MORRIS PLAINS, NJ–Citing strong fundamentals of the location and long-term prospects for the Morris County, NJ submarket, ARCTrust and MCB Real Estate have partnered to acquire a retail property here net leased to Acme Markets.
Affiliates of Baltimore-based MCB Real Estate LLC and ARC Property Trust Inc. have acquired a 32,450-square-foot free-standing building leased to ACME Supermarkets, in Morris County, NJ, 30 miles east of New York City.
“The strong real estate fundamentals of this site drove our decision to acquire this asset, despite the smaller deal size,” says Peter M. Pinkard, one of MCB’s managing partners. “We were attracted to the long-term prospects for this real estate and sub-market.”
Lawrence Anderson of Anderson Realty Services LLC represented the seller on this transaction.
ARCTrust is a private REIT, sponsored by ARC Properties, Inc., specializing in the development and acquisition of reliable net lease properties nationwide, with a primary focus on the New York to Washington, DC corridor.
ARCTrust focuses on build-to-suit properties developed individually for national retail tenants and acquiring net lease properties leased primarily to national and regionally recognized tenants. Net Lease properties combine well-located properties with long-term leases and the tenant’s good credit.
Over the past 25 years, ARC Properties, Inc. and its affiliates developed and acquired more than 300 properties with an aggregate value in excess of $3 billion.
MCB Real Estate, Baltimore, is a privately held commercial real estate investment firm. Through deep experience in all phases of the real estate cycle, MCB successfully employs multiple strategies to achieve strong risk-adjusted returns in retail, industrial, and office assets in joint ventures with institutional capital partners. MCB owns and operates four million square feet of commercial real estate.