TIAA to sell mixed-use asset for $410m
Regency Centers Corp. and AvalonBay Communities are in talks to acquire a mixed-use property in Northern Virginia for an estimated price of $410 million, according to Real Capital Analytics. The seller is TIAA, which bought the asset in 2002.
Market Common Clarendon, a mixed-use community in Arlington, Va., includes 400,000 square feet and 300 units. The 10.1-acre development is anchored by Whole Foods and Apple.
Arlington is a suburb of Washington, D.C. Transaction volume in Washington, D.C., metropolitan area totaled $11.49 billion in 2015, a 13 percent increase from the previous year. The market was the 14th most active in the United States, up from 22nd in 2014, according to RCA’s “Top 40 Markets of 2015.” Strong growth in apartment transactions helped drive this activity. Thus far this quarter, eight apartment properties in the Washington, D.C., area have been sold for a total of $568.5 million, below the fourth quarter 2015 apartment sa