Northern Virginia Health Care Complex Expands With Nine-Acre Purchase
Inova Health System expands Franconia/Springfield HealthPlex in Alexandria, Va., acquiring nearby nine-acre site from Monument Realty.
By Keith Loria November 9, 2020 10:00 am
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Inova Health System is expanding the Franconia/Springfield HealthPlex, a full-service emergency care and outpatient clinic in Alexandria, Va., acquiring an additional nine-acre site on nearby Lewin Drive from Monument Realty.
Inova did not reveal the price of the land, but the Washington Business Journal reported it sold for $25 million.
The deal follows Inova’s $15.68 million acquisition of 4.1 acres of land the health care system purchased in January from Monument, looking to expand on its patient services. Additionally, Inova owns approximately eight more acres near the site.
“This additional land provides unlimited opportunity for programs, services and facilities that support our mission to provide world-class healthcare to every patient we have the privilege to serve,” J. Stephen Jones, M.D., Inova’s president, said in a news release.
The plan is to turn the now 21-acre property into a new acute-care facility adjacent to the existing HealthPlex.
“We could not be more pleased with the transaction and the opportunity to support Inova’s plans to enhance health care services and programs throughout Northern Virginia,” F. Russell Hines, Monument Realty’s president, said in a release.
During construction, patients will continue to have access to the ER, physician offices and other vital clinical operations.
According to Inova, details on the new medical campus, including program and facility scope and size, will be finalized sometime in early 2021. It anticipates the facility planning, regulatory and construction processes will take place over the next several years.
David Millard and Peter Berk, both principals at Avison Young, represented Inova in the transaction.
