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LORTON, VA-A joint venture partnership consisting of Bethesda, MD-based Rockledge Realty Partners LLC and Grosvenor Investment Management US Inc., which was acting on behalf of a high net worth individual client, paid $3 million for an almost four-acre parcel of land here on which it plans to develop medical office condos. The total cost of development for the project–including the cost of the land–is expected to be around $10 million, an industry source tells GlobeSt.com.

The seller of the land parcel, Regency Centers LP was represented by KLNB. Fraser Forbes represented the buyer.

The development site is located within the Lorton Station Town Center, a 94,977-sf mixed-use community in northern Virginia. The JV’s plans call for the construction of a three-story, 47,459-sf medical office condominium. Ground is expected to break in October with the building scheduled for delivery in June 2008.

The Center serves the 300-acre master-planned Lorton Station neighborhood with 950 homes and a 100-acre park. It is also adjacent to a Virginia Railway Express commuter train station. The Center is also well situated in particular for medical office investment, Michael Abrams, managing principal of Rockledge Realty Partners, tells GlobeSt.com.

It is located within a mile of the proposed Inova Lorton Healthplex and five miles from Potomac Hospital, he says. Furthermore, he adds, the 45,000-sf office building adjacent to the development site is already leased to medical professionals.

Abrams says that the JV wanted to have both for sale and for rent options available for the market; hence its decision to build a condo. “Medical office condos seem to have more velocity. We wanted to make the ‘for sale’ available because there is stronger interest in this product in the medical office community.” He says that he expects condo sales to average $350 per sf and asking rental rates to average in the mid 30s, full service.

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