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DeSanto Intensifies TIC Buys in PA

MEDIA, PA-Having fully subscribed its Crums Mill office acquisition in Harrisburg, the TIC sponsor is poised to close on another 153,000-sf property there and two larger buys near Pittsburgh.

By Marita Thomas | Updated on October 12, 2006

HARRISBURG, PA-DeSanto Realty Group, a locally based sponsor of tenant in common transactions, has announced that its second Harrisburg acquisition, the Crums Mill Professional Office Complex, is now fully subscribed.

CEO Gary DeSanto tells GlobeSt.com the company expects to close on a 153,000-sf class A office complex in the Harrisburg market within three weeks and has two Pittsburgh-area projects aggregating 800,000 sf in the pipeline. All of the company’s acquisitions are in behalf of TIC investors.

DeSanto paid approximately $22 million for the three-building, 123,379-sf Crums Mill complex in late June, as reported at GlobeSt.com. Citibank provided a loan of approximately $14 million for the acquisition, DeSanto says. The remaining equity investment of slightly more than $7.9 million is spread among 19 TIC investors. Calabasas, CA-based AFA Financial served as managing broker-dealer on the transaction. In August 2005, DeSanto paid $13.5 million for the 90,000-sf Yellow Breeches Office Park in Harrisburg, which is also fully subscribed.

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