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Cogdell Spencer touts 1st project stemming from Marshall Erdman merger

Jeff Richgels  —  9/03/2008 8:28 pm

Cogdell Spencer Inc. on Tuesday announced its first project stemming from its merger in March with Madison-based Marshall Erdman and Associates.

The Charlotte, N.C.-based real estate investment trust said in a news release that it has signed a definitive agreement to develop and manage a $22.4 million, 75,985-square-foot medical office building and outpatient treatment center in Pensacola, Fla. - a new market for the company. The project will include design/build (architectural, engineering and construction), development and property management services.

The former Marshall Erdman and Associates -- now known as Erdman, a Cogdell Spencer Company -- specializes in health care facilities. With the addition of Erdman, Cogdell Spencer said it now is the nation's most integrated health care real estate facilities company, offering services from concept through long-term ownership and management.

The three-story project in Pensacola is 100 percent pre-leased. Site work is scheduled to begin the fourth week of September, with completion scheduled for December 2009.

Cogdell Spencer will own 40 percent of the project, with a local physician group owning 60 percent. Cogdell Spencer Advisors will manage the property upon completion.

"We are extremely pleased with this, our first full-service synergy project with Erdman," Cogdell Spencer President and CEO Frank Spencer said in a statement.

Cogdell Spencer's portfolio consists of 62 wholly owned properties and consolidated joint ventures, three unconsolidated joint venture properties and 51 managed medical office buildings.

Jeff Richgels  —  9/03/2008 8:28 pm