The building, which was completed just three years ago, is fully occupied by Xpedite, which uses the asset as a regional office and data center. The Atlanta-based tenant provides transaction-based electronic messaging services via e-mail, voice, fax, web and wireless, delivering close to 12 million communications a day globally for 21,000 corporate accounts. The company has two other locations in the Garden State, in Rutherford and in Cherry Hill.

"This transaction represents our continued interest in quality net-leased real estate in the greater New York metropolitan area," says Gordon F. DuGan, president of the New York City-based Carey, which now has a tri-state area portfolio totaling more than 12.5 million sf.

The newly acquired, two-story asset sits on a nearly nine-acre site located just south of the intersection of the Garden State Parkway and Route 18 in eastern Monmouth County. The sale transaction itself was orchestrated in-house for WP Carey by Ben Harris, an investment officer for the firm. Further details of the transaction were not disclosed. Carey's metro area portfolio of net-leased properties has a tenant roster that besides Xpedite includes Clear Channel Communications, U-Haul, the Lincoln Technical Institute and Courtyard by Marriott.