“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.