BETHLEHEM, PA-New York-based Broad Street Advisors LLC sold B. Braun Biotech Center, an 85,000-sf, single story office/manufacturing facility, to Somerset Management Ltd., also based in New York. The new building was built for Braun and it will continue to occupy all of it under a 10-year, triple-net lease.

Somerset paid $90 per sf, or just under $7.7 million. According to Keith Broemmer, EVP of Broad Street, this is a record price for this type of building in the Lehigh Valley. “Single tenant transactions continue to attract significant interest and strong pricing,” he says. More than 100 groups requested a package regarding the sale and his firm received “multiple offers in the low 7% cap range,” he adds.

“B. Braun is a growing German-backed company with sales of nearly $10 million, whose future is strong,” Broemmer explains. Braun designs and manufactures products and systems for the life science, bioscience, fermentation and cell culture markets. Braun’s parent, Sartorius North America and B. Braun Biotech International GmbH, guarantee the lease. Both are subsidiaries of Sartorius AG, a Germany-based biotech giant.

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