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DeSanto Adds Third Area TIC Buy for $22M

HARRISBURG, PA-Concurrent with the acquisition of Northwoods Crossing Office Park, the buyer fully subscribes an equity investment of $10.4 million from among 21 investors.

By Marita Thomas | Updated on November 20, 2006

(To read more on the TIC market, click here.)

HARRISBURG, PA-In its third transaction in this market within six months, DeSanto Realty Group has acquired Northwoods Crossing Office Park for nearly $22 million, or about $143.30 per sf. Simultaneous with the close of the sale, the property was fully subscribed with an equity investment of almost $10.4 million spread among 21 tenant-in-common investors.

The asset contains two contiguous class A office buildings aggregating 153,190 sf on a 10.5-acre tract. The larger, 100,000-sf building is fully leased to United Concordia Inc., which also leases 20,000 sf in the smaller building. Other tenants in that building include Comcast, Cingular Wireless and Variable Annuity Life Insurance Co., and the entire complex is 95% leased.

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