"As the market continues to change and inch towards recovery,our role as commercial real estate brokers has evolved fromtraditional transactional brokerage to that of a trusted businessadvisor during these challenging times," says Berger. "Thistransaction exemplifies how our industry is operating under thisnew paradigm."

Located in the Eastside residential section of Paterson, thismultifamily building contains 19 units and is 100% occupied. Thebuilding is reachable by car, bus and rail service, and there areapprovals in place for a New Jersey light-rail system, which willhave a stop nearby. The buyer, a longtime client of CBRE's privateclient group, purchased the building for $1.015 million with a taxappeal pending and plans to hold the property for investmentpurposes.

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