An unknown buyer entered in an agreement to acquire Westwood Plaza from First Real Estate Investment Trust of New Jersey (OTCPK:FREV.S) for $26 million.
February 17, 2020
Share
An unknown buyer entered in an agreement to acquire Westwood Plaza from First Real Estate Investment Trust of New Jersey (OTCPK:FREV.S) for $26 million on February 13, 2020. The buyer has paid a deposit in the amount of $1 million (the “Deposit”), which is being held in escrow by the title company. The closing of the agreement is subject to certain customary conditions.
First Real Estate Investment Trust of New Jersey, Inc. is an equity real estate investment trust (REIT). The Company is engaged in acquiring, developing, constructing and holding real estate properties for long-term investment and not for resale. The Company operates through two segments: commercial properties and residential properties. Its funds acquisition opportunities and the development of its real estate properties largely through debt financing, including mortgage loans collateralized by certain of its properties. Its properties are primarily located in northern New Jersey and New York. Its subsidiaries include Westwood Hills, LLC, Damascus Centre, LLC, Wayne PSC, LLC, Grande Rotunda, LLC, WestFREIT, Corp., Station Place on Monmouth, LLC., FREIT Regency, LLC and Berdan Court, LLC.
An unknown buyer entered in an agreement to acquire Westwood Plaza from First Real Estate Investment Trust of New Jersey (OTCPK: FREV.S) for $26 million.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. 