(Carl Cronan is editor of RealEstateFlorida.)

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PENSACOLA, FL-Cogdell Spencer Inc. says it will develop a$22.4-million medical office building and outpatient treatmentcenter here, along North Davis Highway between Royce and HewittStreets. Construction of the 76,000-sf project will get under wayin late September, with completion scheduled for December 2009.

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Besides being its first project in the Florida Panhandle,Charlotte, NC-based Cogdell Spencer notes that it will be theREIT's first full-service synergy project with Marshall Erdman& Associates since the two companies merged in March. Theproject will include design/build, development and propertymanagement services.

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"The complimentary offerings from our recent merger has allowedus to provide clients with complete real estate services under oneroof," Frank Spencer, president and CEO of Cogdell Spencer, statedin a release. Erdman is recognized as an industry leader inhealthcare design/build, which encompasses architecture,engineering and construction.

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The Pensacola project, which is already fully preleased, will be40% owned by Cogdell Spencer with a local physician group owningthe other 60%. Cogdell Spencer Advisors will manage the propertyupon completion.

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Cogdell Spencer invests in specialty office buildings for themedical profession, including doctor's offices and ambulatorysurgery and diagnostic centers. Its portfolio includes 62 whollyowned properties and consolidated joint ventures and 51 managedmedical office buildings.

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In August, Cogdell Spencer announced it formed a joint venturewith Northwestern Mutual to form CSA Medical Partners LLC. Theventure expects to buy up to $350 million worth of medical officesand healthcare facilities nationwide, with Cogdell Spencercontributing 20% of the equity capital to fund futureacquisitions.

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