Robert Hekemian Of First Real Estate Investment Trust Of New Jersey Sells Franklin Crossing For $27M

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.