IRA Capital last month made a big splash in its best-known sector for investments in healthcare real estate, as the Irvine-based firm bought a 12-building portfolio of medical outpatient buildings in four states.
The medical building portfolio, which features a mix of single- and multi-tenant medical buildings in California, Florida, Oregon and Texas, was purchased in partnership with Los Angeles-based Oaktree Capital Management LP.
The medical office buildings total 600,000 square feet and were acquired from two separate institutional sellers, according to a statement by IRA Capital. Details about the sellers and the selling price were not disclosed.
Health systems anchoring the 12-building portfolio include Ascension, CommonSpirit, McKesson, Palomar Health, SCA Health, UC Davis Health and UCLA.
Medical services offered across the portfolio include advanced imaging, gastroenterology, internal medicine, oncology and orthopedic surgery.
Jay Gangwal, managing partner at IRA Capital, said his firm plans to revitalize and modernize the portfolio’s buildings to drive leasing velocity.
IRA Capital has been among the state’s most active player in the healthcare real estate market the past few years. The private equity firm invested $140 million into healthcare real estate assets since the beginning of the year and plans to close on another $150 million of deals by the end of this quarter.
