Lancaster County medical offices sold for $13.5M
Lancaster NeuroScience & Spine Associates has sold two of its office buildings to Montecito Medical Real Estate for $13.5 million.
The two buildings - totaling 41,322 square feet - house medical offices and outpatient surgery facilities.
One of the buildings is at 1671 Crooked Oak Drive in Manheim Township. It includes physician, physical therapy and administrative offices, as well as an outpatient surgery center that deals with pain management.
The other building is at 730 Eden road. It was built in 2009 and includes an outpatient spine surgery center called The NeuroSpine Center.
Lancaster Neuroscience & Spine Associates is still a tenant in the buildings. The practice leases 90 percent of the space in the Crooked Oak Drive building and approximately 40 percent of the Eden Road building.
About 10 percent of the Crooked Oak Drive building is leased by Penn Medicine Lancaster General Health, which operates the outpatient surgery center. It also provides family medicine, physical therapy, EKG, lab testing and x-ray services.
LG Health also provides physical therapy services at the Eden Road building. Neurosurgeons at the NeuroSpine Center are closely affiliated with LG Health.
Other tenants in the Eden Road building include Lancaster Family Allergy and the MRI Group, which provides MRI and CT imaging.
In addition to the facilities in Lancaster acquired by Montecito, Lancaster NeuroScience & Spine Associates maintains an office in Lebanon.
Montecito Medical describes itself as one of the nation’s largest privately held companies specializing in health care-related real estate acquisitions and in funding the development of medical real estate. It has offices in Tennessee, Texas, Oregon and California.
Since 2005, it has transacted on more than $2.33 billion in medical real estate totaling over 6 million square feet in 28 states.
The deal was brokered by Zeustra Real Estate Investment Services, a health care real estate firm in Derry Township.