"As the market continues to change and inch towards recovery, our role as commercial real estate brokers has evolved from traditional transactional brokerage to that of a trusted business advisor during these challenging times," says Berger. "This transaction exemplifies how our industry is operating under this new paradigm."

Located in the Eastside residential section of Paterson, this multifamily building contains 19 units and is 100% occupied. The building is reachable by car, bus and rail service, and there are approvals in place for a New Jersey light-rail system, which will have a stop nearby. The buyer, a longtime client of CBRE's private client group, purchased the building for $1.015 million with a tax appeal pending and plans to hold the property for investment purposes.

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