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MANALAPAN, N.J. — ARC Property Trust, through a joint venture with one of its affiliates, is developing a new Walgreens in Manalapan. The pharmacy will be located at the intersection of Route 33 and Woodward Road and is slated for a fall completion. The joint venture is part of a plan ARC has to invest $100 million in net-lease properties over the next 12 months.