Developer sheds $212M in East Coast assets

ARC Properties Inc., a real estate development company operating in the New York to Washington, D.C., corridor, has announced the sale of 26 properties held in ARC Corporate Realty Trust.

The Trust consisted of 26 properties located in 10 states with an aggregate value in excess of $212 million. Tenants of the national portfolio included AT&T, Bed Bath & Beyond, CaroMont Health Systems, United Technologies, OfficeMax, Walgreen's, Barnes & Noble, and 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," ARC Properties President Robert J. Ambrosi said in a statement.

Another objective of the sale was to focus all of the resources of ARC Properties Inc. on pursuing new acquisitions and development opportunities in the New York to Washington, D.C., corridor with a concentration in the New Jersey market. This new redeployment of assets will allow ARC to be even more aggressive with new development projects.

***

What's your opinion? Leave your comments below or send a letter to the editor.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.