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STAMFORD, CT-CB Richard Ellis has launched a Private Client Group division. The division specializes in servicing the purchase or sale of privately owned commercial real estate in the $1-million to $10-million range in Westchester and Fairfield counties. The Westchester-Fairfield office of CBRE now is among 64 Private Client Group teams in 40 markets across the US that have been formed by CBRE in the past year.

Robert Caruso, managing director of CBRE’s Westchester/Fairfield operation, reports that Al Mirin, first vice president, has been charged with heading up the group. Associate Silvia Pogasyan works with Mirin on the new venture. Company officials say the firm will be looking to add more personnel to the division soon.

“Both the Fairfield and Westchester markets have an enormous amount of private real estate sellers and investors with unique requirements who were underserved,” Mirin says. “Our initiative is the first of its kind specifically geared towards meeting the needs of this segment.”

He adds that up until now, private commercial property owners in this price segment went mainly to local boutique commercial brokers to sell their properties. Mirin says that the new division enables local owners and investors to take advantage of CBRE’s national platform. In addition, the division uses the company’s proprietary web-based investor database that profiles approximately 100,000 investors. Mirin says that the Westchester-Fairfield Private Client Group tracks every sale in the region that involves 1031 funding.

Although the Private Client Group was officially rolled out late last week, prior to its launch the group advised in the sale of the former headquarters of Air Express International in Darien. The property was acquired by a joint venture of the Nielsen Company and RJC Management LLC in a $6.4-million deal. Recently, the group also arranged the $11.4-million sale of the retail property 777 Connecticut Ave. to First Sterling Corp.

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