CHARLOTTE, N.C., Jan. 21 /PRNewswire-FirstCall/ -- Erdman, A Cogdell Spencer Company, a subsidiary of Cogdell Spencer Inc. (NYSE: CSA) announces that it broke ground earlier this week on two new medical office projects in the Southeast, totaling almost 115,000 square feet.
The two projects, a $21 million medical office building and ambulatory surgery center in Jackson, Tennessee and a $1.75 million cancer center in Mebane, North Carolina represent new and existing markets and relationships for the Company.
The Medical Center Physicians Tower, a 106,772 square foot medical office building (MOB) and ambulatory surgery center (ASC) in Jackson, Tennessee marks the first project with West Tennessee Healthcare, Inc and is located on the campus of Jackson -- Madison County General Hospital. The five-story facility will feature an attached eight level parking deck. Both the MOB and parking deck will be connected to a pedestrian walkway that ties directly to the hospital.
This project represents a new market and a new relationship for the Company, which offers services from concept through long-term ownership and management. West Tennessee Healthcare, Inc. will lease approximately 67,000 square feet for its ambulatory surgery center, neurosciences group and pharmacy. The project is currently 75 percent pre-leased and the remaining space is being marketed to local area physician groups.
Erdman is the developer on the project, Robins & Morton of Birmingham, Alabama is the general contractor on this project while RPA Design, based in Charlotte, North Carolina, is the project architect on both the Tennessee and Mebane projects. Upon completion, Cogdell Spencer Inc. will own 50 percent of the project, with West Tennessee Healthcare, Inc. and local physicians owning 50 percent. Medical Center Physicians Tower is scheduled for completion during the first quarter of 2010.
"We are pleased to be working with West Tennessee Healthcare to provide state-of-the-art medical facilities for existing physicians and recruitment of new physicians on the campus of Jackson-Madison County General Hospital," notes Susan Dorr, Erdman's Development Executive in the Southeast Region.
The second project is an expansion of the existing outpatient facility, Alamance Regional Mebane Outpatient Center, located in Mebane, North Carolina. The Company completed a medical office building and ambulatory surgery center for Alamance Regional Medical Center in 2007. Samet Corporation, based in Greensboro North Carolina is the general contractor on this project. The 7,890 square foot addition will house a cancer center and is scheduled for completion during the third quarter of 2009.
About Cogdell Spencer Inc.
Charlotte-based Cogdell Spencer Inc. (NYSE: CSA) is a fully-integrated, self-administered, and self-managed real estate investment trust ("REIT") that invests in specialty office buildings for the medical profession, including medical offices and ambulatory surgery and diagnostic centers. The Company focuses on the ownership, development, redevelopment, acquisition, and management of strategically located medical office buildings and other healthcare related facilities in the United States of America. Erdman, A Cogdell Spencer Company, provides service offerings including strategic planning development, design, and construction. The Company is built around understanding and addressing the full range of specialized real estate needs of the healthcare industry. Learn more about Cogdell Spencer Inc. and its subsidiaries at www.cogdellspencer.com and www.erdman.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements reflect the Company's views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ materially. Factors that may contribute to these differences include, but are not limited to the following: market trends; our ability to obtain future financing arrangements; our ability to renew ground leases; our ability to integrate the operations of Marshall Erdman & Associates with our operations; defaults by tenants; and changes in the reimbursement available to our tenants by government or private payors. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2007. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be realized. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
|SOURCE Cogdell Spencer Inc.|
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