CB RICHARD ELLIS BROKERS DISPOSTION OF 1020 LAUREL OAK ROAD – CD REALTY ADVISORS SELLS CLASS A OFFICE BUILDING FOR $7.925 MILLION

CB Richard Ellis Inc. (04/14/2008) – Wayne, PA – April 10, 2008 – CB Richard Ellis Inc. represented CD Realty Advisors in the sale of 1020 Laurel Oak Road located in Voorhees, Camden County, New Jersey. CD Realty Advisors, a Philadelphia regionally based commercial real estate investment firm which owns and manages a portfolio of approximately two million square feet of office and industrial projects throughout Southern New Jersey, Pennsylvania, Delaware and the Pacific Northwest, sold 1020 Laurel Oak Road for $7.925 million to Ironstone Village, LLC, a private investor based in Fairfield, NJ who purchased this asset as part of a 1031 tax free exchange.

1020 Laurel Oak Road is a 56,499 square foot, three-story class A suburban office building strategically located at the intersection of Haddonfield-Berlin and Laurel Oak Roads. Built in 1986, the property is 98% leased and has a pending lease for the remaining vacant space. 1020 Laurel Oak contains a solid rent roll of professional, financial, government and medical tenants including CHA/CHAN, Exam One, Cardiac Care Specialists and The Food and Drug Administration (FDA). CB Richard Ellis Philadelphia Regional Investment Property – Institutional Group led by Senior Vice President Michael Blunt, Executive Vice President Michael Hines and Executive Vice President Robert Fahey represented the seller.

“This was an ideal investment opportunity for a private investor with a 1031 exchange requirement. The building contains a diversified rent roll with strong tenant credit and minimal lease rollover in the first three years.” stated Michael Blunt of CB Richard Ellis.

Prominently situated at the intersection of Haddonfield-Berlin and Laurel Oak Roads, the property is a quality office asset with efficient floor plates, a well-appointed lobby and ample parking. It features red brick and continuous ribbon band window exterior construction with quality common areas. Access to local roads and highways, including Route 73, Route 70, I-295 and NJ Turnpike, is excellent from this location. There are also several services and amenities in the immediate vicinity including restaurants and hotels, and the Echelon Mall which is currently being redeveloped by PREIT.