Irvine-based IRA Capital has recently acquired a collection of 12 Class-A medical outpatient buildings in partnership with funds managed by Oaktree Capital Management, L.P. The specific terms of the acquisition were not disclosed. This purchase encompasses a total of 600,000 square feet and involves properties from two different institutional sellers. These buildings are located in prime medical corridors across California, Texas, Florida and Oregon.
The portfolio includes both single-tenant and multi-tenant structures that are occupied by well-known health systems and leading medical providers such as UC Davis Health, Palomar Health, UCLA CommonSpirit Ascension McKesson SCA Health. In fact these tenants collectively occupy approximately half of the total space.
IRA Capital was particularly interested in this portfolio due to its strong submarket fundamentals as well as established partnerships with regional health systems. Additionally it offers top-notch medical care across various specialties making it an attractive investment opportunity for IRA Capital’s newly formed partnership with Oaktree Capital Management L.P.. “We believe that these assets have been strategically positioned within their respective markets,” stated Jay Gangwal who serves as managing partner at IRA capital.”Furthermore we anticipate increased demand for these properties due to recent hospital expansion projects nearby.” He also added “Our plan is to invest additional capital into modernizing the buildings which will solidify them as best-in-market options while simultaneously driving leasing velocity.We believe this will support long-term growth for our tenants.”
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