JV BUYS TWO N.C. SHOPPING CENTERS FOR $11.6M

FAYETTEVILLE AND SANFORD, N.C. — ARC Shopping Center REIT, through its PECO-ARC Institutional Joint Venture I, has acquired two North Carolina shopping centers for $11.6 million. In Fayetteville, the joint venture purchased the 66,890-square-foot Westin Center, located at 9545 Cliffdale Rd. in Fayetteville. A 29,000-square-foot, recently renovated Food Lion anchors the center, which is fully leased to tenants including CVS/pharmacy, Family Dollar, Subway and Rent-A-Center. In Sanford, the buyer purchased the 62,382-square-foot Tramway Crossing, located at 2244 U.S. 1. A 29,000-square-foot Food Lion anchors the center, which is 95.5 percent leased to tenants including CVS/pharmacy, Family Dollar and H&R Block.