Florida Firm Buys Market Common in Clarendon for $406 Million

Market Common in Clarendon is changing hands in a deal worth $406 million.

The sprawling shopping center, featuring stores like Whole Foods, Crate & Barrel, Pottery Barn, Williams-Sonoma and 300 Class A apartments, will be purchased by Florida-based Regency Centers Corp. and Arlington-based AvalonBay Communities Inc., who are buying it from TIAA-CREF, according to a Regency statement.

Market Common, located along Clarendon Boulevard, boasts 300,000 square feet of retail.

"Market Common Clarendon has been a nationally recognized project since its development in 2001," Barry Argalas, senior vice president of national transactions for Regency Centers, said in the statement. "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."

Under the agreement, AvalonBay will get the benefits of the residential components, while Regency will take over the retail side. Regency's share of the $406 million sale was $285.7 million.

Regency owns more than 40 million square feet of retail space throughout the United States, and has developed 222 shopping centers since 2000, according to the statement.

Image via Market Common