Regency Centers, AvalonBay Acquire Market Common Clarendon for $406M

by Katie Sloan

Arlington, Va. — A joint venture between Regency Centers Corp. (NYSE: REG) and AvalonBay Communities Inc. (NYSE: AVB) has acquired Market Common Clarendon, a mixed-use development located in Arlington, for $406 million.

The project, located approximately five miles from Washington, D.C., consists of 300 Class A apartment homes and 300,000 square feet of retail space anchored by Whole Foods Market, Apple, Crate & Barrel, The Container Store, Pottery Barn and Williams-Sonoma. The asset also features an adjacent vacant building for future development.

Arlington County records show that TIAA-CREF bought the properties for a little more than $166 million in 2002, according to reports by the Washington Business Journal.

— Katie Sloan

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