IRA Capital Obtains MOBs in New York and California
By HCO Staff
ALISO VIEJO, Calif. & BROOKLYN, N.Y.—Southern California private equity firm, IRA Capital (“IRA”), has announced the acquisition of the Aliso Viejo Medical Plaza (“the Property”), a medical office building in Orange County, Calif. The asset is strategically located in the affluent neighborhood of Aliso Viejo and is leased to 15 medical tenants.
Notably, HOAG Orthopedic Institute (“HOI”) has executed a new 15-year lease to occupy the entire ground floor, in which they plan to construct a state-of the-art surgery center comprised of 5 operating rooms. IRA is planning substantial exterior and interior renovations to transform the asset into a best-in-class medical office building.
HOI was named ‘2021-2022 Best Hospital’, has been recognized as “high performing” in Back Surgery, Hip Fracture, Hip Replacement, and Knee Replacement by U.S. News & World Report, and has led California with the highest volume of joint replacement procedures performed for 8 consecutive years. HOI is dedicating significant capital to construct their surgery center and further establish their presence in the South Orange County market.
IRA Capital continues to be among the most active investment groups within the healthcare real estate sector. According to IRA Capital co-founder Jay Gangwal, “The Aliso Viejo Medical Plaza acquisition exemplifies our strategy to pursue both single and multi-tenant medical assets that are well located in strong markets. We have successfully improved our position with the execution of HOI lease and have plans to further reposition and rebrand the asset”
The firm also recently announced the acquisition of New York-Presbyterian Medical Building located in Brooklyn, N.Y. (“Property”). The Property is 100% occupied and leased to New York-Presbyterian/Brooklyn Methodist Hospital, one of the nation’s largest and most comprehensive hospital systems, which is comprised of 2,600 beds, more than 6,500 affiliated physicians, and 20,000 employees. The health system is a leading provider of inpatient, ambulatory, and preventive care in all areas of medicine with more than 2 million visits annually.
The Property is strategically located on Kings Highway, one of the region’s major thoroughfares, boasts high accessibility by public transportation, offers on-site parking, and serves the ever-increasing demand of the Marine Park, Mill Basin, and Flatbush neighborhoods. The asset serves as a one stop shop for a wide range of medical specialties including OB/GYN, orthopedics, cardiology, primary care, among others.