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TIAA-CREF may have a buyer in place for a three-property portfolio in Arlington.
CBRE has been marketing the mixed-use community known as Market Common Clarendon on behalf of the company. Fast forward to today, and AvalonBay Communities and Florida-based Regency Centers have a contract pending to acquire the development for a whopping $410M, GlobeSt reports.
Market Common Clarendon consists of a retail component at 2700 Clarendon Blvd, an office building at 2801 Clarendon, and a 300-unit apartment building at 2800 Clarendon. The retail component features a roster of retailers including the Apple Store, Crate & Barrel and Barnes & Noble.
TIAA-CREF acquired the 10.1-acre development back in 2002 from developer McCaffrey Interests. The Whole Foods-anchored community sits right in the heart of one of the best retail submarkets in the DC area. [GS]
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