CBRE GROUP INC. ARRANGES $1.24 MILLION SALE OF 1020 WEST 7TH STREET, PLAINFIELD, NJ
Firm Represents Financial Institution in the Sale of REO
PLAINFIELD, N.J. (November 18, 2014) –CBRE Group, Inc. announced that it has arranged the sale of 1020 West 7th Street in Plainfield, N.J., for $1.24 million. The 14,632-square-foot real estate-owned church facility is located on 1.9 acres of land.
Charles Berger and Elli Klapper, of CBRE Tri-State Investment Properties, served as the exclusive agents for the seller in the transaction.
The property is located within a scenic suburban neighborhood, consisting primarily of single-family residential homes. The new owner plans to occupy the church, which contains a fellowship hall, a kitchen and offices and classrooms. In addition, the owner may redevelop components of the facility located nearby.
“This transaction is a prime example of how the CBRE Investment Properties team can provide assistance to financial institutions in the sale of real estate-owned properties,” said Mr. Berger. “We’re continuously working with clients throughout the Tri-State region in a similar manner to ensure that all parties are satisfied in the acquisition and/or off-loading of such assets.”
About CBRE Group, Inc.
CBRE 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 and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE 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. Please visit our website at www.cbre.com.