Saturday, August 29, 2009

CB Richard Ellis Arranges $10.5M Sale of Tyrone Corners Shopping Center in St. Petersburg, FL

ST. PETERSBURG, FL– CB Richard Ellis, the world's leading commercial real estate services provider, is pleased to have arranged the sale of the Tyrone Corners Shopping Center (top left photo) located at 2500 66th Street North in St. Petersburg, Fla.

The property was acquired by a California-based private investment group, Makabe & Makabe, LLC, for $10,500,000, or $130 per sq. ft.

Richard Tarquinio, (bottom left photo) senior vice president, with the Investment Properties Group located in Boca Raton, Fla., Christina Monacelli, associate, with the Investment Properties Group located in Boca Raton, Fla. and Mark Shellabarger,(bottom right photo) senior vice president, with the Private Client Group in Tampa, Fla., exclusively represented the seller in the transaction.

Anchored by JoAnn Fabrics, HomeGoods, Panera Bread, AT&T Wireless, Keva Juice, and Chick-Fil-A, the 80,703-sq.-ft. shopping center is located directly across the street from Tyrone Square Mall in St. Petersburg, Fla.

"Tyrone Corners is a Class A retail center in the epicenter of the Tyrone shopping area. The buyer was attracted to Tyrone Corner's premier location and excellent mix of national tenants," said Tarquinio.

Contact: Rachel Andreozzi, 954.745.7464,

CB Richard Ellis Group, Inc. Revises Amount of Loan Maturity and Amortization Extensions to $985M

LOS ANGELES, CA--(BUSINESS WIRE)--CB Richard Ellis Group Inc (NYSE:CBG) today announced that it has revised the amount of its credit agreement debt that has been modified to $985 million.

In a press release issued by the Company on August 25, 2009, the amount of its credit agreement debt subject to modification had been reported incorrectly as $994 million.
The incorrect total impacted certain other amounts cited in the August 25, 2009 press release.
The following are the correct figures:
the required debt amortization payments due in 2010 will be $182 million (rather than $180 million as reported);

the required debt amortization payments due in 2011 will be $238 million (rather than $234 million);

the outstanding term debt extended by 18 months to June 2013 is approximately $248 million (rather than $257 million).

CB Richard Ellis 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 firm (in terms of 2008 revenue).

The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.

CB Richard Ellis 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.

CB Richard Ellis has been named a BusinessWeek 50 “best in class” company and Fortune 100 fastest growing company two years in a row. Please visit our Web site at


Robert Sulentic, Group President & Chief Financial Officer, 310-405-8905 or

Nick Kormeluk, Investor Relations, 949-809-4308 or

Steve Iaco, Corporate Communications, 212-984-6535