The Charlotte, NC-based medical office property REIT will own the facility in partnership with various physician-tenants in the building. Because tenants may end up owning in excess of 50%, the developer is treating the project as a consolidated subsidiary. Cogdell will be the managing member of the JV and retain overall management of the property.
An ambulatory surgical center, called Physician's Surgery Center, which includes four operating rooms and two procedure rooms, will anchor the facility and occupy the 21,000-sf first floor. Its ownership will consist of an operating joint venture that includes Lancaster General Hospital and several local-area physicians.
The top two floors are spec space for multi-specialty medical tenants. A spokeswoman for Cogdell Spencer tells GlobeSt.com this space is 50% preleased. She declined to disclose the rental rate.
The new facility is located at 2150 Harrisburg Pike at the intersection of Rohrerstown and Spring Valley roads. The design calls for separate covered entrances for the medical office building and the ambulatory surgery center.
This project follows the Aug. 1 groundbreaking of the $13-million, 52,800-sf Lancaster Rehabilitation Hospital, also being developed by Cogdell Spencer. It is owned by the developer and leased to an operating JV between the hospital and St. Louis-based Centerre Healthcare Corp. The rehabilitation hospital is scheduled for completion in second quarter 2007, and the medical office building will open in the following fourth quarter.
"We are proud to continue partnership in healthcare with Lancaster General," says Devereaux Gregg, Cogdell Spencer's VP of development, in a statement. The new facility "will provide a convenient location and healing outpatient setting for the surgery center patients and visitors to the physician offices."
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