CB RICHARD ELLIS COMPLETES 19-UNIT MULTI-FAMILY BUILDING SALE AT 315 PARK AVENUE IN PATERSON, N.J.
- CB Richard Ellis represents the seller and identifies the buyer for prime multi-family property -

Saddle Brook, NJ, Feb 22, 2010 - /FLIERWIRE/-- CB Richard Ellis, New Jersey's largest commercial real estate brokerage firm, is pleased to announce the recent completion of a 19-unit multi-family building sale transaction at 315 Park Avenue in Paterson, N.J. CB Richard Ellis' Charles Berger, along with Dean Marchi, first vice president, and Gehane Triarsi, represented the seller in this transaction.

"As the market continues to change and inch towards recovery, our role as commercial real estate brokers has evolved from traditional transactional brokerage to that of a trusted business advisor during these challenging times," remarked Mr. Berger. "This transaction exemplifies how our industry is operating under this new paradigm. Ultimately, we are thrilled to have been able to foster our long-standing relationship with the seller by matching their needs with those of our buyer and we look forward to completing more of these mutually beneficial opportunities for them and prospective clients in the future."

Located in the Eastside residential section of Paterson, this multi-family building contains 19 units and is 100 percent occupied. Situated near Interstate 80, Routes 4, 46 and 208 and the Garden State Parkway, the building is easily accessible by car, bus and rail service, and there are approvals in place for a New Jersey light-rail system, which will have a stop nearby. The buyer, a longtime client of CB Richard Ellis' Private Client Group, purchased the building with a tax appeal pending and plans to hold the property for investment purposes.

"In this transaction, the seller had a prime property to bring to market, and the buyer saw the long-term-investment benefit in the property's appealing residential neighborhood and easy walk to a planned light-rail stop," noted Mr. Marchi. "This deal is indicative of the recent uptick in activity we have seen in New Jersey's commercial real estate market, illustrating that sellers of well-placed properties can find opportunistic buyers."

About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company for three years in a row. Please visit our Web site at www.cbre.com.