Urban Shopping Centers

JMB Realty Corporation is an American real estate investment company based in Chicago that at one time was one of the largest property developers in the United States. The company was founded as Robert Judelson & Co. in 1968. In 1969 Judelson (born 1939) was joined by University of Illinois roommates Neil Bluhm (born 1938) and Judd Malkin (born 1938).

Judelson split from the partnership in 1973 to form a real estate company Balcor Company with Jerry Reinsdorf. Bluhm became chairman and Malkin would be president. Judelson and Malkin were among the Reinsdorf consortium that bought the Chicago White Sox in 1981 and Chicago Bulls in 1984

In 1983 JMB acquired the structures that housed Federated Department Stores. In 1984 it acquired Urban Development from Aetna for $1.4 billion

In 1988 it acquired Amfac, a large Hawaii sugar cane land owner for $920 million and has since sold off much of the property as the Hawaii sugar cane industry has been dismantled. Among the assets was the department store Liberty House, which went into bankruptcy before being acquired by Federated. Amfac went into bankruptcy in 2002. One of the companies that emerged from the bankruptcy is Xanterra, a management company in United States National Parks. The Anschutz Company bought Xanterra from JMB in 2008.

JMB expanded aggressively before having to sell much of its properties because of declining real estate values in the wake of the Black Monday (1987) crash.

Urban Shopping Centers was a self-administered real estate investment trust that built 25 shopping malls and managed another 60. It was listed on the and , trading under the ticker symbol of "URB", in 1993.

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