Medac Urgent Care will add a fourth location in Wilmington in a medical building formerly occupied by Wilmington Health.
The health care provider has committed to a 10-year lease for a 4,886-square-foot building at 5245 S. College Road. Spruill Thompson and Brian Eckel, both brokers with Cape Fear Commercial, represented the landlord, RTG of Wilmington LLC, and Patrick Riley, broker with Maus, Warwick, Matthews & Co., represented Medac in this transaction, according to a news release from Cape Fear Commercial.
“We successfully transferred the building to RTG of Wilmington with the understanding that Wilmington Health was planning to renew their lease with an expansion; however, the decision was delayed and Wilmington Health chose not pursue a renewal,” Thompson said in the release. “Fortunately, by collaborating with Patrick Riley of MWM, we were able to secure a long-term lease with Medac, assuring a long-term investment for the landlord and maintaining the investment grade of the property.”
Ralph Gevinson, managing member of RTG of Wilmington, said he appreciated the “smooth transition of tenants” with no gap in rental income.
“What we have is a long-term commitment and partnership between Medac, RTG of Wilmington, and Cape Fear Commercial. It's a strong team,” Gevinson said in the release.
Cape Fear Commercial was also involved in the investment sale of the property in June 2013, the release added.