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Penn Center East Complex Trades for $71M

WILKINS TWP., PA-Soffer sells the seven-building office and retail asset on 88 acres near Pittsburgh to a partnership between Investcorp and Gumberg Asset Management.

By Marita Thomas | Updated on April 10, 2007

WILKINS TWP., PA-Investcorp Real Estate Group, in partnership with Fort Lauderdale, FL-based Gumberg Asset Management Corp., has acquired Penn Center East, the seven-building mixed-use complex just east of Pittsburgh, from the locally based Soffer Organization. Terms are undisclosed, but, according to Allegheny County public records, the price was $71 million.

The complex contains seven class A office buildings, which aggregates 675,000 sf, and the Shoppes at Penn Center East, a 275,000-sf retail/restaurant center. Soffer developed the complex between 1964 and 1982 and added the retail component in 1999. It is located on 88 acres just off the Monroeville exit of Interstate 376 along William Penn Hwy. The campus also includes a 241-residential building, which was not a part of the sale.

Locally based LG Realty Advisors will handle management and leasing of both the retail and office components of the property. Its president, Lawrence Gumberg, was formerly with JJ Gumberg Co., a privately held shopping center owner, and his brother heads Gumberg Asset Management.

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