The building, which was completed just three years ago, is fullyoccupied by Xpedite, which uses the asset as a regional office anddata center. The Atlanta-based tenant provides transaction-basedelectronic messaging services via e-mail, voice, fax, web andwireless, delivering close to 12 million communications a dayglobally for 21,000 corporate accounts. The company has two otherlocations in the Garden State, in Rutherford and in CherryHill.

"This transaction represents our continued interest in qualitynet-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 12.5million sf.

The newly acquired, two-story asset sits on a nearly nine-acresite located just south of the intersection of the Garden StateParkway and Route 18 in eastern Monmouth County. The saletransaction itself was orchestrated in-house for WP Carey by BenHarris, an investment officer for the firm. Further details of thetransaction were not disclosed. Carey's metro area portfolio ofnet-leased properties has a tenant roster that besides Xpediteincludes Clear Channel Communications, U-Haul, the LincolnTechnical Institute and Courtyard by Marriott.