GBT Realty Corporation, a national retail real estate company, recently broke ground on Madison Corners, 12.86-acre property, located in the southeast corner of US Highway 72 and Balch Road.

The development is immediately adjacent to the Madison Medical Park which has the new Madison Regional Hospital scheduled to open this coming February.

Madison Corners is being developed into two outparcels, approximately 22,000 square feet of retail shops and approximately 100,000 square feet in Class A medical office space.

Alabama based Triad Properties Corporation has purchased 3.46 acres of the property for the development of a 60,000 square foot first class medical office building, which is currently slated to commence construction in early 2012. Triad also has an option to purchase an additional 3.12 acres for the development of a second medical office building.

The retail shops will be constructed in two buildings in front of the medical office buildings with excellent exposure to both Highway 72 and Balch Road. Pre-leasing has begun on the retail buildings and three pre-lease agreements have already been signed. These include Firehouse Subs, a quick service sub sandwich restaurant with more than 450 locations in 29 states, LawLer’s Barbecue, which has several locations in the Huntsville area, and Specialized Medical Devices, a medical sales company.

GBT is also in the process of securing additional tenants that will account for up to 50 percent of available space and will announce as leases are signed.

“Madison Corners offers us an incredible opportunity to bring the right mix of retailers and medical-related businesses to accommodate the individual and professional needs of those who work or visit the Madison Medical Park and Hospital Campus,” said Fraser Schaufele, V.P. of Leasing for GBT. “And being located just west of the Target anchored shopping center, The Shoppes of Madison, which will open in March 2012, makes this development a key location for any retailer or outparcel user looking for maximum exposure.”

Roadway widening of both Balch Road and Highway 72 will enhance traffic flow to the hospital campus and Madison Corners. Balch Road was recently expanded to five lanes and Highway 72 is in the process of expanding to six lanes from Balch Road to Wall Triana Road to the east.

Along with Triad Properties, additional companies involved in the development of Madison Corners include design by MJM Architects, Gresham, Smith & Partners, and financing provided by Avenue Bank.