Retailer Doubles Size of Teaneck Location
Transwestern today announces Direct Line Carpets II will relocate its Teaneck, New Jersey, store to approximately 2,000 square feet at 545 Cedar Lane. Transwestern Vice President Rick Rizzuto negotiated the transaction on behalf of the tenant and the owner of the 27,000-square-foot office and retail property, Stonegate Buildings.
The family-owned carpet and flooring store, which has operated its original store in Lakewood for three decades, is doubling the size of its Teaneck location. The retailer has occupied a smaller space on Cedar Lane since 2014.
“A significant portion of Direct Line Carpets’ business has been generated by the Teaneck location,” Rizzuto said. “It was vital that we identify a larger space that would allow the company to remain on Teaneck’s main commercial corridor, while providing a larger footprint to enable them to better serve their expanding local customer base.”
Located in Teaneck’s business district, 545 Cedar Lane provides proximity to Routes 4 and 80 and the New Jersey Turnpike. The well-maintained building, which was used as a bomb shelter in the early 1940s, offers a dedicated loading dock and freight facilities.
Direct Line Carpets joins existing tenant Tate Academy, a local dance studio that provides professional training in all forms of dance. The property currently has approximately 2,000 square feet of ground-floor retail space available for lease, as well as 7,700 square feet of usable, divisible lower-level space. The property is 98-percent occupied above ground.
“This vibrant part of Teaneck is emerging as one of the hottest retail destinations in northern New Jersey, attracting a variety of stores, restaurants and boutiques,” said Steven Gelbtuch, CEO of Stonegate Buildings. “With 545 Cedar Lane, we’ve addressed the area’s growing need for high-end retail in a location that provides excellent transport to New York City.”
Since acquiring 545 Cedar Lane a year ago, Stonegate has purchased several more properties in Northern New Jersey as part of a broader investment strategy.
“Like other savvy investors, Stonegate has been highly successful in repositioning underperforming assets in attractive submarkets,” said Rizzuto. “It’s been exciting to see their vision for 545 Cedar Lane come to fruition.”
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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, Tenant Advisory, Capital Markets, Asset Services and Research, 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. Based in Houston, 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. For updates from the New Jersey office, follow @TranswesternNJ.
