JOINT VENTURE PURCHASES MARYLAND MEDICAL OFFICE BUILDING

ELLICOTT CITY, MD. — Philadelphia-based Grosvenor Investment Management and Bethesda, Md.-based Rockledge Realty Partners have acquired a three-story, 40,000-square-foot medical office building in Ellicott City, from North Ridge Business Trust, for an undisclosed amount. The joint venture will reposition the property through a medical office condominium conversion and upgrade the lobby, common areas, landscaping and elevators. The building houses a 13,180-square-foot surgery center with four operating rooms, operated by Ambulatory Surgical Centers. The property is located at 2850 North Ridge Rd., near Howard County General and St. Agnes hospitals.