Penn Center East deal closes

A joint venture between Investcorp Real Estate Group and Gumberg Asset Management Corp. recently purchased an approximately 950,000-square-foot mixed-use development in Wilkins Township, Pa., for an undisclosed price.

The Soffer Organization sold the 88-acre site, which is located off the Monroeville business exit of I-376 along the commercial corridor of William Penn Highway (Route 22) just east of downtown Pittsburgh.  more...

Crate and Barrel adds distribution space

Crate and Barrel, the housewares and home furnishings giant, has expanded its distribution center at the Rockefeller Group Foreign Trade Zone in Cranbury, N.J., for an undisclosed price.

The company, which already leases 675,000 square feet in two buildings at the Half Acre Road site, signed a lease for an additional 275,000 square feet to serve as a pick-and-pack fulfillment operation for direct marketing orders.  more...

Essex enters Sonoma County market

Essex Property Trust Inc. recently purchased a 104-unit apartment property in Santa Rosa, Calif., for $22.5 million.

The property, Harvest Park Apartment Homes, was built in 2004. Private developer Harvest Park Inc. sold the asset.

The acquisition is Essex's first in Sonoma County, according to a press statement. Essex, a Palo Alto, Calif.-based real estate investment trust, has ownership interests in more than 26,000 units and more than 900 units in development.