ROCKVILLE, MD—The Broe Group has acquired 9601 Blackwell Rd.with plans to reposition it as a medical office. A source tellsGlobeSt.com that the Denver-based affiliate acquired the propertyfor $16 million from special servicer LNR Partners.

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The 120,000-square foot building, which is currently about 9%occupied, is adjacent to the Shady Grove Adventist Hospital campusand located within the Shady Grove Life Sciences Center—hence BroeGroup's strategy to reposition it as a medical office property.Chuck Feitel and Leonard Brown with Health-Pro Realty Group havebeen tapped to lease the building. Avison Young's Donna Kay willmanage the asset.

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The company sees great upside in its new acquisition. "Webelieve this building is a hidden gem in the marketplace with anirreplaceable location and beautiful Class A finishes that willallow us to attract quality medical tenants to the community," JimCrawford, vice president of acquisitions at Broe Real Estate, saysin a prepared statement. Feitel notes there is pent up demand formedical space in the immediate area.

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Broe has owned more than 50 medical office buildings across thecountry, totaling more than 2.5 million square feet.

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Broe Real Estate is planning a capital upgrade of theproperty.

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