IRA Capital Acquires Florida Retail Centers
An affiliate of Newport Beach-based IRA Capital “IRA” has acquired two Florida retail sites totaling 60,000 square-feet for approximately $9MM. The properties are located in Pensacola and Orlando.
Fairfield Crossings in Pensacola is 100% leased to Ross Dress for Less, Office Depot, and T-Mobile. The property in Orlando is located directly across from Fashion Square Mall and is 100% leased to Verizon Wireless and Mattress Firm. The two sites boast strong traffic counts in excess of 60,000 vehicles and are located in retail corridors with over 150,000 residents within a 5-mile radius. The West Pensacola and Orlando retail submarkets had vacancy rates of 4.5% and 7.2% respectively, both well below the national average.
In addition to the properties being located in strong retail markets, the strength of the tenants and the attractive yields generated by the high-quality properties were key components in IRA’s decision to acquire the 2 assets. IRA has acquired in excess of $100MM of retail and office transactions over the past eighteen months, and anticipates closing on an additional $100MM of assets by year-end. IRA has a single-tenant net lease fund through which they directly invest funds on behalf of its high net-worth investors and family offices. IRA also maintains separate accounts through which it joint ventures with institutions to acquire retail, office, and industrial assets for its various investment programs.
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 account 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. Additional information can be found at www.iraCapital.com