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.
|SOURCE Cogdell Spencer Inc.|
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