FREVS agrees to sell Westwood Plaza to Regency Centers affiliate for $28.8M

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

Purchase price of $28.8M; initial deposit $1.2M, additional $1M after 120-day due diligence.
Buyer has option to extend due diligence up to 9 extra months at $50k/month; no financing contingency.
Board unanimously approved; closing targeted by August 15, 2027.
Property is 100% ownership interest in Westwood Plaza shopping center in Westwood, NJ.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. entered into Purchase and Sale Agreement with an affiliate of Regency Centers Corporation valued at $28,800,000 (effective 2026-05-26).

Action: entry
Agreement: asset purchase
Counterparty: an affiliate of Regency Centers Corporation
Value: $28,800,000
Effective: 2026-05-26

Exact text from the filing

On May 26, 2026, First Real Estate Investment Trust of New Jersey, Inc. (the "Trust" or the "Seller") entered into a Purchase and Sale Agreement (the "Agreement") with an affiliate of Regency Centers Corporation (the "Purchaser"), pursuant to which the Seller will sell to the Purchaser 100% of Seller's ownership interests in the Westwood Plaza shopping center located at 700 Broadway in Westwood, New Jersey ("Westwood Plaza") in exchange for the purchase price of $28,800,000, subject to the terms and conditions of the Agreement.

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Source: SEC EDGAR

accession 0001174947-26-000621

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