Urban Retail Properties, LLC Acquires Premier Shopping Destination, Oakland Mall

CHICAGO, Nov. 19 /PRNewswire/ -- Urban Retail Properties, LLC (www.urbanretail.com), proudly announces its acquisition of Oakland Mall, a premier shopping destination located in the vibrant community of Troy, Michigan.

Boasting over 1.5 million square feet, Oakland Mall is home to Macy's, JCPenney and Sears and over 125 specialty stores, including Bath & Body Works, Victoria's Secret, Borders Books and Music and Steve and Barry's.

This acquisition is a monumental play for Urban and its re-emergence as an owner/developer in the shopping center industry. Due to Urban's recent partnership with Principal Financial Group, who is advising a large institutional investor, it is able to move into an acquisition and development position and act with economic independence. The purchase of Oakland Mall is Urban's first acquisition since 2002, when the company was sold. The new venture shifts Urban's industry role from one of a full service leasing and management company, back into purchasing existing properties and building ground-up developments.

Urban brings to Oakland Mall over 30 years of industry experience in leasing, management, development and marketing services. An industry leader in creating premier shopping destinations, Urban was the original developer of properties including 900 North Michigan Avenue and Water Tower Place in Chicago as well as Copley Place in Boston.

Ross Glickman, Chief Executive Officer of Urban states, "The purchase of Oakland Mall is a pivotal moment for Urban as it marks the first acquisition in the company's financial revitalization. Urban's illustrious history and new found economic independence, combined with Oakland Mall's long standing reputation in the city of Troy, makes this an exciting new venture."

About Urban Retail Properties, LLC

Urban Retail Properties, LLC is an independent, privately held company, and has been the developer for more than 75 projects, which include premier, shopping destinations and mixed-use projects. Headquartered in Chicago, IL, Urban has offices in Florida, Massachusetts, Washington DC, New Jersey and Texas. Urban is also the nation's leading third-party real estate manager, managing more than 40 million square feet in 21 states and the District of Columbia. Additionally, the company provides consulting services for clients worldwide. Urban was formed more than 30 years ago and manages a diverse portfolio that includes retail, office, residential and government projects. Ground-up developments Urban has been responsible for include Citrus Park Town Center, Brandon Town Center, Streets at Southpoint, Roseville Galleria and Wolfchase Galleria. Acquisitions include such premier shopping destinations as San Francisco Center and Houston Galleria.

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