Philadelphia - Two former top executives with Chicago-based City Center Retail Trust recently formed an LLC focusing on the development, redevelopment, acquisition and leasing of urban properties in the United States.

Longtime commercial real estate executives Sigurd Anderson and Mark Stefan formed the new venture, called City Center Retail LLC. With nearly 40 years of combined experience, Anderson and Stefan have been involved with the development and acquisition of more than $1 billion of commercial real estate projects nationwide, including retail.

Most recently, as members of City Center Retail Trust's senior management team, Anderson and Stefan oversaw the acquisition, development, leasing and asset management of more than $450 million in assets for the private REIT.