Taubman Centers
| Company type | Public company (until 2020) |
|---|---|
| Industry | Real estate investment trust |
| Founded | 1950 |
| Founder | A. Alfred Taubman |
| Fate | Acquired by Simon Property Group in 2020 |
| Headquarters | Bloomfield Hills, Michigan , United States |
Area served | United States, Puerto Rico, South Korea, China |
| Parent | Simon Property Group (since 2020) |
Taubman Centers, Inc. is a U.S.-based real estate investment trust with its main office located in Bloomfield Hills, Michigan. Specializing in shopping center investments, it has been under the ownership of Simon Property Group since 2020.
History
Established in 1950 by A. Alfred Taubman, the firm launched its inaugural retail center, North Flint Plaza, in 1953. Its first enclosed shopping mall, Southland Mall, opened in 1964, and the company formally incorporated as Taubman Centers, Inc. in 1973. The firm went public through an initial public offering in 1992.
During the 1990s and early 2000s, Taubman divested several assets such as Queens Center in 1997 and a collection of malls to GM Pension Trust in 1998, which it continued to manage until 2003. In 2000, it completed a swap deal with Rodamco to gain full ownership of Twelve Oaks. Simon Property Group made an unsuccessful hostile takeover bid in 2003 but later retracted the offer.
To avert foreclosure, the company relinquished certain properties to creditors, including The Pier Shops at Caesars in 2011 and Regency Square in 2012. In 2014, Taubman sold assets like Arizona Mills and land designated for The Mall at Oyster Bay to Simon Property Group, alongside seven malls sold to Starwood Capital Group within the same year.
After the passing of founder Alfred Taubman in 2015, the company engaged in strategic acquisitions such as a $660 million partnership with Macerich to purchase Country Club Plaza in 2016. It also exited from holdings like Stamford Town Center in 2020 and transferred ownership of Fair Oaks Mall by 2024. In July 2024, Country Club Plaza was sold to HP Village Partners based in Dallas.
In February 2020, an agreement was reached for Simon Property Group to acquire Taubman for $3.6 billion, ending family control while preserving some equity stakes. Although Simon initially canceled the merger arrangement in June 2020, it later resumed negotiations with updated conditions and finalized the acquisition by December 2020.
Investments
As of September 2024, Taubman Centers held interests in 22 retail centers spread across nine U.S. states as well as locations in Puerto Rico, South Korea, and China.
Its principal tenants include Forever 21, The Gap, H&M, L Brands, Williams Sonoma, Urban Outfitters, Ascena Retail Group, Abercrombie & Fitch, Inditex, and Foot Locker.
Notable properties within its portfolio are:
- Beverly Center – Los Angeles, California
- Cherry Creek Shopping Center – Denver, Colorado
- City Creek Center – Salt Lake City, Utah
- 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% ownership; management 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% ownership; managed by The Forbes Company)
- Westfarms – West Hartford, Connecticut
- CityOn Zhengzhou Shopping Center – Zhengzhou, China
- Starfield Hanam – Hanam, South Korea