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

What Happened

• First Real Estate Investment Trust of New Jersey, Inc. (FREVS) announced on May 26, 2026 that it entered into a Purchase and Sale Agreement to sell 100% of its ownership interests in Westwood Plaza (700 Broadway, Westwood, NJ) to an affiliate of Regency Centers Corporation for $28,800,000. The Board unanimously approved the transaction.

Key Details

• Purchase price: $28,800,000.
• Initial escrow deposit: $1,200,000 delivered at signing; refundable during a 120-day due diligence period (expires September 23, 2026), then generally non‑refundable except for certain termination rights.
• If purchaser proceeds after the initial 120 days, an additional $1,000,000 deposit is required (generally non‑refundable).
• Purchaser may elect a second due diligence period up to nine months; purchaser pays $50,000 per month for each month of that extension (payments non‑refundable and not credited to the purchase price).
• No financing contingency in the Agreement. Closing must occur on or before August 15, 2027, or either party may terminate.

Why It Matters

• This is a material asset sale that will convert a physical retail property into cash proceeds of $28.8M (subject to closing conditions). Terms (non‑refundable deposits after due diligence, no financing contingency, and a firm outside closing date) reduce deal risk for the seller but also limit buyer protections.
• Investors should watch for the closing (and any updates on timing or conditions) because proceeds and any related tax or capital allocation decisions could affect the Trust’s liquidity, portfolio composition and future distributions. The filing also includes standard forward‑looking risk disclosures and customary reps/warranties.