ARCTrust Acquires CVS Site

EDGEWATER, NJ-ARC Property Trust, Inc., a recently formed REIT sponsored by Clifton-based ARC Properties Inc. has acquired a new CVS ground lease here.

The CVS property is located on River Road and is part of Riverside Park, a one million-square-foot mixed-use development along the Hudson River on New Jersey’s Gold Coast. The property, which is adjacent to the Edgewater’s new Municipal Building, is 100% leased to CVS Caremark Corp. for the next 25 years.

“The CVS acquisition is a good example of our ‘belt and suspenders’ approach to real estate investing,” says Robert J. Ambrosi, chairman of ARC Properties. “The property is secured by both the quality of the real estate and the corporate guarantee of CVS Caremark.”

Since its formation in January of this year, ARCTrust has acquired or developed several properties including the Wells Fargo in Washington, NJ; the Firestone in Allentown, PA; and the Manalapan, NJ-based Walgreens. ARCTrust is actively seeking new acquisitions and select preferred developers that it can work with to expand its development program. The REIT specializes in net lease properties nationwide with a focus on the New York City to Washington, DC corridor. According to Ambrosi, the company is looking to invest $100 million in net lease properties over the next 12 months.