Taubman Centers, Inc. is an American

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping ce ...

headquartered in

Bloomfield Hills, Michigan Bloomfield Hills is a small city (5.04 sq. miles) in Oakland County in the U.S. state of Michigan. It is a northern suburb of Metro Detroit and is approximately northwest of Downtown Detroit. Except a small southern border with the city of Bi ...

. The company invests in shopping centers, and is a subsidiary of

Simon Property Group Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/ lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in India ...

since 2020.

History

The company was founded in 1950 by A. Alfred Taubman. In 1953, it opened its first shopping center, North Flint Plaza, in

Flint, Michigan Flint is the largest city and seat of Genesee County, Michigan, United States. Located along the Flint River, northwest of Detroit, it is a principal city within the region known as Mid Michigan. At the 2020 census, Flint had a population of ...

. In 1964, the company opened its first enclosed mall, Southland Mall, in

Hayward, California Hayward () is a city located in Alameda County, California in the East Bay subregion of the San Francisco Bay Area. With a population of 162,954 as of 2020, Hayward is the sixth largest city in the Bay Area and the third largest in Alameda Coun ...

. In 1973, the company was incorporated as Taubman Centers, Inc. In 1987, the company sold Southridge Mall, in

Milwaukee County Milwaukee County is located in the U.S. state of Wisconsin. At the 2020 census, the population was 939,489, down from 947,735 in 2010. It is both the most populous and most densely populated county in Wisconsin, and the 45th most populous coun ...

Wisconsin Wisconsin () is a state in the upper Midwestern United States. Wisconsin is the 25th-largest state by total area and the 20th-most populous. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michi ...

. In 1992, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (lis ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In 1997, the company sold

Queens Center Queens Center Mall is an urban shopping mall in Elmhurst, Queens, New York City, on Queens Boulevard between 57th Avenue and Woodhaven Boulevard. Queens Center Mall is the largest mall in Queens. It is currently owned and managed by The Macerich ...

Macerich Macerich ( ) is a real estate investment trust that invests in shopping centers. It is the third-largest owner and operator of shopping centers in the United States. As of December 31, 2020, the company owned interests in 52 properties comprisi ...

. In 1998, the company sold The Mall at Tuttle Crossing, Hilltop Mall,

Marley Station Marley Station Mall is an enclosed shopping mall in Glen Burnie, Maryland. Opened in 1987, it was expanded in 1994 and 1996. The mall has 130 stores on 2 floors, a movie theater, and 5 anchor spaces. JCPenney, Macy's, and Golds Gym serve as the m ...

, Meadowood Mall, Lakeforest Mall,

Briarwood Mall Briarwood Mall is a shopping mall in Ann Arbor, Michigan, United States. The mall's three anchor stores are Macy's, JCPenney, and Von Maur. Surrounded by office and other development, the mall anchors the southern Ann Arbor commercial area aro ...

, Stoneridge Shopping Center, The Falls Mall, and Columbus City Center to GM Pension Trust. 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. In 2003, Simon Property Group attempted to acquire the company via a hostile takeover. In 2011, the company transferred The Pier Shops at Caesars to its lenders. In January 2012, Regency Square in

Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...

, was surrendered to creditors to avoid foreclosure. In January 2014, the company sold

Arizona Mills Arizona Mills is an outlet shopping mall in Tempe, Arizona within the Phoenix metropolitan area and it is one of the tourist destinations in Phoenix, Arizona and it was owned by the Mills Corporation (which owned 25%) and Taubman Centers. Howeve ...

and land for the proposed The Mall at Oyster Bay to Simon Property Group. 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 Starwood Capital Group is an investment firm headquartered in Miami Beach, Florida. It is managed by Barry Sternlicht. It was co-founded by Sternlicht and Robert Faith in 1991. In 1993, Faith left Starwood to found Greystar Real Estate Partner ...

. In April 2015, the founder, Alfred Taubman, died at the age of 91. In March 2016, in a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

with

, the company acquired

Country Club Plaza The Country Club Plaza (often called The Plaza) is a privately-owned regional shopping center in the Country Club District of Kansas City, Missouri. Opened in 1923, it was the first planned suburban shopping center and the first regional shoppi ...

Kansas City, Missouri Kansas City (abbreviated KC or KCMO) is the largest city in Missouri by population and area. As of the 2020 census, the city had a population of 508,090 in 2020, making it the 36th most-populous city in the United States. It is the central ...

, for $660 million. In October 2020, Taubman sold Stamford Town Center for $20 million. In February 2020, the company agreed to be acquired by

. This would have ended family control but the Taubman family will retain an ownership stake in its malls. 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. The merger closed in December 2020.

Investments

As of December 31, 2019, the company owned interests in 24 shopping centers in 11 U.S. states, Puerto Rico, South Korea, and China. The company's largest tenants include

Forever 21 Forever 21 is a multinational fast fashion retailer headquartered in Los Angeles, California, United States. Originally founded as the store Fashion 21 in Highland Park, Los Angeles in 1984,Forever 21History & Facts, n.d. Retrieved 27 April 2014. ...

, The Gap, H&M,

L Brands Bath & Body Works, Inc. (formerly known as L Brands, Inc., Limited Brands, Inc. and The Limited, Inc.) is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $11.9 billion in revenue in 2021, and was ...

Williams Sonoma Williams Sonoma is an American retailer of cookware, appliances, and home furnishings. It is owned by Williams-Sonoma, Inc. and was founded by Charles E. (Chuck) Williams in 1956. History In 1947, Chuck Williams settled in Sonoma, Californi ...

Urban Outfitters Urban Outfitters, Inc. (URBN) is a multinational lifestyle retail corporation headquartered in Philadelphia, Pennsylvania. Operating in the U.S., the United Kingdom, Canada, select Western European countries, Poland the United Arab Emirates, Ku ...

Ascena Retail Group Ascena Retail Group, Inc., is an American retailer of women's clothing. Ascena also owns Lane Bryant clothing store brand, and is the parent company of Ann Inc., operator of Ann Taylor and Loft stores. Chairman Emeritus Elliot Jaffe and his wif ...

Abercrombie & Fitch Abercrombie & Fitch (A&F) is an American lifestyle store, lifestyle retailer that focuses on casual wear. Its headquarters are in New Albany, Ohio. The company operates three other offshoot brands: Abercrombie Kids, Hollister Co., and Gilly Hick ...

, Inditex, and

Foot Locker Foot Locker Retail, Inc. is an American sportswear and footwear retailer, with its headquarters in Midtown Manhattan, New York City, and operating in 28 countries. Although established in 1974, and founded as a separate company in 1988, Foot ...

. Notable properties owned by the company include: *

Beverly Center Beverly Center is a shopping mall in Los Angeles, California, United States. It is an eight-story structure located at the edge of Beverly Hills and West Hollywood, between La Cienega and San Vicente boulevards. Anchor tenants include Blooming ...

Los Angeles, California Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the worl ...

* Cherry Creek Shopping Center -

Denver, Colorado Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the Unite ...

City Creek Center The City Creek Center (CCC) is a mixed-use development with an upscale open-air shopping center, office and residential buildings, fountain, and simulated creek near Temple Square in downtown Salt Lake City, Utah, United States. It is an undertak ...

Salt Lake City, Utah Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, the ...

- Kansas City, Missouri (50/50 partnership with Macerich) * Dolphin Mall -

Miami, Florida Miami ( ), officially the City of Miami, known as "the 305", "The Magic City", and "Gateway to the Americas", is a coastal metropolis and the county seat of Miami-Dade County in South Florida, United States. With a population of 442,241 at t ...

* Fair Oaks Mall -

Fairfax, Virginia The City of Fairfax ( ), colloquially known as Fairfax City, Downtown Fairfax, Old Town Fairfax, Fairfax Courthouse, FFX, or simply Fairfax, is an independent city in the Commonwealth of Virginia in the United States. At the 2010 census the po ...

* Great Lakes Crossing Outlets -

Auburn Hills, Michigan Auburn Hills is a city in Oakland County, Michigan, Oakland County in the U.S. state of Michigan. The population was 21,412 at the 2010 United States Census, 2010 census. Before incorporating as a city in 1983, the area was part of the now-defunct ...

* International Plaza and Bay Street -

Tampa, Florida Tampa () is a city on the Gulf Coast of the U.S. state of Florida. The city's borders include the north shore of Tampa Bay and the east shore of Old Tampa Bay. Tampa is the largest city in the Tampa Bay area and the seat of Hillsborough Co ...

* Mall at Green Hills - Nashville, Tennessee * The Mall at Millenia -

Orlando, Florida Orlando () is a city in the U.S. state of Florida and is the county seat of Orange County. In Central Florida, it is the center of the Orlando metropolitan area, which had a population of 2,509,831, according to U.S. Census Bureau figures r ...

''(50% equity stake, managed by The Forbes Company)'' * The Mall at Short Hills -

Short Hills, New Jersey Short Hills is an unincorporated community located within Millburn Township, in Essex County, New Jersey, United States. It is a popular commuter town for residents who work in New York City. As of the 2020 United States Census, the CDP's p ...

* The Mall at University Town Center -

Sarasota, Florida Sarasota () is a city in Sarasota County on the Gulf Coast of the U.S. state of Florida. The area is renowned for its cultural and environmental amenities, beaches, resorts, and the Sarasota School of Architecture. The city is located in the sou ...

* The Mall of San Juan -

San Juan, Puerto Rico San Juan (, , ; Spanish for "Saint John") is the capital city and most populous municipality in the Commonwealth of Puerto Rico, an unincorporated territory of the United States. As of the 2020 census, it is the 57th-largest city under th ...

* Miami Worldcenter -

* Sunvalley Shopping Center -

Concord, California Concord ( ) is the largest city in Contra Costa County, California. According to an estimate completed by the United States Census Bureau, the city had a population of 129,295 in 2019 making it the eighth largest city in the San Francisco Ba ...

* Twelve Oaks Mall -

Novi, Michigan Novi ( ) is a city in Oakland County in the U.S. state of Michigan. As of the 2020 census, the population was 66,243, an increase of 20% from the 2010 census. A northern suburb of Metro Detroit, Novi is located about northwest of the city of ...

* Waterside Shops -

Naples, Florida Naples is a city in Collier County, Florida, United States. As of the 2020 census, the population of the historical city (i.e. in the immediate vicinity of downtown Naples) was 19,115. Naples is a principal city of the Naples-Marco Island, Flor ...

''(50% equity stake, managed by The Forbes Company)'' *

Westfarms Westfarms is a shopping mall on the West Hartford– Farmington town line in the U.S. state of Connecticut. It was opened in 1974, expanded in 1982 and 1995–1997, and remodeled in 2008–2009. With of gross leasable area, Westfarms ...

West Hartford, Connecticut West Hartford is a town in Hartford County, Connecticut, United States, west of downtown Hartford. The population was 64,083 at the 2020 census. The town's popular downtown area is colloquially known as "West Hartford Center," or simply "The C ...

CityOn Zhengzhou Shopping Center CityOn Zhengzhou Shopping Center () is a shopping mall on Nongye E. Road in Zhengdong New Area, Zhengzhou, China. It was opened on 16 March 2017. Features The mall mainly features some fast fashion brands, including H&M, Zara, Massimo Dutti, B ...

- Zhengzhou, China * Starfield Hanam -

Hanam Hanam () is a city in Gyeonggi Province, South Korea. Formerly a part of Gwangju County, it was designated a city in 1989. The ancient Baekje capital of Hanam Wiryeseong may have been located there. Lying immediately east of Seoul, Hanam is a ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea. Its western border is formed by the Yellow Sea, while its eas ...

References

External links

* {{authority control 1992 initial public offerings American companies established in 1950 Bloomfield Hills, Michigan Companies based in Oakland County, Michigan Companies formerly listed on the New York Stock Exchange Financial services companies established in 1950 Real estate companies established in 1950 Shopping center management firms 2020 mergers and acquisitions Simon Property Group