Somerset paid $90 per sf, or just under $7.7 million. Accordingto Keith Broemmer, EVP of Broad Street, this is a record price forthis type of building in the Lehigh Valley. "Single tenanttransactions continue to attract significant interest and strongpricing," he says. More than 100 groups requested a packageregarding the sale and his firm received "multiple offers in thelow 7% cap range," he adds.
"B. Braun is a growing German-backed company with sales ofnearly $10 million, whose future is strong," Broemmer explains.Braun designs and manufactures products and systems for the lifescience, bioscience, fermentation and cell culture markets. Braun'sparent, Sartorius North America and B. Braun Biotech InternationalGmbH, guarantee the lease. Both are subsidiaries of Sartorius AG, aGermany-based biotech giant.
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