Cogdell Spencer Inc. Acquires Healthpark Medical Office Building and Peerless Medical Center in Chattanooga, TN
Posted on: Wednesday, 26 December 2007, 09:00 CST
CHARLOTTE, N.C., Dec. 26 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. announced today that on December 21, 2007, it acquired Healthpark Medical Office Building in Chattanooga, TN and Peerless Medical Center in Cleveland, TN for approximately $28.6 million, inclusive of transaction costs. The two buildings total 92,657 square feet and are 100 percent leased. The acquisition was funded through a combination of cash and the assumption of approximately $16.2 million of existing debt with a blended interest rate of 5.68%. This acquisition marks the thirteenth market and a new client relationship for Cogdell Spencer.
Healthpark Medical Office Building, built in 2004, is located adjacent to Erlanger East Hospital, a member of the Erlanger Health System. Tenants of the 52,151 square foot facility include Galen Medical Group, the largest multi- specialty group in the Eastern Tennessee market, and Erlanger's MRI/Imaging facility (MRI, digital mammography, nuclear/echo cardiogram and ultra-sound).
Peerless Crossing Medical Center was built in 2006 and is 100 percent leased by Peerless Medical Associates, a large multi-specialty practice. The 40,506 square foot facility is located proximate to the campus of Skyridge Medical Center (owned by Community Health Systems). Community Health Systems sub-leases 9,500 square feet of space from Peerless Medical Associates.
"These newly constructed, class 'A' facilities represent a strong roster of prominent hospitals and physician groups," said Matthew Nurkin, Vice President of Acquisitions for Cogdell Spencer Inc. "We look forward to building long term relationships with these providers as we grow our portfolio in the Eastern Tennessee market."
About Cogdell Spencer Inc.
Charlotte-based Cogdell Spencer Inc. 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 57 wholly owned properties, five joint venture properties and 57 managed medical office buildings. For more information on Cogdell Spencer Inc., please visit the Company's website at http://www.cogdellspencer.com/. Cogdell Spencer Inc.
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.
Cogdell Spencer Inc.
CONTACT: Media, Dana Crothers, Marketing Director, +1-704-940-2904,dcrothers@cogdellspencer.com, or General Inquiries, Frank C. Spencer,President and Chief Executive Officer, +1-704-940-2926,fspencer@cogdellspencer.com, or Financial Inquiries, Charles M. Handy, ChiefFinancial Officer, +1-704-940-2914, chandy@cogdellspencer.com, all of CogdellSpencer Inc.
Web site: http://www.cogdellspencer.com/
Source: PRNewswire-FirstCall
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