We consider cellular network assisted Device-to- Device (D2D) communication in an orthogonal resource sharing mode. An orthogonal Frequency Division Multiple Access (FDMA) or single-carrier FDMA system is considered, and fractional power control related to the received signal at the base station is used for both cellular and D2D transmissions. This guarantees that the interference from D2D to cellular transmissions is on tolerable level. With transceiver I/Q imbalance, there may be severe interference from cellular to D2D communication when these two happen on mirror frequency resources. This leads to an I/Q near-far effect. Signal-to-interference- plus-noise ratio statistics are investigated for D2D reception in the presence of I/Q imbalance. Closed form expressions for the average cellular interference are derived. The contribution of the I/Q imbalance is comparably high at cell edge, despite the fact that the absolute interference power decreases, when the D2D pair approaches cell edge. The I/Q near-far effect the orthogonal frequency resources given to D2D.