IRA Capital Acquires Eye Institute of Texas MOB
A joint venture led by Newport Beach-based IRA Realty Capital (“IRA”), purchased a 92,000 square-foot medical office building located in Dallas for $25.5MM. The property known as The Eye Institute of Texas was 81% leased at the time of closing. IRA is in discussions with several medical tenants that will bring the occupancy up to 94%. The newly constructed class A, state-of-the-art facility is strategically located in the heart of Dallas on the North Central Expressway between the Presbyterian Hospital of Dallas and the Medical City Hospital of Dallas.
According to IRA’s Principals, The Eye Institute of Texas medical office building has a strong mix of fundamentals that make it a compelling investment opportunity for IRA and its equity investors. The medical office building is leased to premier medical specialists including The Ophthalmology Surgery Center of Dallas, Cornea Associates of Texas, Glaucoma Associates of Texas, Greenville Laser Center, North American Spine and Texas Retina Associates. The award- winning contemporary building design and construction features maximize natural lighting while also providing cost-efficient operation and maintenance, strengthening the ability to reach full occupancy. Additionally, Dallas continues to boast a strong medical office market with decreasing vacancy and high demand for private medical services.
IRA Realty Capital is a privately‐held commercial real estate investment and management company with a diverse portfolio of commercial real estate holdings throughout the United States. IRA acquires core, core-plus, and value-added real estate for its own accounts and on behalf of its partners, which include high net-worth individuals, family offices, opportunity funds, and institutions. IRA’s principals have built a strong track record in executing more than $3 Billion in transactions across all product types. IRA’s affiliate company, Dana Investments, has been acquiring value-add opportunities across all product types throughout the country since 1985. IRA Capital is headquartered in Newport Beach, California.