The $28.8M sale price provides a clear valuation benchmark for FREVS's remaining portfolio. Monitor for updates on the due diligence process and any tenant leasing progress for the anchor space, which could affect closing timing. The absence of a financing contingency increases deal certainty.
Price Chart
Executive Summary
First Real Estate Investment Trust of New Jersey (FREVS) entered into a Purchase and Sale Agreement to sell its Westwood Plaza shopping center to an affiliate of Regency Centers Corporation for $28.8 million. The deal includes a 120-day initial due diligence period with a $1.2M refundable deposit, a potential second due diligence period of up to nine months with $50K/month non-refundable option payments, and a long-stop closing date of August 15, 2027. The transaction represents a material asset sale that will generate significant cash proceeds for the trust.
Key Financial Metrics
Key Facts
- Purchase price of $28,800,000 for Westwood Plaza shopping center in Westwood, New Jersey
- Buyer is Regency Centers Acquisition, LLC, an affiliate of Regency Centers Corporation
- Initial $1,200,000 deposit refundable during 120-day due diligence period ending September 23, 2026
- Second $1,000,000 deposit due after initial period, non-refundable except under certain termination rights
- Buyer may extend due diligence up to nine additional months with $50,000/month non-refundable option payments
- No financing contingency in the agreement
- Closing must occur by August 15, 2027 at the latest
- Board of Directors unanimously approved the transaction
- Major tenants include TJ Maxx and The Swim Gym; anchor space previously occupied by Kmart is available for re-leasing
Financial Impact
Sale proceeds of $28.8 million represent a material cash inflow for FREVS, though the company's total asset base and market cap are not disclosed in this filing.
Risk Factors
- Buyer may terminate during the 120-day initial due diligence period for any reason, recovering the initial deposit
- Buyer may terminate during the second due diligence period, forfeiting only the initial deposit and option payments
- Closing is not guaranteed until August 2027; extended timeline introduces execution risk
- Property has a vacant anchor space (former Kmart) that needs re-leasing, which could affect valuation if not resolved
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001174947-26-000621 |
| Document: form8k-35961_frevs.htm | 0001174947-26-000621 |
| Document: 0001174947-26-000621-index-headers.html | 0001174947-26-000621 |
| Document: 0001174947-26-000621-index.html | 0001174947-26-000621 |
| Document: 0001174947-26-000621.txt | 0001174947-26-000621 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 27d ago | 8-K | $18.42 $18.64 | ▲ +1.16% | ▲ +0.98% | $18.90 (+2.59%) |
Jul 16, 2026 14w ago | 8-K | $21.15 $21.15 | · 0.00% | ▲ +0.99% | $18.90 (−10.64%) |
Jun 12, 2026 19w ago | 8-K | $21.75 $21.51 | ▼ −1.10% | ▼ −2.87% | $18.90 (−13.10%) |
May 27, 2026 21w ago | 8-K | $21.90 $22.00 | ▲ +0.46% | ▲ +0.22% | $18.90 (−13.70%) |
May 14, 2026 23w ago | DEFA14A | $22.15 $21.90 | ▼ −1.12% | ▼ −1.06% | $18.90 (−14.67%) |
May 14, 2026 23w ago | 8-K | $15.25 $22.25 | ▲ +45.90% | ▲ +47.13% | $18.90 (+23.93%) |
Apr 10, 2026 28w ago | 8-K | $14.00 $14.50 | ▲ +3.57% | ▲ +2.60% | $18.90 (+35.00%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers