First REIT of New Jersey's board declared a one-time special dividend of 10 cents per share.

The diversified real estate investment trust said the special dividend is in connection with and in anticipation of the completion of its $7.5 million sale of the Patchogue commercial building in New York.

The company's board also declared a first-quarter dividend of 5 cents per share, with the total dividend of 15 cents per share to be paid March 15 to shareholders of record on March 1.