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AvalonBay, Regency Partner on $406M Virginia Acquisition
Regency Centers Corp. has teamed with AvalonBay Communities to acquire the massive, mixed-use Market Common Clarendon from TIAA-CREF. The duo paid $406 million for the retail-and-residential asset in Arlington, VA.
Market Common Clarendon, at 2800 Clarendon Blvd., was developed in 2001, and has 300,000-square-foot retail space and 300-unit, Class A Residences at Market Common. Also in the acquisition package was 100,000 square feet of additional space.
To acquire the asset, Regency Centers and AvalonBay formed an agreement under which AvalonBay will acquire all of the benefits of the residential components, and Regency bought the retail and all remaining components. As such, Regency’s share of the purchase price was $285.7 million, while AvalonBay contributed $120.3 million.
