The asset was acquired from TIAA Global Asset Management by Regency Centers and AvalonBay Communities for $406,000,000.
Market Common Clarendon is situated in the epicenter of one of the D.C. metro’s most prime urban submarkets, Clarendon, just minutes outside The District. The property serves as the major retail destination for the market, with its critical mass of “best-in-class” retail tenants including Whole Foods Market, Apple, Crate & Barrel, The Container Store, Pottery Barn and Williams-Sonoma. The Residences at Market Common represent the premier 24/7 “Live, Work, Play” community of the greater Arlington market, located just steps from the Clarendon Metro Station. The property caters perfectly to a burgeoning high-income millennial population who seek the best amenities in the best location.
“Market Common Clarendon promises to deliver long-term value enhancement with its combination of growing rents and high historical occupancy.The opportunity to repurpose the office component will provide additional value enhancement for this outstanding urban mixed-use property,” said R. William Kent Executive Vice President of CBRE.
“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.”
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.http://www.cbre.us/o/washingtondc/teams/ig-dcretail/Pages/overview.aspx