12A — May 27 - June 9, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
Stonegate Realty adds Teaneck property to extensive Northern NJ portfolio Postell, Rizzuto and Ligoner of Transwestern represent seller of 27,000 s/f office/retail building T
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 busi- ness 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 North- ern New Jersey market,” said
EANECK, NJ — Tran- swestern announced it represented 545 Ce- dar 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 addi- tional 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 sev- eral major highways, we were
Steven Gelbtuch , co-CEO of Stonegate Realty. “Cedar Lane is Teaneck’s main commercial corridor and continues to at- tract many businesses, restau- rants 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 build- ing, which was used as a bomb shelter in the early 1940s, cur- rently 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 run- ning similar properties and our knowledge of the Teaneckmarket gives us the capacity to efficiently self-manage this property, while adding significant value through our hands-on management ap- proach,” said Nat Amsel , co- CEO of Stonegate Realty. “We were extremely impressed with Transwestern’s professionalism and ability to quickly close on this transaction.” n Tenant leases 4,951 s/f at Greenberg Gibbons’ center TOWSON, MD — Green- berg Gibbons announced that Kenilworth Wine & Spirits has signed a lease for 4,951 s/f at The Shops at Kenilworth, the landmark shopping destination in Towson. Kenilworth Wine & Spirits will feature a large, hand- picked selection of wines and craft spirits from local and international distillers, as well as seasonal micro brews. The store will host weekly tastings that will allow customers to taste the newest products. It is set to open in fall 2016. Kenilworth Wine & Spirits will be located across from a new Trader Joe’s on the second level of a revitalized The Shops at Kenilworth. The shopping center is undergoing a transfor- mation that includes updating the exterior and interior into a more contemporary and wel- coming specialty shopping and community gathering place. Retailers remain open during the renovation, which is taking place in phases to minimize disruptions. Construction be- gan last summer with a target completion date of spring 2017. Greenberg Gibbons began managing The Shops at Ke- nilworth in July 2014 and assumed full ownership of the property in April 2015. n
545 Cedar Lane
Realtor Alert
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