TEANECK, N.J. -- Stonegate Realty recently purchased a 27,000-square-foot office and retail property in Teaneck, and its 8,300-square-foot retail space is available for lease.
"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."
Located in Teaneck’s business district, the property at 545 Cedar Lane is close to Routes 4 and 80, as well as the New Jersey Turnpike. The well-maintained building was used as a bomb shelter in the early 1940s. It currently offers dedicated loading dock and freight facilities.
Transwestern represented the seller. Transwestern partner James Postell and VPs Rick Rizzuto and Dan Ligoner facilitated the sale. "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."
"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 specializes in agency leasing, management, tenant advisory, capital markets, and research and sustainability services. Transwestern has 34 U.S. offices and has offices in 37 countries.Visit its website for more information.