posted December 26, 2007
A Charlotte, N.C., real estate investment firm has acquired two area medical office buildings for $28.6 million.
Cogdell Spencer Inc. (NYSE: CSA) announced that it has acquired Healthpark Medical Office Building in Chattanooga and Peerless Medical Center in Cleveland, Tn.
The two buildings total 92,657 square feet and are 100 percent leased.
The acquisition was funded through a combination of cash and the assumption of approximately $16.2 million of existing debt with a blended interest rate of 5.68%.
The acquisition marks the 13th market for Cogdell Spencer.
Healthpark Medical Office Building, built in 2004, is located adjacent to Erlanger East Hospital, a member of the Erlanger Health System.
Tenants of the 52,151-square-foot facility include Galen Medical Group, the largest multi-specialty group in the Eastern Tennessee market, and Erlanger's MRI/Imaging facility (MRI, digital mammography, nuclear/echo cardiogram and ultra-sound).
Peerless Crossing Medical Center was built in 2006 and is 100 percent leased by Peerless Medical Associates, a large multi-specialty practice. The 40,506 square foot facility is located proximate to the campus of Skyridge Medical Center (owned by Community Health Systems). Community Health Systems sub-leases 9,500 square feet of space from Peerless Medical Associates.
"These newly constructed, class 'A' facilities represent a strong roster of prominent hospitals and physician groups," said Matthew Nurkin, vice president of acquisitions for Cogdell Spencer Inc. "We look forward to building long term relationships with these providers as we grow our portfolio in the Eastern Tennessee market."
Cogdell Spencer Inc. is a fully-integrated, self-administered and self managed real estate investment trust that invests in specialty office buildings for the medical profession, including medical offices, ambulatory surgery and diagnostic centers.
At present, the Cogdell Spencer Inc. portfolio consists of 57 wholly owned properties, five joint venture properties and 57 managed medical office buildings.
Jim Cogdell and Frank Spencer formed Cogdell Spencer Inc.
Since 1972, Cogdell Spencer has grown throughout the United States with properties in California, New York, Pennsylvania, Indiana, Kentucky, Virginia, Mississippi, Louisiana, Georgia, Florida and the Carolinas.
The firm's motto is "We create a better business opportunity for physicians and hospitals."
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