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| Market Common Clarendon Mixed-Use Property, Arlington, VA (Business Wire Photo) |
ARLINGTON, Va.--(BUSINESS
WIRE)-- Regency Centers Corporation (“Regency”) (NYSE:REG), a national owner,
operator, and developer of grocery-anchored shopping centers, has announced the
acquisition of Market Common Clarendon, in Arlington, VA.
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| Barry Argalas |
This mixed-use property,
purchased in an agreement with AvalonBay Communities, features 300 class A
apartment homes, 300,000 square feet of retail anchored by Whole Foods Market,
Apple, Crate & Barrel, The Container Store, Pottery Barn, Williams-Sonoma,
and an adjacent vacant building identified for future redevelopment.
“Market Common Clarendon
has been a nationally recognized project since its development in 2001,” said 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.
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.”
In order to facilitate the
acquisition, Regency Centers and AvalonBay have formed an agreement under which
AvalonBay will acquire all of the benefits of the residential components, and
Regency will acquire the retail and all remaining components. The purchase
price for Market Common Clarendon was $406M, of which Regency’s share was
$285.7M.
For property inquiries,
please contact Devin Corini at 703-442-4324, or at devincorini@regencycenters.com
For a
complete copy of the company’s news release, please contact:
Regency Centers
Corporation
Eric Davidson,
904-598-7829
Communication Manager
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