A Hackensack-based real estate investment trust is liquidating its holdings, selling seven apartment properties to an affiliate of the Kushner Cos., it announced recently.
First Real Estate Investment Trust of New Jersey has reached a definitive agreement with Kushner Cos. to sell the properties for a total of $266.5 million, pending adjustments and conditions.
FREIT anticipates receiving approximately $208.3 million in cash as a result of the deal, it noted.
The properties include:
- Pierre Towers, Hackensack (266 units);
- Westwood Hills, Westwood Hills (210 units);
- Berdan Court, Wayne (176 units);
- Regency Club, Middletown, New York (132 units);
- Boulders, Rockaway (129 units);
- Steuben Arms, River Edge (100 units);
- Station Place, Red Bank (45 units).
The deal is expected to close in the second quarter, at which time the REIT will be dissolved and funds distributed to shareholders, according to a news release.
“FREIT has nearly six decades of distinguished history,” CEO Robert S. Hekemian Jr. said in a prepared statement. “We look forward to punctuating it by returning capital to shareholders in a favorable real estate environment.”
HFF Securities LP, a JLL company, was financial adviser, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal adviser to the trust’s committee working on the transaction and the liquidation.