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Report: Regency Centers, AvalonBay partnering to buy NoVa mixed-use property

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Report: Regency Centers, AvalonBay partnering to buy NoVa mixed-use property

Regency CentersCorp. and AvalonBay CommunitiesInc. are joining forces to acquire the Market Common in Clarendon inNorthern Virginia for roughly $410 million, the Washington Business Journal reported March 29.

Citing a GlobeSt.com report, the publication noted that TIAA-CREFis selling the mixed-use development, which it acquired for about $166 million in2002.

The transaction reportedly would include the office buildingat 2801 Clarendon Blvd., as well as the retail and apartment building at 2700 and2800 Clarendon Blvd.

The mixed-use property, which launched in 2001, includes 300apartments and 400,000 square feet of retail space. It features tenants such asAnn Taylor, Ann Taylor Loft, Crate & Barrel, Barnes & Noble, the ContainerStore, an Apple Store, Sephora and Loulou.

Comment from Regency Centers and TIAA-CREF were not immediatelyavailable, according to the publication.