The 12-property Portfolio is anchored by leading regional healthcare providers and features high-acuity space with extensive tenant buildouts.
Irvine, California--(Newsfile Corp. - July 31, 2024) - IRA Capital, a prominent Southern California-based private equity firm and one of the leading private buyers of healthcare real estate in the United States, is pleased to announce the acquisition of twelve Class-A Medical Outpatient Buildings (the "Portfolio") through a newly established partnership with funds managed by Oaktree Capital Management, L.P. ("Oaktree"). The acquisition, encompassing 600,000 square feet, involves properties from two separate institutional sellers and features a mix of single and multi-tenant medical buildings situated in prime medical corridors across California, Texas, Florida, and Oregon. The Portfolio is anchored by prominent health systems and leading medical providers, including UC Davis Health, Palomar Health, UCLA, CommonSpirit, Ascension, McKesson, and SCA Health, which collectively occupy approximately 50% of the space.
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IRA Capital was drawn to this Portfolio for its strong submarket fundamentals, established partnerships with regional health systems, and its offering of best-in-class medical care in specialties such as advanced imaging, oncology, orthopedic surgery, fertility, gastroenterology, inpatient rehab, and internal medicine. Jay Gangwal, Managing Partner at IRA Capital, commented, "The strategic positioning of these assets, along with recent hospital expansion projects in the vicinity, is expected to drive increased demand within these medical corridors. We plan to invest additional capital to modernize the buildings and solidify them as best-in-market, further driving leasing velocity while supporting the long-term growth of its tenants."
Stephen Breedon, Senior Vice President of Oaktree's Real Estate Group, added, "We are excited to partner with a best-in-class operator in IRA Capital on the acquisition of this well positioned portfolio in supply constrained markets with excellent demographics. The medical outpatient sector offers attractive risk adjusted returns and is poised to benefit from accelerating national demand for high quality healthcare."
IRA Capital continues to be a key player in the healthcare real estate market, having invested approximately $410 million in healthcare real estate since the beginning of the year, with an additional $150 million expected to close in Q3 2024. The market for Medical Outpatient Buildings (MOBs) is projected to grow at a compound annual growth rate (CAGR) of 7.5% through 2028, driven by an aging population and increasing healthcare demands. High-barrier-to-entry markets such as California and Texas are particularly appealing due to their strong economic fundamentals and limited property availability. The trend toward outpatient care, supported by technological advancements and patient preference for convenience, further underscores the sector's resilience and continued demand for Class-A medical space.
About IRA Capital
IRA Capital is a leading private equity firm established in 2010 by partners Amer Kasm, Samir Patel, Jay Gangwal, Amer Malas, and Mohannad Malas specializing in commercial real estate investments across the United States. Based in Irvine, California, IRA Capital manages assets both for its own account and on behalf of its co-investment partners, including pension funds, institutions, and family offices. The firm has acquired over ten million square feet of property, with a focus on medical and healthcare real estate, spanning 30 states with a total capitalization exceeding $3.2 billion. For more information, please visit www.iracapital.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $193 billion in assets under management as of June 30, 2024. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real estate and listed equities. The firm has over 1,200 employees and offices in 23 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com.
Contact Information:
IRA Capital, Danielle De Souza,
+1 949 612 2742
DdeSouza@iraCapital.com
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