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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.

“There are very few TIC properties on the East Coast, let alone Pennsylvania,” he says. “But, interest in these kinds of investments is growing here.” DeSanto plans to continue investing in the area. Following its third planned Harrisburg buy, he will turn his attention to the western area of the state.

DeSanto cites “the stability of the Pittsburgh submarkets, where cap rates are still at an attractive level,” as a factor for the change in focus. Without identifying the size of the total investment or the specific properties, Desanto says he is looking at an office portfolio of about 500,000 sf and a retail property of 300,000-sf.

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