SaleMay 27, 2026, 05:11 PM
First Real Estate Trust to Sell Westwood Plaza for $28.8M
AI Summary
First Real Estate Investment Trust of New Jersey, Inc. entered into a Purchase and Sale Agreement to sell its Westwood Plaza shopping center to an affiliate of Regency Centers Corporation for $28,800,000. The agreement includes an initial $1,200,000 refundable deposit during a 120-day due diligence period, followed by an additional $1,000,000 non-refundable deposit. The purchaser also has an option for a second nine-month due diligence period with monthly payments of $50,000. The transaction is subject to customary conditions, with a closing deadline of August 15, 2027.
Key Highlights
- Agreed to sell Westwood Plaza shopping center to an affiliate of Regency Centers Corporation.
- Purchase price for Westwood Plaza is $28,800,000.
- Purchaser delivered an initial $1,200,000 deposit, refundable during a 120-day due diligence period.
- An additional $1,000,000 deposit is required after the initial due diligence period.
- Purchaser has an option for a second nine-month due diligence period with $50,000 monthly payments.
- The Board of Directors unanimously approved the Purchase and Sale Agreement.
- Closing is expected to occur on or before August 15, 2027.
Price Impact
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