CB Richard Ellis' Private Client Group Completes $2.825 Million Sale Of 20,000 SF Mixed-Use Property In Passaic Cty, NJ

- CBRE Successfully Negotiates Record Price for Paterson Property -

CB Richard Ellis' Private Client Group, a division of New Jersey's largest commercial real estate brokerage firm, announced today that it has recently completed a $2.825 million sale of a 20,000-square-foot mixed-use facility, which is located at 19-21 Park Avenue in Paterson, New Jersey and includes four retail units and 24 two-bedroom residential apartments. CB Richard Ellis' Charles Berger and Dean Marchi represented the seller in this transaction and procured the buyer.

"In this economy, we continue to see opportunities for our clients in mixed-use facilities such as this property, which are well-located in densely populated urban settings and include retail and residential components," stated Mr. Berger. "Ultimately, given the location and long-term value proposition of this area and building, we were able to negotiate the best selling price on record for a property of this size in Paterson, an accomplishment we are extremely proud of and aim to continually achieve on behalf of all of our current and future clients."

The building is conveniently situated at the corner of Park Avenue and Straight Street, just off of the main thoroughfare of Market Street at a three-way traffic light, which offers high visibility and accessibility to Interstate 80, Routes 4, 19, 20 and 46, as well as the Garden State Parkway. In addition, the building is located within one block of the New Jersey Transit Bus and Rail Services station and the Paterson Post Office and is within close proximity to many of the cities major attractions including the Municipal Complex, The Courthouse, Federal Building, Passaic County College, St. Joseph's Hospital and the Art Gallery.

"As the third largest city in the state of New Jersey, Paterson offers potential investors the opportunity to own in an area which will experience exciting changes in the years to come, due to the work and future plans of the Center City Redevelopment Project, which is an intricate and all- inclusive neighborhood revitalization program that is being led by Center City," commented Mr. Berger. "We believe that this property, coupled with this revitalization project, will help to bring new business and residents to the City of Paterson while also breathing new life into the bordering areas. We are thrilled to have been able to deliver such an outstanding property to our client at a record price point and we look forward to utilizing our firm's broad capabilities and services to continue to complete similar transactions in the future."

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 2008 revenue). The Company has approximately 30,000 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 three years in a row and a Fortune 100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com.