(Carl Cronan is editor of Real EstateFlorida.)
PENSACOLA, FL-Cogdell Spencer Inc. says it will develop a $22.4-million medical office building and outpatient treatment center here, along North Davis Highway between Royce and Hewitt Streets. Construction of the 76,000-sf project will get under way in late September, with completion scheduled for December 2009.
Besides being its first project in the Florida Panhandle, Charlotte, NC-based Cogdell Spencer notes that it will be the REIT's first full-service synergy project with Marshall Erdman & Associates since the two companies merged in March. The project will include design/build, development and property management services.
"The complimentary offerings from our recent merger has allowed us to provide clients with complete real estate services under one roof," Frank Spencer, president and CEO of Cogdell Spencer, stated in a release. Erdman is recognized as an industry leader in healthcare design/build, which encompasses architecture, engineering and construction.
The Pensacola project, which is already fully preleased, will be 40% owned by Cogdell Spencer with a local physician group owning the other 60%. Cogdell Spencer Advisors will manage the property upon completion.
Cogdell Spencer invests in specialty office buildings for the medical profession, including doctor's offices and ambulatory surgery and diagnostic centers. Its portfolio includes 62 wholly owned properties and consolidated joint ventures and 51 managed medical office buildings.
In August, Cogdell Spencer announced it formed a joint venture with Northwestern Mutual to form CSA Medical Partners LLC. The venture expects to buy up to $350 million worth of medical offices and healthcare facilities nationwide, with Cogdell Spencer contributing 20% of the equity capital to fund future acquisitions.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
