Stonegate Realty Adds Teaneck Office/Retail Building To Extensive Portfolio Northern New Jersey
Transwestern Represents Seller of 27,000 SF Building
Transwestern today announces it represented 545 Cedar Lane Associates LLC in the disposition of 545 Cedar Lane, a 27,000-square-foot office and retail property in Teaneck, New Jersey. The buyer, Stonegate Realty, is a top property owner in Bergen County and owns an additional property on Cedar Lane. Transwestern Partner and City Leader James Postell and Vice Presidents Rick Rizzuto and Dan Ligoner facilitated the sale on behalf of the seller.
“Given this property’s central location and accessibility to several major highways, we were able to quickly attract a buyer that was looking to expand its already extensive portfolio in Bergen County,” Postell said. “This office property is within walking distance of parking, which was a major factor in the buyer’s decision to act quickly on this strategic investment.”
Located in Teaneck’s business district, the property is in close proximity to Routes 4 and 80 and the New Jersey Turnpike.
“We are very excited to add this property to the Stonegate portfolio, as we enhance our growing presence in the Northern New Jersey market,” said Steven Gelbtuch, co-CEO of Stonegate Realty. “Cedar Lane is Teaneck’s main commercial corridor and continues to attract many businesses, restaurants and retailers to the area. This property benefits from great access to shopping and is situated in a well-regarded retail district.”
The well-maintained building, which was used as a bomb shelter in the early 1940s, currently offers dedicated loading dock and freight facilities. The property’s 8,300-square-foot retail space is available for lease, along with a fully functional basement.
“Our strong experience in running similar properties and our knowledge of the Teaneck market gives us the capacity to efficiently self-manage this property, while adding significant value through our hands-on management approach,” said Nat Amsel, co-CEO of Stonegate Realty. “We were extremely impressed with Transwestern’s professionalism and ability to quickly close on this transaction.”
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.
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