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.

The development includes approximately 675,000 square feet of office space in seven class A buildings and approximately 275,000 square feet of retail, restaurant and service-oriented tenants within walking distance of all office space.

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