CHARLOTTE, N.C., Aug. 30 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE: CSA) announced this afternoon that they have acquired Summit Professional Plaza I and II in Brunswick, Georgia for approximately $24.8 million in cash. The two building complex totals 97,472 square feet and is 98 percent leased.
This acquisition marks both a new market and new client relationship for Cogdell Spencer. Southeast Georgia Health System, a 356-bed not-for-profit healthcare system, is the anchor tenant and currently leases 38 percent of the complex. Southeast Georgia Health System is 'A' rated by Standard & Poor's Ratings Services.
"We look forward to working with Southeast Georgia Health System to expand our presence in this growing community," said Matthew Nurkin, Vice President of Acquisitions for Cogdell Spencer Inc.
Southeast Georgia Health System is the only hospital in Glynn County and the primary healthcare provider for the seven surrounding southeast Georgia counties. This market includes the resort communities of St. Simons Island and Sea Island. The healthcare system's recent expansions include a new outpatient care center that opened in 2006.
This acquisition further expands Cogdell Spencer's portfolio in the growing coastal regions of Georgia and the Carolinas. Centered around Charleston, South Carolina and stretching from North Myrtle Beach, South Carolina to Sea Island, Georgia, Cogdell Spencer's coastal portfolio includes over 790,000 square feet of medical office space.
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, ambulatory surgery and diagnostic centers. At present, the Cogdell Spencer Inc. portfolio consists of 55 wholly owned properties, four joint venture properties and 58 managed medical office buildings. For more information on Cogdell Spencer Inc., please visit the Company's website at http://www.cogdellspencer.com.
Forward-Looking Statements
This document 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; 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 2006 Annual Report on Form 10-K. 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.
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| SOURCE Cogdell Spencer Inc. Copyright©2007 PR Newswire. All rights reserved |
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