Real Estate

London -- Hong Kong is the world’s most expensive retail destination, with retail rents at $3,864 per square foot, according to the quarterly rankings of global retail rents from global property advisor CBRE Group. CBRE cited the city’s significant inbound tourist traffic and continued increases in domestic wealth as fueling demand from international fashion and luxury retailers.
 

New York -- Fifth & Pacific Cos., formerly known as Liz Claiborne, said that its Kate Spade LLC brand is buying out the interest of its partner in a joint venture based in Japan, the Associated Press reported.

Kate Spade will have full ownership of Kate Spade Japan Co. after it buys Sanei International Co.'s 51%  stake in the business. Fifth & Pacific said the deal is expected to cost $45 million to $50 million, including debt repayment and transaction fees.

AMSTERDAM — A division of Ahold USA has completed its acquisition of stores in the greater Philadelphia area.

Giant-Carlisle officially closed its acquisition of 15 Genuardi's stores, a subsidiary of Safeway. The deal was previously announced in January and was approved by the Federal Trade Commission last month.

As previously reported, during the conversion process, five stores at a time will temporarily close for about a week. The three-phase staggered approach is expected to be completed on July 22.

Orlando, Fla. -- Darden Restaurants announced that it has agreed to acquire Yard House USA, Inc. for $585 million in an all-cash transaction from private equity firm TSG Consumer Partners LLC. Yard House operates 39 restaurants in 13 states.

The brand will become part of Darden's Specialty Restaurant Group, which includes The Capital Grille, Bahama Breeze, Seasons 52 and Eddie V's.

Harrisburg, Pa. -- Pennsylvania governor Tom Corbett said Thursday that PetSmart will open a new distribution center in Bethel Township, Berks County, Pa.
 
PetSmart will construct an 870,000-sq.-ft. distribution center in Berks Park 78, a new industrial park located in Bethel Township. The company will start construction on the $50 million distribution center in the fall of 2012, with completion expected in first quarter 2014.

The project is expected to create at least 500 new jobs by 2016. 

PHOENIX — PetSmart is opening up a new distribution center in Bethel, Pa. in order to better serve its growing store base and increased demands on its supply chain.

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).

Washington, D.C. -- Columbia, S.C.-based Edens said Wednesday that its new mixed-use development Mosaic will open this September in Washington, D.C.