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ARC Sheds Retail Properties for $212M

CLIFTON, NJ-The 26 properties, held by the company's ARC Corporate Realty Trust affiliate, are located in 10 states.

By Eric Peterson | Updated on April 01, 2008

CLIFTON, NJ-ARC Properties Inc. has sold a total of 26 retail properties in 10 states for a value in excess of $212 million, according to company officials. The properties had been held by ARC Corporate Realty Trust, which was founded by principals of ARC Properties and had specialized in buying credit lease properties nationwide.

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.”

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