaks.
[6] In 2003, Simon Property Group attempted to acquire the company via a hostile takeover.
[7] In 2011, the company transferred
The Pier Shops at Caesars to its lenders.
[8] In January 2012,
Regency Square in
Richmond, Virginia , was surrendered to creditors to avoid foreclosure.
[9] In January 2014, the company sold
Arizona Mills and land for the proposed The Mall at Oyster Bay to Simon Property Group.
[10] In October 2014, the company sold
The Mall at Partridge Creek ,
MacArthur Center ,
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
Forever 21 ,
The Gap ,
H&M ,
L Brands ,
Williams Sonoma ,
Urban Outfitters ,
Ascena Retail Group ,
Abercrombie & Fitch ,
Inditex , and
Foot Locker .
[1]
Notable properties owned by the company include:
Beverly Center -
Los Angeles, California
Cherry Creek Shopping Center -
Denver, Colorado
City Creek Center -
Salt Lake City, Utah
Country Club Plaza - Kansas City, Missouri (50/50 partnership with Macerich)
Dolphin Mall -
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 Worldcenter -
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
Simon Property Group malls in the western United States
Alaska Arizona California Colorado Nevada New Mexico Washington
Simon Property Group malls in the midwestern United States
Illinois Indiana Kansas Michigan Minnesota Missouri Ohio South Dakota Wisconsin
Simon Property Group malls in the northeastern United States
Delaware Maryland Massachusetts New Hampshire New Jersey New York Pennsylvania Virginia
Simon Property Group malls in the southern United States
Arkansas Florida Georgia Louisiana North Carolina Oklahoma South Carolina Tennessee Texas
Premium Outlets and Factory Stores outlet centers in the eastern United States
All malls are suffixed with Premium Outlets unless noted otherwise.
Florida Maryland Massachusetts Michigan New Hampshire New York Pennsylvania Virginia
Premium Outlets and Factory Stores outlet centers in the western United States
All malls are suffixed with Premium Outlets unless noted otherwise.
Southern California Minnesota Nevada Oregon Texas Washington Wisconsin
Premium Outlets and Factory Stores outlet centers in Canada
Ontario Quebec Alberta