$16M Takes Net-Leased Building for WP Carey

TINTON FALLS, NJ-WP Carey & Co. has acquired the 90,000-sf 100 Tormee Dr. here for $15.5 million, a sale price that works out to a solid $172 per sf. The building has been picked up by the firm on behalf of Corporate Properties Associates 16-Global, a Carey-affiliated income-generating REIT. The seller was the Townsend Group.

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.