The practice, which is celebrating its 75th year, plans to build a clinic on the land in North Liberty, Iowa, with further expansion plans in the pipeline.
Steindler Orthopedic Clinic did not disclose the price of the transaction, which is expected to close later this year.
The land is near an empty lot owned by the University of Iowa Hospitals and Clinics, which had its certificate-of-need application for an acute care hospital rejected by the state in February.
The proposed hospital would also provide orthopedic care, according to the report.
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