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EDGEWATER, N.J. — ARC Property Trust has acquired the ground lease for a CVS/pharmacy located in Edgewater. The property is situated on River Road within the 1 million-square-foot Riverside Park mixed-use development. CVS occupies the building under a 25-year lease. The seller's name and the acquisition price were not disclosed. ARC Property Trust was formed in January by ARC Properties and has the goal of investing $100 million in net-leased properties over the next 12 months.