MCB Acquisition Company, LLC entered into a Purchase and Sale Agreement to acquire Damascus Center, The Rotunda and Westridge Square from WestFREIT Corp., First Real Estate Investment Trust of New Jersey, Inc. (OTCPK:FREV.S) and others for approximately $270 million.

MCB Acquisition Company, LLC entered into a Purchase and Sale Agreement to acquire Damascus Center, The Rotunda and Westridge Square from WestFREIT Corp., First Real Estate Investment Trust of New Jersey, Inc. (OTCPK:FREV.S) and others for approximately $270 million on November 22, 2021. The aggregate purchase price of $267,000,000 is subject to customary prorations for taxes and operating expenses. The Purchase and Sale Agreement contains various representations and warranties of the parties customary for a transaction of this nature. The Purchase and Sale Agreement is subject to closing conditions and other terms and conditions customary for real estate transactions and provides that the Purchaser has the right, in its sole discretion, for any reason or no reason, to terminate the Purchase and Sale Agreement during a due diligence period which expires on December 22, 2021. The gross proceeds of the sale will be used to satisfy related mortgage debt in the approximate amount of $156,000,000 and pay customary transaction expenses and transfer taxes. The transaction is scheduled to close by December 31, 2021.