Urban Shopping Buys Century City Mall

Chicago-based Urban Shopping Centers Inc. said it has completed its acquisition of the open-air Century City Shopping Center for $271.2 million in cash, securities and assumed debt. Urban Shopping, which owns and manages more than 50 million square feet of retail space, purchased the outdoor shopping mall from San Francisco-based RREEF, a real estate investment advisor that owned the mall on behalf of its pension fund clients. The 140-store mall, which includes Bloomingdale’s and Macy’s department stores, generated an estimated $550 in annual sales per square foot--double the industry average.