This has been a big couple of days for retail real estate consolidation. First Centro Watt buys Heritage and now, reports the Reuters, Kimco is expanding its presence in the Western United States by purchasing Pan Pacific Properties.

The deal is worth $4 billion and means that many of those Pan Pacific signs around the valley will now become Kimco signs. The move was designed to strengthen Kimco’s presence in the West and to make sure it had a piece of expanding markets such as Nevada.

“It’s the demographics,” a UBS analyst tells the news service. “Pan Pacific’s portfolio was ranked fourth-best based on demand and has one of the fastest-growing populations.” The deal will be financed with $3 billion from J.P. Morgan and Merrill Lynch but Kimco could fund some of the purchase by selling common stock.