Washington Regional Buys Land Across the Street for $4.3M
by June 22, 2015 12:00 am 80 views
Washington Regional Medical Center in Fayetteville has purchased four parcels of land, with an eye toward future development to meet the rising demand for medical services.
The parcels comprise 5.93 acres and cost $4.3 million, equal to $16.64 per SF. The tract is located on the corner of Appleby Road and Bob Younkin Drive, across the street from the hospital campus.
The land purchase was an all-cash transaction. Billingsley Family LP, led by Boyce Billingsley, was the previous owner of the property.
Mitch Weigel, executive broker with Downtown Properties Real Estate Group Inc. of Fayetteville, had the listing.
Washington Regional president and CEO Bill Bradley told Whispers there could be multiple uses for the land, but the most likely use would be for medical office space.
“We have no firm plans to date, but expect to use the property for our growth,” he said.
Originally built in 2002, Washington Regional completed a $64 million expansion in 2008 that included a new fifth floor with a chapel, expanded emergency department, Pat Walker Center for Seniors, Center for Support Services and expanded kitchen and pharmacy.