545 Cedar Lane in Teaneck — Courtesy: Transwestern
By Joshua Burd
A carpet and flooring store has doubled its footprint and relocated to a Teaneck commercial building, in a 2,000-square-foot deal brokered by Transwestern.
The real estate services firm said Monday that it represented both Direct Line Carpets II and the landlord, Stonegate Buildings, at 545 Cedar Lane. The family-owned store, which has operated its main location in Lakewood for three decades, is moving from a smaller space on Cedar Lane.
Transwestern Vice President Rick Rizzuto negotiated the transaction for the firm, which is has its New Jersey office in Parsippany.
“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 quick access to Route 4, Interstate 80 and the New Jersey Turnpike, Transwestern said in a news release. Direct Line Carpets joins Tate Academy, a local dance studio, which leased space earlier this year at the office and retail building.
The building, which was used as a bomb shelter in the early 1940s, has dedicated loading dock and freight facilities, the news release said. Transwestern is marketing another 2,000 square feet of ground-floor retail space there for lease, along with 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 acquired other 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,” Rizzuto said. “It’s been exciting to see their vision for 545 Cedar Lane come to fruition.”
