An unknown buyer entered into a purchase agreement to acquire Franklin Crossing shopping center located in Franklin Lakes, New Jersey from First Real Estate Investment Trust of New Jersey (OTCPK:FREV.S) for $26.5 million.
March 16, 2020
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An unknown buyer entered into a purchase agreement to acquire Franklin Crossing shopping center located in Franklin Lakes, New Jersey from First Real Estate Investment Trust of New Jersey (OTCPK:FREV.S) for $26.5 million on March 13, 2020. The consideration is subject to certain adjustments and proration. In connection with the purchase agreement, buyer paid an initial deposit in the amount of $5 million, which is being held in escrow by the title company. The closing of the transaction is subject to certain customary conditions.
First Real Estate Investment Trust of New Jersey, Inc. is an equity real estate investment trust (REIT). The Company is engaged in acquiring, developing, constructing and holding real estate properties for long-term investment and not for resale. The Company operates through two segments: commercial properties and residential properties. Its funds acquisition opportunities and the development of its real estate properties largely through debt financing, including mortgage loans collateralized by certain of its properties. Its properties are primarily located in northern New Jersey and New York. Its subsidiaries include Westwood Hills, LLC, Damascus Centre, LLC, Wayne PSC, LLC, Grande Rotunda, LLC, WestFREIT, Corp., Station Place on Monmouth, LLC., FREIT Regency, LLC and Berdan Court, LLC.
An unknown buyer entered into a purchase agreement to acquire Franklin Crossing shopping center located in Franklin Lakes, New Jersey from First Real Estate Investment Trust of New Jersey (OTCPK: FREV.S) for $26.5 million.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. 
