The largest U.S. owner of community shopping centers, Hyde Park, New York-based Kimco Realty Corp., is getting even bigger with the agreed $4 billion purchase of Pan Pacific Retail Properties. Pan Pacific owns 138 retail properties, about 22.6 million square feet, in California, Washington, Oregon and Nevada. Kimco already owns 1,117 properties.
Pressure from development, investors and farmers exchanging for land outside the path of development has North Dakota cropland prices at an all time high after two years of double digit price growth.
A report by TNS Financial Services found that the number of US households with net worth over $1 million excluding primary residence rose by 8 percent in the last year. Not surprisingly, a large percentage of them invest in real estate.
The recently released Commercial Real Estate Outlook from the National Association of Realtors and the Real Estate Industry Outlook from PNC Financial Group both predict a positive year for commercial real estate ahead.
The five year old, 25,575-square-foot, 3.14 acre North Scottsdale Gateway zero vacancy retail center in North Scottsdale, Arizona has sold for $12.1 million or $473/square foot.
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