Medac Build-to-Suit Breaks Ground

NORTH AUGUSTA, SC—Greenstone Properties and its capital advisor Patterson Real Estate Advisory Group reported on Monday that construction has begun on a 60,000-square-foot build-to-suit office building for healthcare services firm Medac, Inc.

The $9.8-million project is expected to be completed in the summer of 2015. Medac, a healthcare services firm that assists clients with the business management functions associated with the delivery of anesthesia services, signed a 15-year lease at the property. In connection with the project, Patterson Real Estate Advisory Group arranged a more than $7.3-million construction loan with Bank of North Georgia.

“Medac has experienced significant growth over the past several years and this facility will allow them to vastly improve logistics and general efficiency by consolidating their three offices into one headquarters,” says Chris Schoen, a principal of Greenstone. “Medac's need for a large space of their own coupled with incentives offered by the city of North Augusta prompted them to make this strategic investment that will ultimately foster long term success.”

The City of North Augusta contributed the underlying land and is also constructing and financing a multilevel parking garage adjacent to the project to be utilized by Medac.

“North Augusta is experiencing an exciting surge of activity, and Greenstone's vast build-to-suit development experience, the incentives offered by North Augusta and the steady growth exhibited by Medac combined to create a compelling opportunity,” says Lance Patterson of Patterson. “The project will be a catalyst for additional development in the immediate vicinity.”

The new building will be developed alongside the Savannah River adjacent to another Greenstone development, Project Jackson, a 30-acre public and private mixed-use development. As the master developer of the entire site, Greenstone will develop a new, city-owned baseball stadium for the Augusta Green Jackets, as well as 50,000 square feet of retail. Project Jackson is expected to be delivered in the spring of 2016.