Site Selection magazine gave the Phoenix market the top regional position in both the Mountain and Pacific regions. Metropolitan Phoenix’s 78 deals in 2014 were more than Salt Lake City and Denver combined in the Mountain Region and more than San Francisco, Seattle and Portland combined in the Pacific Region. Site Selection?s regional crown puts a little shine back on the market and also points out that the Mountain and West regions were not among the top U.S. metros for corporate relocation and expansion deals… Read more »
TOO MUCH, TOO FAST? Investment Markets Eyeing Free-Flowing Capital With Some Concern
As the San Diego City Employees? Retirement System?s (SDCERS) board this past month debated putting an additional $30 million into JP Morgan?s Strategic Property Fund, a 100% core fund in which it already had invested $60 million, it had a major concern. JP Morgan?s Strategic Property Fund bought $3.45 billion in core properties last year and has a queue of investors lined up to pump in another $1.7 billion. Compared with its peers, the JPMorgan fund has been one of the most active… Read more »
Singapore Fund That Owns Biltmore Shells Out $140m For Blackstone Commercial Properties In Phoenix
The same sovereign investment fund run by the government of Singapore that owns the Arizona Biltmore Resort & Spa has bought 14 commercial and industrial properties in Phoenix, Tempe and the West Valley for more than $140 million. The Arizona deals are part of a larger $8.1 billion acquisition of U.S. industrial and commercial properties by Singapore?s GIC… Read more »
Tucson, Phoenix Face Growing Gap Between Income And Rent Hikes
A new report shows Tucson and Phoenix-area renters have had to deal with a double whammy: Dwindling or stagnant incomes coupled with significant rent hikes. The report, released last week by the National Association of Realtors, indicated the two metro areas are among those where the gap between rental costs and household income is increasing. ?It?s something we are watching since rising housing costs are getting to unhealthy levels,?… Read more »
Is the Price Right for Macerich?
The clock continues to wind down on the deadline for The Macerich Co. to either accept or reject Simon Property Group Inc.?s best and final offer to acquire all outstanding shares of Macerich for $95.50. The deadline is April Fool?s Day, and there?s a lot of debate about which would be more foolish: accepting Simon?s offer or rejecting it. The total value of the proposed transaction is approximately $23.2 billion, including assumption of approximately $6.4 billion of Macerich debt… Read more »