NRA has bought the building from the Jericho, NY-based Newkirk Crostex LP, GlobeSt.com has learned. The purchase price of $36.5 million translates into just over $180 per sf for the 202,000-sf, three-story building.

The seller was advised in the transaction by Keith Broemmer, executive vice president of the New York City-based Broad Street Advisors LLC. The parties declined to identify the buyer's reps.

"The response to this property was tremendous," says Broemmer. "More than 180 investors requested packages, and we received 35 offers. The cap rate was 6.9%, which is very strong for a BBB-rated tenant.

"This transaction continues to show the strong appetite by investors for triple-net properties, especially in the Northeast," Broemmer continues.

"New Jersey continues to defy the rest of the real estate market," Broad Street senior vice president Robert Wilson tells GlobeSt.com. "The real estate sales market is so strong in New Jersey that it has defied most of the urban markets in this country."

The building was on the market for only a month, according to Wilson. The parties involved in the transaction declined to disclose Newkrik Crostex's reasons for moving the asset.

Broad Street Advisors provides commercial real estate-advisory services to institutions, public and private real estate companies and high net worth individuals. In the past year the company has arranged more than $1 billion is transactions.

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