3A — September 28 - October 11, 2018 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal Montecito Medical purchases two-building medical office portfolio totaling $13.5 million Gainor & Martier of Zeustra facilitates medical office portfolio acquisition in Lancaster, PA
ANCASTER, PA — Zeustra , a healthcare real estate firm, an- nounced the sale of the medi- cal office portfolio owned by Lancaster NeuroScience & Spine Associates in Lancaster. Erik Gainor and Corey Mar- tier of Zeustra represented Lancaster NeuroScience & Spine Associates in the sale of the two-building medical office portfolio to Montecito Medical. The transaction was valued at over $13.5 million. “We are very pleased that our L in a Fund until the taxpayer exits the Fund or December 31, 2026, whichever occurs first. 2. Deferred capital gains re- sulting from investments in the Fund held a minimum of five years are given 10% reduction in the amount taxed and invest- ments held at least seven years are given a 15% reduction. 3. If a taxpayer holds an investment for 10 years, the capital gains accrued on the Fund investment itself (i.e. the property profit) will receive a full step-up in basis for that ten-year period. This final benefit results in tax exclusion and is a permanent exclusion of taxable income for investments into a Fund. Comparing An Opportunity Zone to a 1031 Exchange A significant advantage of an OZ is that contributions to the Fund can be any type of asset or investment and is not limited to only real property like in a 1031 exchange. However, investing in low-income communities with a ten-year investment time horizon presents a number of disadvantages. In a 1031 exchange, taxpayers can invest in any market in the United States which provides an in- vestment advantage to obtain better investment returns by redeploying equity immedi- ately into communities that are providing high economic growth and strong investment returns today. Moreover, since there is no predetermined hold- ing period in a 1031 exchange, taxpayers have the chance to reinvest equity multiple times compared to the ten-year hold- ing period required to obtain the most beneficial tax advan- tages in the OZ program. Scott R. Saunders is sr. vice president at Asset Pres- ervation, Inc. Opportunity Zones . . . continued from page 2A
focus and dedication to provide opportunities and services for our valued clients created a great result for both parties in this transaction.” said Erik Gainor, CEO of Zeustra. Established in 1972, Lan- caster NeuroScience & Spine Associates has developed an outstanding reputation for delivering excellent outcomes for patients. The Lancaster fa- cilities include the physicians’ offices, The Center For Spine Care (outpatient surgery center devoted to pain management), physical therapy and adminis- trative offices at 1671 Crooked
Oak Dr. In 2009, the physicians constructed a three-story medi- cal building, Eden Rd. Medical Center at 730 Eden Rd., where they own and operate an out- patient spine surgery center, The NeuroSpine Center. The NeuroSpine Center’s strategic proximity to the group’s ad- jacent main office allows the surgeons to streamline patient care in a more intimate and comfortable manner. In ad- dition to its facilities in Lan- caster acquired by Montecito, the group maintains an office in Lebanon, PA. The two adjoining medi-
cal facilities located at 1671 Crooked Oak Dr. and 730 Eden Rd. represent a combined total of 44,556 s/f. Lancaster NeuroScience & Spine Associ- ates occupies 90 percent of the space in the first building and approximately 40 percent in the second building. The other major tenant at 1671 Crooked Oak Dr. includes Lancaster General Hospital Outpatient Lab Services and at 730 Eden Medical Center the major ten- ants include The MRI Group, Lancaster General Hospital Physical Therapy, and Lan- caster Family Allergy. These
locations provide access to premier medical providers in the greater Lancaster region. “Erik and Corey have a wealth of knowledge in today’s healthcare environment which was key to achieving our goals. You can’t but admire their hands-on and direct approach throughout the entire process; they never once became disen- gaged. We are grateful for their dedication and working with Zeustra has been rewarding from beginning to end.” said Stephanie Kurtz, Administra- tor of Lancaster NeuroScience & Spine Associates.
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