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 apartments 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 the Washington Business Journal.
AvalonBay will acquire all of the residential components, while Regency will acquire the retail and all remaining components. To reach the $406 million purchase price, AvalonBay contributed $120.3 million and Regency contributed $285.7 million.
“Market Common Clarendon is a seasoned and cycle-tested 10-acre urban shopping center,” says 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.”
Regency Centers’ stock price closed at $78.27 per share on Monday, May 16, up from $63.56 one year ago. Meanwhile, AvalonBay’s stock price closed at $187.66 per share, up from $163.60 a year ago.
— Katie Sloan