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ELLICOTT CITY, MD-A JV between Philadelphia-based Grosvenor Investment Management and Rockledge Realty Partners LLC of Bethesda, MD has acquired the fee simple interest in a multitenant medical office building here. According to a source, the building was acquired for $5 million.

The duo plan to reposition the property, now a multitenant medical building, into medical office condos once it has finished with a approximate $1 million capital improvement program that will consist of upgrades to the building lobby and common areas, landscaping, and elevators. Manekin LLC is the exclusive sales agent for the medical office condos.

The three-story, 40,000-sf building was originally developed as part of a larger medical, or health, park, that includes such buildings and facilities as assisted living and age-restricted housing. The building the JV acquired is located at 2850 N. Ridge Rd. in the park. It houses a 13,180-sf ground-level surgery center with four operating rooms, operated by Ambulatory Surgical Centers of America.

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

“We are pleased to enter our second joint venture with Rockledge, which specializes in the acquisition and development of quality medical office space,” says Dick Layman, senior managing director of GIM, who worked on the transaction with Associate Eric Cannon. “Rockledge has a strong pipeline of additional medical office building acquisition and development opportunities.”

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