HARRISBURG, PA-During this year's first quarter revenue per available room in the hospitality REIT's portfolio rose 21.2% to $48.80, and the average daily rate increased 17.7% to $87.62. Occupancy inched up 1.6% to 55.7%.

PHILADELPHIA-This 328,000-sf acquisition joins the 193,000-sf Gallery at Market East I in the locally based REIT's portfolio. As a result, PREIT owns approximately half of the largest retail complex in Center City.

KING OF PRUSSIA, PA-Grubb & Ellis adds two office specialists in its office here to expand services in the western suburbs. Kramont appoints Louise Jennings regional VP of leasing for 12 properties at its Plymouth Meeting, PA office.

PHILADELPHIA-TIF designation will generate about $8.5 million of the $21.5 million in state and city funds granted for Ace's acquisition and renovation of the property at 436 Walnut St. Total project cost is $74 million.

SMITHTON, PA-Pittsburgh-based Dick's Sporting Goods adds 214,000 sf to its existing 388,000-sf distribution center here. The state helps fund the expansion with $384,000 in job creation tax credits and a $250,000 opportunity grant.

PHILADELPHIA-With an undisclosed amount of financing from Lehman Brothers, the locally based private real estate company buys back the interest held by Prometheus Mid-Atlantic and gains working capital. Recap options include an IPO or merger.

JENKINTOWN, PA-Locally based American Financial Realty Trust identifies Wachovia as seller of the previously announced 150-property, 8.2-million-sf portfolio. The properties are concentrated in the Eastern US and include 94 bank branches.

CHESTER, PA-Wells Fargo Financial Acceptance signs a 10-year deal for 110,000 sf in the 396,000-sf former Chester Power Station being redeveloped by Preferred Real Estate Investments. Completion is scheduled by Oct. 1.