# First Real Estate Investment Trust of New Jersey First Real Estate Investment Trust of New Jersey is an Asset Manager based in Hackensack, United States. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Hackensack, United States - **Region:** North America - **Address:** Hackensack, NJ, United States - **Founded:** 1961 - **Assets under management:** Undisclosed - **Website:** freitnj.com ## Regulatory record - **Reports private funds:** No ## About The trust was formed in 1961 by a group of private investors and has remained under the operational control of the Hekemian family for more than six decades. Robert S. Hekemian serves as Chairman and CEO, while his sons Robert Jr. and David hold the roles of President and Vice President, respectively. The entity is structured as a self-administered, self-managed real estate investment trust, though its shares are thinly traded over-the-counter rather than on a major exchange. Its portfolio consists entirely of retail properties, primarily anchored by supermarkets, drugstores, or necessity-based tenants that draw consistent local traffic. Holdings include Rotunda Centre in Baltimore, Maryland and various shopping centers across northern New Jersey such as Westwood Plaza. The trust does not develop new properties, preferring to acquire existing income-producing assets or re-tenant vacancies within its own portfolio. Geographically, exposure is limited to the Northeastern and Mid-Atlantic United States. The trust has historically reported a low headcount, with executive officers serving multiple roles and property management outsourced or handled by affiliated entities. No separate venture arm, philanthropy, or co-investment vehicle is publicly known. March 2024: The trust filed its most recent annual report, disclosing vacancy rates, lease rollover schedules, and portfolio-level debt maturities as required by SEC rules for public filers. What differentiates the trust is its hybrid nature: it is a publicly reporting entity with SEC-filed financials, yet functions operationally like a long-duration family partnership. The shares are illiquid, control is tightly held by the founding family, and the strategy—owning unglamorous strip centers near dense population hubs—has remained unchanged for over 60 years, insulating it from the management turnover and mandate drift common among registered investment companies. ## Sectors - Real Estate ## People - Robert S. Hekemian — Chairman and CEO - Robert S. Hekemian Jr. — President and Chief Operating Officer - David B. Hekemian — Vice President ## Questions ### Who controls First Real Estate Investment Trust of New Jersey? The Hekemian family has controlled the trust since its 1961 founding. Robert S. Hekemian serves as Chairman and CEO, with his sons Robert Jr. and David in senior executive roles. Their ownership stake has historically exceeded 30% of the equity, effectively blocking any external takeover attempt. ### What does the trust own? The portfolio consists of retail shopping centers, mostly anchored by grocery stores, pharmacies, or other necessity-based retail tenants. As of its most recent filings, the trust owned roughly a dozen properties, concentrated in New Jersey with additional assets in Maryland and New York. Specific properties have included Rotunda Centre in Baltimore, Westwood Plaza, and Wayne Town Center. ### Is this a publicly traded REIT? Technically yes—its common stock trades on the OTC market under the symbol FREVS. But the float is extremely small and volume is nearly nonexistent. Effectively, it operates like a private family-owned real estate company that happens to file with the SEC. There is no analyst coverage. ### Does the trust develop new properties? No. The trust acquires existing, income-producing retail properties and redevelops or re-tenants existing spaces when vacancies occur. It does not break ground on new construction or engage in ground-up development. Growth comes from buying additional strip centers in its existing geography. ### Where are its properties located? The trust's holdings are in the New York metropolitan area, primarily northern New Jersey, with at least one property in Baltimore County, Maryland. There is no known expansion outside the Northeastern or Mid-Atlantic United States. ### Why is the share price so illiquid? Insiders own a controlling block, and the trust has never pursued institutional investor roadshows or index inclusion. There are no market makers actively supporting the stock, and the company does not conduct secondary equity offerings. Trading is effectively by appointment. ## Related profiles - [ZJK Industrial](https://altss.com/profile/zjk-industrial-co-ltd) - [MainStreet Bancshares](https://altss.com/profile/mainstreet-bancshares-inc) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/first-real-estate-investment-trust-of-new-jersey-inc Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology