Hanover Medical Office Building One is located in Mechanicsville, VA, on the campus of Memorial Regional Medical Center, an affiliate of Bon Secours Health System. The Glendale properties are located on the campus of Verdugo Hills Hospital. Cogdell's VP of acquisitions Matt Nurkin tells GlobeSt.com that the occupancy of the portfolio is "consists with its overall portfolio," which was 95.7% at the end of 2005.
The Glendale properties include a 63,887-sf, four-story building constructed in 1972 and a 42,906-sf four-story building completed in 1987. The major tenant is Verdugo Hills Hospital. The Mechanicsville property is a three-story building constructed in 1993. It is directly connected to the Memorial Regional Medical Center. The major tenants are Memorial Regional Medical Center, Dominion Women's Health and Virginia Cardiovascular.
The Mechanicsville property is Cogdell's first in the Richmond market. Company officials believe the asset bolsters its existing relationship with Bon Secours Health System Inc., the parent company of Memorial Regional Medical Center in Hanover County. The two Glendale buildings represent the only on-campus medical office options available to physicians serving Verdugo Hills Hospital.
Cogdell Spencer Inc. went public at the end of October. The company sold 5.8 million shares for $98.6 million. It's portfolio of specialty medical buildings includes 49 wholly owned properties, eight joint venture properties and 19 managed properties.
The company's shares closed their first day of trading on Oct. 28 at $16.53. In noontime trading Friday, shares were trading at $21.44.
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