Inova acquires two medical buildings
Inova’s footprint continues to expand throughout the region. The healthcare company purchased two medical office buildings at 8260 and 8280 Willow Oaks Corporate Drive in Merrifield for $97.5 million from Stockdale Capital Partners, the Newmark Group announced on Sept. 23.
The two buildings are located close to Inova Fairfax Hospital and the Gallows Road exit on the beltway.
Newmark, a commercial real estate advisor and service provider, negotiated the sale.
“The competitive process demonstrated strong investor demand for Willow Oaks, with multiple third-party bids,” said Ben Appel, co-head of the U.S. medical office department at Stockdale. Initially, the company only marketed one of the buildings, “but demand for Willow Oaks resulted in unsolicited bids for both assets.”
Tenants at the Willow Oaks Corporate Center include Inova Health System, Fairfax Radiologic Consultants, the Cipriani & Werner law firm, Right at Home, Dzyne Technologies, the Irrigation Association, and Metropolitan Healthcare Services.
Related story: Inova commemorates a milestone in its hospital project
Business must be booming for INOVA. They have the huge former EXXON campus and they’re still adding. I remember biking on the EXXON campus in the woods on the weekends with a friend who worked there. It was super quiet and like a nature reserve (lots of deer).
It is amazing that a “non-profit” is able to afford prime real estate to the tune of hundreds of millions while health care becomes less affordable for most Americans. (Just saying)
Non-profit as far as tax purposes means they are not distributing profits to partners or shareholders. And that they’re costs are reasonable (and in line with market). If they keep spending revenue on expansion and as long as the pay scales are market rate….
There are undoubtedly many fat cats (CEOs, VPs, etc) who aren’t actually doing services for patients, and make big salaries. INOVA’s CEO was 6.5 million. United Healthcare (a huge nationwide company) CEO compensation was $61 million. Hard to tell if that is proportional and market rate…