The Market Common Clarendon mixed use development in Arlington, Virginia has changed hands for $406 million. The asset was acquired by a joint venture of Regency Centers and AvalonBay Communities. The property includes 300 Class A apartments, 300,000 sqf of retail and 97,173 sqf of office space with redevelopment potential. Retail tenants in the scheme including Whole Foods Market, Crate & Barrel, The Container Store, Pottery Barn and Williams-Sonoma. CBRE’s Multifamily Investment Properties team in Washington, D.C., represented the seller, TIAA Global Asset Management, in the transaction.
“We began acquiring the assets that comprise Market Common almost 15 years ago and are proud to have created one of the most successful, mixed-use projects in the Washington, D.C. area,” said Lynette Pineda, Senior Director of Dispositions, TIAA Global Asset Management. “We have significantly improved these assets and the sale allows us to rebalance of our portfolio and reinvest in the D.C. market, which has proven to be one of the most durable throughout economic cycles.”
