Development/Redevelopment

If Hong Kong is part of your global expansion initiatives, be prepared to pay the freight.

The most recent retail rent report from CBRE Group labeled Hong Kong as the world’s most expensive retail destination, bettering New York City (No. 2) and Sydney, Australia (No. 3).

Lawrenceville, Ga. – Indianapolis-based Simon Property Group said that Crazy 8 will open a store at its Discover Mills property, Atlanta’s largest outlet, value retail and entertainment destination.

Gymboree Corp.’s Crazy 8, slated to open this fall, will join newly announced tenant Old Navy Outlet at the center.

Discover Mills features more than 180 retailers, as well as four full-service restaurants and entertainment venues.
 

Melville, N.Y. – Former founding partners of DJM Realty Andrew Graiser and Emilio Amendola announced Monday they have launched A&G Realty Partners, a commercial real estate consulting, advisory and investment group.

A&G will offer a comprehensive set of services that address both common and complex industry issues.

Dallas -- Venture Commercial said that LA Fitness has signed a long-term lease to build a 45,000-sq.-ft. facility in the Old Town Shopping Center in Dallas, on the site of a former Borders bookstore.

LA Fitness has begun razing the existing building on behalf of the landlord, preparing the site for construction of a new prototype club, which is expected to open around the end of the year.

Lexington, Ky. – Tarrytown, N.Y.-based DLC Management Corp. sad that Half Price Books will open a new store at Fayette Place, located in Lexington, Ky.

The 8,976-sq.-ft. junior anchor will join Marshalls, Shoe Carnival, Pier1 Imports, Outback Steakhouse and Dollar Tree in the neighborhood shopping center.

It will be the second Half Price Books location in the Lexington community.
 

Philadelphia -- Visionworks, the largest wholly owned U.S.-based optical retailer, has opened its first store in the Philadelphia area. Located in Deptford Township, N.J., it is the first of more than 25 stores expected to open in the market through 2013.

The San Antonio-based retailer plans to open 17 stores before the end of 2012 and additional locations by April 2013.

Houston – Jacksonville, Fla.-based Regency Centers said it has leased retail space in Houston to four new merchants at Southpark at Cinco Ranch, a 203,000-sq.-ft. ground-up development in Fort Bend County.

Construction began in February on the neighborhood center, which has anchor openings scheduled for December 2012 and is 84% preleased.

With recent reports indicating Best Buy Founder and former Chairman Richard Schulze is not expected to present a buyout option to the board in the immediate future, some of the buzz about the iconic electronics retailer has died down. But the handwringing and public speculation about Best Buy’s future has me thinking about what will—or perhaps, should—come next for the brand.