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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 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 Ind ...
since 2020.


History

The company was founded in 1950 by
A. Alfred Taubman Adolph Alfred "Al" Taubman (January 31, 1924 – April 17, 2015) was an American businessman, investor, and philanthropist. He was convicted in 2002 for a price-fixing scheme involving the top two auction houses in the United States. Backgro ...
. 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. In 1987, the company sold Southridge Mall, in Milwaukee County,
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 M ...
. 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 ( l ...
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 investme ...
. 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 ...
to Macerich. In 1998, the company sold
The Mall at Tuttle Crossing The Mall at Tuttle Crossing is an enclosed shopping mall located in northwest Columbus, Ohio. It has a Dublin, Ohio mailing address, but it is in the Columbus city limits. It was developed by a joint venture of Taubman Centers and the Georgetown ...
, Hilltop Mall, Marley Station,
Meadowood Mall Meadowood Mall is a one-level, super-regional mall in Reno, Nevada, managed by Simon Property Group, which owns 50% of it. Meadowood Mall contains 125 retailers and restaurants and it is anchored by Macy's Women, Macy's Men/Home, JCPenney, and D ...
,
Lakeforest Mall Lakeforest Mall, also known as Lakeforest, is an enclosed shopping center located in Gaithersburg, Maryland. It is owned by WRS Inc. Real Estate Investments who is planning to redevelop the site. Currently its two levels house approximately 15 st ...
, Briarwood Mall,
Stoneridge Shopping Center Stoneridge Shopping Center is an upscale major shopping mall in Pleasanton, California. The mall is managed and co-owned by Simon Property Group, and is adjacent to Interstate 680. The mall is anchored by JCPenney and two Macy's stores - a wome ...
, 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 Playground Pier is a four-story pier located on the Boardwalk in Atlantic City, New Jersey that houses a luxury shopping and restaurant mall. Located at the foot of Arkansas Avenue, it is connected to Caesars casino via a second-story skybridge ...
to its lenders. In January 2012,
Regency Square Regency Mall is an enclosed shopping mall outside of Richmond, Virginia in unincorporated Henrico County, Virginia, United States. Opened in 1975 as Regency Square, the mall features a food court and more than 60 tenants, currently with no anchors ...
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 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 Stony Point Fashion Park is a high-end outdoor shopping center in Richmond, Virginia that opened in 2003. The center currently maintains the anchor tenants Dillard's and Saks Fifth Avenue. Stony Point is the only mall in the region that offers a ...
,
The Shops at Willow Bend The Shops at Willow Bend, sometimes referred to as Willow Bend Mall, is a shopping mall located in Plano, Texas, with over 125 stores and three anchor stores. The mall is located at the intersection of West Park Boulevard (Farm to Market Road 54 ...
, and Fairlane Town Center to Starwood Capital Group. 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 Macerich, the company acquired Country Club Plaza in Kansas City, Missouri, for $660 million. In October 2020, Taubman sold Stamford Town Center for $20 million. In February 2020, the company agreed to be acquired by
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 Ind ...
. 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, 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 wa ...
, Williams Sonoma,
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, K ...
,
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 wife ...
,
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. Notable properties owned by the company include: * Beverly Center -
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 wo ...
* 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 United ...
* City Creek Center -
Salt Lake City, Utah Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the Capital (political), capital and List of cities and towns in Utah, most populous city of Utah, United States. It is the county seat, seat of Salt Lake County, Utah, Sal ...
* Country Club Plaza - Kansas City, Missouri (50/50 partnership with Macerich) *
Dolphin Mall Dolphin Mall is a outlet shopping mall in Sweetwater, Miami-Dade County, Florida, west of the city of Miami. There are over 240 retail outlets and name-brand discounters as anchors. The mall opened in March 2001, the first of four Taubman Center ...
-
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 th ...
* 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 p ...
* Great Lakes Crossing Outlets - Auburn Hills, Michigan * 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 C ...
* Mall at Green Hills -
Nashville, Tennessee Nashville is the capital city of the U.S. state of Tennessee and the seat of Davidson County. With a population of 689,447 at the 2020 U.S. census, Nashville is the most populous city in the state, 21st most-populous city in the U.S., and t ...
* 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 The Mall at University Town Center is a shopping mall located in Sarasota County, Florida, United States, just south of the Manatee County line near the planned community of Lakewood Ranch. It opened on October 16, 2014 and is anchored by Saks F ...
-
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 The Mall of San Juan is a upscale shopping mall located across from the San José Lagoon at the south end of the Teodoro Moscoso Bridge, near the Luis Muñoz Marín International Airport in San Juan, Puerto Rico. It opened its doors on March 2 ...
-
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 the ju ...
*
Miami Worldcenter Miami Worldcenter is a large mixed-use development under construction led by principals Arthur Falcone and Nitin Motwani, spanning several blocks in the Park West neighborhood of Miami, Florida, just north of downtown. It may include over 25 a ...
-
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 th ...
*
Sunvalley Shopping Center Sunvalley Shopping Center, or more popularly Sunvalley Mall, is a regional shopping center located in Concord, California (one of the suburbs in the San Francisco Bay Area, in east central Contra Costa County). Located off Interstate 680, Sun ...
-
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 *
Waterside Shops Waterside Shops is an open-air mall located on Tamiami Trail in Pelican Bay, Florida, just to the north of Naples, Florida. Opened in November 1992, the mall features Saks Fifth Avenue as the anchor tenant. The mall opened with 85% of its retail ...
-
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, Flo ...
''(50% equity stake, managed by The Forbes Company)'' * 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 ...
*
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,
South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...


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