Is it required to have the broker/agent from the same state where the target property is for purchase?

Karan,
I would would look for a broker through your local commercial board of realtors for a specilaists in your property type.

If you (as the buyer) are being represented by a broker/agent, then yes, the broker does need to be licensed to practice real estate in the state where the property is located. Most agents do not hold licenses in multiple states if it is not necessary.
For instance, I work in the DC Metro area and need to have seperate real estate licenses for DC, Maryland, and Virginia. I cannot represent anyone, other than myself, in a sale/lease transaction outside of these three states.

check www.ccim.com for qualifed brokers in the area.
Licensing requirements very from state to state, make sure the broker you choose is licensed in the correct state and you should be good to go.
If you need to go from one state to the next, see if you can find a broker licensed in both states and/or a broker with affiliations or the ability to refer you to a colleage in the other state.