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.
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 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.
The 2006 Grubb & Ellis commercial real estate forecast is out and they see growth in many North American markets. The Kansas City office market is expected to see positive net absorption, while right up I-70 the St. Louis market is expected to see lots of new space leased with old space vacated - lots of activity but low net absorption. The Wichita market is expected to see growth in medical office space. In Miami and Orlando job growth is expected to fuel the office market through 2006 and into 2007.
Grubb & Ellis expect a healthy year in Chicago's commercial and industrial markets. Positive absorption is expected in the suburban office market, though the city will see office construction in an environment of negative absorption. The industrial market is expected to see absorption over 20 million square feet, compared to 15.8 million in 2005 with the fastest growth in the south suburbs.
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