AvalonBay Communities, Inc. announced this week that, together with Regency Centers Corporation, it has purchased Market Common Clarendon from TIAA Global Asset Management for $406 million, of which Regency's share was $285.7 million, according to a Reuters report. In order to facilitate the acquisition, AvalonBay and Regency Centers formed an agreement under which AvalonBay will acquire the attributes of the residential component of Market Common Clarendon and Regency will acquire the retail and all remaining components. TIAA-CREF has owned the property since 2002 when it bought Market Common Clarendon from developer McCaffery Interests in two separate deals worth $147.5 million and $18.6 million.
"Market Common Clarendon has been a nationally recognized project since its development in 2001," said Barry Argalas, Senior Vice President of National Transactions for Regency Centers. "The combination of a dense, affluent, and highly educated customer base, along with the convenient access to the Clarendon metro station, all contribute to the success of the retailers. Market Common is a seasoned and cycle tested 10-acre urban shopping center that perfectly reflects our investment strategy of acquiring best-in-class properties in highly desirable markets."
Market Common Clarendon is a mixed-use development in Arlington, Virginia that features 300 apartment units, 300,000 square feet of retail and 100,000 square feet of office space. The retail component is currently anchored by Whole Foods Market, Apple (currently closed for renovations), Crate & Barrel, The Container Store, Pottery Barn, and Williams-Sonoma. The three properties that are trading as part of the deal are the retail component at 2700 Clarendon Blvd.; the apartment building at 2800 Clarendon Blvd.; and the office building at 2801 Clarendon Blvd.
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