Tuesday, July 11, 2006

Shopping Center Giant SOLD

Kimco Realty, the largest owner of shopping centers in the US, has announced a $4bn deal to buy Pan Pacific Retail Properties, the on the largest owner of shopping center properties on the west coast with 138 properties that are mostly anchored by a large department store or supermarket.

Pan Pacific boasted 139 properties in their 2005 annual report - representing over 22.6 million square feet. They refer to their niche as Neighborhood Centers for Everyday Essentials. 2005 was their 12th consecutive year with an occupancy rate in excess of 95% - closing out at 97.1% boasting leases with over 3400 unique clients, creating a steady and yet diverse income stream.

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