WESTWOOD, N.J. — Westwood Plaza, the shopping center whose vacant former Kmart building has been the focus of redevelopment discussion since the retailer’s 2023 closure, is under contract to be sold for $28.8 million.
According to a filing with the U.S. Securities and Exchange Commission, Hackensack-based First Real Estate Investment Trust of New Jersey entered into a purchase and sale agreement May 26 with an affiliate of Regency Centers Corporation for the shopping center at 700 Broadway.
The agreement calls for the sale of 100% of the trust’s ownership interest in Westwood Plaza, subject to due diligence and other closing conditions…