Medical Office Building

This underperforming property is located in an integrated healthcare park and anchored by a 13,000 SF surgery center leased to ASCOA, a national surgery center owner/manager. The 22 year old building will be refocused as a medical office condominium and sold to physician practices. The property is currently undergoing a common area rehab of approximately $500,000 and several existing tenants are negotiating to acquire their space. Capitalized with equity from Grosvenor Investment Management and acquisition financing from EagleBank.

Approximate value: $8 million.

Acquired in March, 2008