Updated Jul 13, 2026
Robert Hekemian Of First Real Estate Investment Trust Of New Jersey Sells Franklin Crossing For $27M
860 Franklin Avenue
$27,000,000
Building Size
—
Asset Type
Retail
Closing
Jul 9, 2026
About this deal
AI
The retail property involved in this transaction is located at 814-860 Franklin Avenue in Franklin Lakes, NJ. The sale was completed for a total amount of $27,000,000. The property previously served as the Franklin Crossing shopping center and was part of a strategic asset management plan by the seller.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $27,000,000
- Seller: Robert Hekemian - First Real Estate Investment Trust of New Jersey
- Market: Franklin Lakes, NJ
- Net Proceeds: Approximately $25.4 million
- Net Gain: About $19.5 million
Robert Hekemian represented the First Real Estate Investment Trust of New Jersey in this transaction. The sale aligns with the REIT's strategy to maximize asset value, although specifics on the intended use of sale proceeds have not been disclosed.
On the Map
$27,000,000
Retail
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Franklin Lakes Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93