DivestmentApr 9, 2026, 12:16 PM
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY to Sell Franklin Crossing Shopping Center for $27 Million
AI Summary
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (FREVS) has entered into a Purchase and Sale Agreement to divest its Franklin Crossing shopping center in Franklin Lakes, New Jersey, for a total purchase price of $27,000,000. The buyer is an affiliate of Regency Centers Corporation. This strategic divestiture allows FREVS to monetize a significant asset, potentially providing capital for debt reduction, new investments, or shareholder distributions. The transaction includes a $1,000,000 initial deposit, which becomes non-refundable after a 30-day due diligence period expiring on May 8, 2026, followed by an additional $1,000,000 non-refundable deposit.
Key Highlights
- FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (FREVS) agreed to sell 100% of its ownership interests in the Franklin Crossing shopping center.
- The Franklin Crossing shopping center is located at 814-860 Franklin Avenue, Franklin Lakes, New Jersey.
- The purchaser is an affiliate of Regency Centers Corporation.
- The agreed-upon purchase price for the property is $27,000,000.
- An initial deposit of $1,000,000 was delivered into escrow, refundable only during the 30-day due diligence period.
- The 30-day due diligence period expires on May 8, 2026, after which the initial deposit becomes non-refundable, and an additional $1,000,000 non-refundable deposit is required.