IRA CAPITAL EXPANDS MEDICAL PORTFOLIO WITH SOUTHERN CALIFORNIA PURCHASE

Magan Medical has been serving the community for more than 100 years and was recently acquired by OptumCare, a wholly-owned subsidiary of UnitedHealth – the largest healthcare company in the world with 2019 revenues exceeding $240 Billion.  IRA Capital’s acquisition comes ten days after the firm made another core Southern California purchase leased to St. Joseph Health in Orange County.

The Covina facility is Magan Medical’s primary location, housing over 50 physician providers across 20 specialties including oncology, neurology, dermatology, radiology, and cardiology.  The property recently underwent extensive renovation and capital improvements as part of the integration into the Optum/United Health network. IRA Capital has been one of the most active Buyers in the medical office space, as it continues to strategically grow its portfolio with high quality assets.  Magan Medical is the firm’s sixth acquisition in the past 30 days totaling $150 million.  According to IRA Capital partner Amer Kasm, the facility’s strong position in the market along with Optum/United Health’s strategic investment and backing of the long term lease, were among the key factors in IRA Capital’s decision to purchase the asset.