Already the fund is poised to close on its first deal, Rosenthaltells GlobeSt.com--a $9-million suburban Maryland industryproperty. "We are actively looking at other prospects as well."

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The fund has raised $5 million in committed capital and expectsto raise the additional funds over the next two years, according toRosenthal. "We are being conservative with the leverage. Ourapproach will be to generate a long term cash flow." Other possibleinvestments include joint ventures with institutional firms.

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Besides its inaugural fund, Rosenthal, a six-year old privatefirm here, is in active growth mode. Over the last month or so ithas added six shopping centers to its managementportfolio--expanding for the first time outside of the DC metroarea into the southeast. The firm is manages 800,000 sf in Florida,North Carolina and Tennessee on behalf of Sandmar Properties, aprivate investment firm in Potomac, MD.

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The company also added a new Virginia-based management clientduring the same time period, Food Processing Suppliers Association.Rosenthal Properties manages FPSA's 40,000-sf office in McLean.

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About two weeks ago, Rosenthal joined forces with Elm StreetHoldings and SMC Investments to acquire Featherstone ShoppingCenter in Woodbridge. The venture purchased the $14.5-million assetfrom DC's Douglas Development. With more than 80,000 sf availablefor lease, the buyers plan to renovate and attract new tenants tothe 180,000-sf center.

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Prior to that, ASB Capital Management LLC and Rosenthal acquiredSpotsylvania Crossing Shopping Center in Fredericksburg from KimcoRealty of New Hyde, NY for $17.6 million. A 140,000-sf shoppingcenter, it is located on Route 3, and anchored by Kmart.

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