The duo plan to reposition the property, now a multitenantmedical building, into medical office condos once it has finishedwith a approximate $1 million capital improvement program that willconsist of upgrades to the building lobby and common areas,landscaping, and elevators. Manekin LLC is the exclusive salesagent for the medical office condos.

The three-story, 40,000-sf building was originally developed aspart of a larger medical, or health, park, that includes suchbuildings and facilities as assisted living and age-restrictedhousing. The building the JV acquired is located at 2850 N. RidgeRd. in the park. It houses a 13,180-sf ground-level surgery centerwith four operating rooms, operated by Ambulatory Surgical Centersof America.

This is the second JV in which the two firms have entered. Thefirst, which closed last September, was formed to develop a medicaloffice condo in Lorton, Va. Called the Lorton Professional Center,this project is scheduled to be completed in August 2008.