Postell, Rizzuto and Ligoner of Transwestern represent seller of 27,000 s/f office/retail building
TEANECK, NJ — Transwestern announced it represented 545 Cedar Lane Associates LLC in the disposition of 545 Cedar Lane, a 27,000 s/f office and retail property in Teaneck. 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 s/f 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.”