FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. 8-K

What Happened

• First Real Estate Investment Trust of New Jersey, Inc. filed an 8‑K on April 9, 2026 reporting it entered a Purchase and Sale Agreement on April 8, 2026 to sell 100% of its ownership interests in the Franklin Crossing shopping center (814–860 Franklin Ave, Franklin Lakes, NJ) to an affiliate of Regency Centers Corporation (Regency Centers Acquisition, LLC) for $27,000,000.
• The Purchaser deposited $1,000,000 into escrow on signing (the Initial Franklin Crossing Deposit). That deposit is refundable only during a 30‑day due diligence period ending May 8, 2026; after that it becomes non‑refundable except for certain termination rights. If the Purchaser chooses to proceed, a second $1,000,000 non‑refundable deposit is required. The parties expect the transaction to close in the Trust’s third fiscal quarter of 2026.

Key Details

• Purchase price: $27,000,000.
• Initial escrow deposit: $1,000,000 (refundable only during due diligence through May 8, 2026); additional $1,000,000 required to proceed after that period.
• No financing contingency in the agreement; closing deadline includes a termination right if not closed by August 15, 2026.
• The Trust’s Board unanimously approved the Agreement; it contains customary representations, warranties and indemnities.

Why It Matters

• This is a material disposition of a property for the Trust that will convert a real estate asset into cash proceeds, which may affect portfolio composition, liquidity and future distributions.
• Key commercial terms—firm purchase price, non‑refundable deposits after due diligence, and no financing contingency—reduce transaction risk for the seller and indicate a committed buyer.
• Investors should monitor the Trust’s upcoming reports for the actual closing, how proceeds are used, and any changes in guidance or portfolio strategy following the sale.