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Macerich's CEO Presents At Citi Global Property CEO Conference (Transcript)

And the Phoenix marketplace is beginning to experience signs of job growth, where our several major corporation’s that are looking to locate corporate headquarters or expansions into the Phoenix marketplace.

And a big part of the driver of that is the things that have caused Phoenix to be a leading growth market for the last six decades. But in addition to that, Phoenix now has affordable housing because the housing prices in Phoenix today are about half of what they were five years ago.

So entry level housing per employees a $600,000 house, four bedrooms, 4,000 feet and a nice gated suburban community, that was $600,000 five years ago, today it might be $300,000. So, it’s a big difference. And so there is that opportunity and it’s really helped to foster some very nice healthy growth for us.

Our leasing fundamental are very strong throughout the country. We just had an opening of a new Neiman Marcus Department Store at our Broadway Plaza Center in Walnut Creek in Northern California. That’s the center that we have targeted as our next quote Santa Monica Place. We were asked after we shutdown and reopen Santa Monica Place, do you have another projects, a withdrawing more that would be of the scale in terms of the transformation of it.

And we thought about it and that actually challenge this and we said, the one that really have the possibility for that kind of a dramatic change is Walnut Creek, because it’s a great center. We already have the right department stores. We have Nordstrom, one of the top Nordstrom’s in the U.S., great Macy’s, we now have this new Neiman, but we only have a small number of specialty stores.

So we’re actually talking to the city right now, Walnut Creek. We have our anchor approvals, where we’re looking to basically expand the specialty store offering at that center by little over 200,000 square feet. We’re pretty bullish on that opportunity.

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