Further details of the disposition were not released. A spokesman for the company did not provide further information about the specific properties involved and the identity of the buyer by deadline. The portfolio was described only as "national," featuring such tenants as AT&T, Bed Bath & Beyond, CaroMont Health Systems, United Technologies, OfficeMax, Walgreen's and Barnes & Noble, among others.

"Since our objective has always been to maximize shareholder value, the board and our advisors both felt the market conditions and timing were optimal for the sale of these assets," says ARC Properties' president Robert J. Ambrosi, in a statement. "As a result of this sale, ARC is well-positioned to seek new acquisitions, especially in light of the turmoil in the capital markets, which has forced many real estate companies to the sidelines."

Another objective of the sale, according to Ambrosi, "is to focus all of the resources of ARC Properties Inc on pursuing new acquisitions and development opportunities in the New York-to-Washington corridor with a concentration in the New Jersey market." As far as some of those current projects, the ones in New Jersey include a 450,000-sf shopping center anchored by Lowes Home Improvement, ShopRite, Staples and HomeGoods in Delran, and the Mews at Garwood, a transit-oriented MXD in Garwood.