{"id":1004144210,"date":"2016-05-17T23:17:30","date_gmt":"2016-05-18T07:17:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004144210"},"modified":"2020-04-24T06:34:50","modified_gmt":"2020-04-24T14:34:50","slug":"arlington-mixed-use-development-commands-406m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arlington-mixed-use-development-commands-406m\/","title":{"rendered":"AvalonBay, Regency Centers Buy Arlington Mixed-Use Development for $406M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/p>\n

\"Market<\/a>

Market Common Clarendon, Arlington, Va.<\/p><\/div>\n

Washington<\/strong>\u2014A joint venture between AvalonBay Communities Inc<\/a>. and Regency Centers Corp<\/a>. has acquired Market Common Clarendon, a mixed-use development located in Arlington, Va., for $406 million.<\/p>\n

The development boasts 300 Class A apartment homes; 300,000 square feet of retail anchored by Whole Foods Market, Apple, Crate & Barrel, The Container Store, Pottery Barn and Williams-Sonoma; and an adjacent vacant building identified for future redevelopment.<\/p>\n

\u201cOpportunities to acquire properties like Market Common Clarendon rarely present themselves,\u201d Alan Roth, Regency Centers\u2019 managing director of the eastern U.S., told Commercial Property Executive<\/em>. \u201cWe thoughtfully underwrote this transaction and are confident we can execute on our strategy with enhancements to the property and also achieve strong growth. Our economy will always experience its ups and downs over time, but given our company\u2019s long-term-hold strategy, strong real estate will always prevail in the end.\u201d<\/p>\n

According to the deal, AvalonBay will acquire all of the benefits of the residential components, while Regency will acquire the retail and all remaining components.<\/p>\n

\u201cMarket 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,\u201d Barry Argalas, Regency Centers\u2019 senior vice president of national transactions, said in a prepared release. \u201cThe 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.\u201d<\/p>\n

Developed in 2001, the property was acquired by TIAA-CREF the following year for $166 million, according to the\u00a0Washington Business Journal<\/a>.<\/p>\n

Market Common Clarendon is located approximately five miles from Washington, D.C.<\/p>\n

\u201cThis property isn\u2019t just a collection of buildings, it\u2019s a part of the community\u2019s everyday life,\u201d Roth said. \u201cThe outstanding lineup of shops located here, combined with the walkability of the neighborhood and prime location, is the perfect match for how we operate. We are big advocates of being good neighbors in our business practices, and this is a fantastic neighborhood.\u201d<\/p>\n

Regency\u2019s portfolio now consists of 313 retail properties encompassing more than 40 million square feet and located in top markets throughout the U.S., including co-investment partnerships.<\/p>\n

According to Colliers International\u2019s first quarter 2016 market report on Northern Virginia, the submarket’s economy has created more than 15,400 new office-using jobs over the last 12 months, growing 2.1 percent since the end of February 2015. This bodes well for growth in both the multifamily and retail segments.<\/p>\n","protected":false},"excerpt":{"rendered":"

The joint venture acquired Market Common Clarendon in metro D.C., with plans for property enhancements.<\/p>\n","protected":false},"author":451,"featured_media":1004144211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,11,21752,21742,21749,1615],"tags":[],"class_list":["post-1004144210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-midatlantic","category-mixed-use","category-latest","category-retail","category-washington-dc"],"acf":[],"yoast_head":"\nAvalonBay, Regency Centers Buy Arlington Mixed-Use Development for $406M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/arlington-mixed-use-development-commands-406m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AvalonBay, Regency Centers Buy Arlington Mixed-Use Development for $406M\" \/>\n<meta property=\"og:description\" content=\"The joint venture acquired Market Common Clarendon in metro D.C., with plans for property enhancements.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/arlington-mixed-use-development-commands-406m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-18T07:17:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-24T14:34:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/RC-MarketCommonClarendon2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1650\" \/>\n\t<meta property=\"og:image:height\" content=\"1106\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/arlington-mixed-use-development-commands-406m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/arlington-mixed-use-development-commands-406m\/\",\"name\":\"AvalonBay, Regency Centers Buy Arlington Mixed-Use Development for $406M - 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