Martin Foot and Ankle sells York County facility for $4.3M
A Tennessee-based real estate investment company has paid nearly $4.3 million to buy the home office of Martin Foot and Ankle in Springettsbury Township, but the medical practice itself is staying put.
Derry Township-based Zeustra Real Estate Investment Services represented the York County podiatry practice in the sale and leaseback of the campus, which is at 2300 Pleasant Valley Road.
The buyer is Community Healthcare Trust, a publicly traded trust that specializes in health care properties.
Martin Foot and Ankle will remain in the office under a 10-year lease it signed with Community Healthcare.
Michael Younes, a partner at Martin Foot and Ankle, said the practice connected with Zeustra through a referral from another physician in Central Pennsylvania. Zeustra's Erik Gainor and Corey Martier handled the transaction.
Zeustra works with medical practices and health care systems across the country to monetize their real estate holdings. In many cases, that means selling offices and other facilities to real estate investment trusts and private-equity firms and then leasing them back.
The foot and ankle practice currently operates with 11 full-time physicians and sees more than 87,000 patients annually.
The Pleasant Valley Road office serves about 33,000 patients annually. The practice has four other offices in York and Lancaster counties.
The practice's doctors also are division chiefs at both WellSpan Health's York Hospital and Penn Medicine's Lancaster General Hospital.