The Market Commons Commands $166M

ARLINGTON-One of last year’s most anticipated deliveries, The Market Commons, has been scooped up by the Teachers Insurance and Annuity Association of America in a $166-million transaction. The developer and seller of the multi-phase, mixed-use property–also known as the Clarendon Market Commons–is McCaffrey Interests Inc., which designed the development in an open-air mall, town center style.

TIAA’s acquisition includes only the first phase and part of the second phase of the three-tiered retail and residential project. Stage one consists of 240,000 sf of retail space topped by residential units. Among the existing tenants are Crate & Barrel, the Container Store, and Pottery Barn. Others occupying space on the property include a Whole Foods Market and the Arlington Education Center. Phase two, which will offer an additional 50,000 sf to be anchored by outdoor sports gear retailer Orvis, will not officially be acquired until its has reached full completion. Phase three is to carry the name The Market Place. Upon its scheduled completion this fall, it will offer space for retail tenants including the Cheesecake Factory and Domicile Furniture.