As reported by GlobeSt.com, that deal closed in late April, with the new owners paying British retailer Marks & Spencer $61.5 million for the company. Following the sale, it was announced that Weitz, a long-time retail executive, would become the new chairman of Kings.

"The Kings facilities represent extremely valuable pieces of real estate," says Jason Fox, a director at WP Carey, which bought the six stores through its affiliated income generating real estate fund, Corporate Property Associates 16-Global Incorporated. "They are in prime locations in the center of dense, affluent areas of Northern New Jersey."

As part of the deal to sell the stores, Kings has leased them back on a triple-net basis. Further details were not released. The just-sold units are located in the New Jersey towns of Summit, Livingston, Maplewood, Montclair, Morristown and Cresskill. Overall, 25 of Kings upscale supermarkets are located in Northern New Jersey, and the 26th store is on Long Island.