Veteran developer Robert J. Ambrosi, who splits his time between offices in Center City and Clifton, N.J., says his ARC Properties Inc. has formed an affiliate to develop and buy properties for CVS drugstores, Wells Fargo Bank, Firestone Tires, Wal-Green, and other chain stores along the East Coast.
He's modeling it on his ARC Corporate Realty Trust, which had the good sense to sell its assets in 2006 and 2007, before the real estate market plunged.