CB Richard Ellis Arranges Cherry Hill Park Financing

James Gunning and Donna Falzarano of CB Richard Ellis Debt & Equity Finance procured $31.9 million in variable and fixed financing, on behalf of Principal Real Estate Investors, for the acquisition of Cherry Hill Business Park, a 782,446-square-foot office/warehouse/industrial park located on Springdale Road in Cherry Hill, New Jersey.
"The efforts of the borrower, lender and intermediary led to a successful conclusion in a turbulent credit environment," stated Gunning. "CBRE Capital Markets was able to deliver options that fit with the borrower's requirements at a very competitive interest rate and the lender executed on a timely and efficient basis."

Cherry Hill Business Park consists of 16 buildings, including warehouses, flex and retail, and showroom space. The property, which is currently 92 percent leased, is situated along Springdale Road, one mile from Route 70 and within close proximity of Routes 73 and I-295. Tenants for the property include International Paper, Okidata America, Commerce Bank, Dal-Tele Corporation and Cooper Lighting.

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 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). 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 is the only commercial real estate services company named one of the 50 "best in class" companies by BusinessWeek, and was also named one of the 100 fastest growing companies by Fortune. Please visit our Web site at www.cbre.com.