ARC Properties Sells $212M of Assets
- Apr 02, 2008
ARC Properties Inc. has sold all 26 properties held by ARC Corporate Realty Trust for an aggregate price of $212 million. The trust specialized in credit lease properties, and the properties—located across 10 states–included such tenants as AT&T, Bed Bath & Beyond, United Technologies, OfficeMax, Walgreens and Barnes & Noble. ARC Corporate Realty Trust was founded by the principals of ARC Properties Inc. An ARC spokesperson told CPN today that multiple buyers were involved, but was unable to provide further information as of presstime. A prepared statement said ARC is seeking to focus on land for development (one to 200 acres), single-tenant properties and net leases in the New Jersey–Washington corridor Current and recent ARC development projects, while geographically concentrated in New York, New Jersey and Pennsylvania, are otherwise pretty much all over the map. * 10 Rittenhouse Square, Philadelphia. A $300 million, 33-story high-rise containing 144 luxury condominiums, at 18th and Walnut streets on historic Rittenhouse Square. In February, Barneys of New York Co-op signed a lease for 10,000 square feet of ground-floor space for their first Philadelphia store. * Delran Town Center, Delran, N.J.: A 450,000-square-foot shopping center with strip retail and out-lots, completed in three phases and anchored by Lowe’s Home Improvement, ShopRite, Staples and HomeGoods. * The Mews at Garwood, Garwood, N.J.: A joint venture with Millennium Homes, the first phase of this transit-oriented mixed-use development, comprising 84 residential units and 21,000 square feet of ground-floor retail, was completed in March. Phase II is scheduled to be completed next year. * The Pointe at Lake Tappan, Pearl River, N.Y.: A 93-acre development including a planned adult community of 125 homes and 600,000 square feet of office space. ARC Properties and JV partner Millennium Homes recently sold approximately 22 acres on this site to Hunter Douglas, which will use the site for their new corporate headquarters. ARC Properties that has been responsible for the acquisition and development of more than 300 properties over the past 20 years.