IRA Capital Acquires Verizon Corporate Headquarters
An affiliate of Irvine-based IRA Realty Capital (“IRA”) has purchased the 152,000-square-foot Verizon Alabama State Headquarters and Call Center in Huntsville. IRA’s recent acquisition was structured as a joint venture between IRA and a Persian-Gulf based equity fund, with JP Morgan providing the debt financing.
According to IRA founding partners Samir Patel & Amer Kasm, the Verizon acquisition has a strong mix of fundamentals that make it a compelling opportunity. The built-to-suit facility cost more than $44MM to construct and sits on 25 acres within Huntsville’s Thornton Research Park. The mission critical location employs more than 1,200 employees, making Verizon among Huntsville’s top ten employers. IRA is excited by Huntsville’s growth prospects and diverse economic landscape, where more than forty Fortune 500 companies have operations. With an original 12-year net-lease backed by Verizon Wireless’ A-rated corporate guaranty, IRA’s investors are afforded the long-term bond-like stability that is a key component of its net lease strategy.
IRA has acquired over $70MM in single tenants assets since the launch of its Net Lease Fund in September 2010. According to IRA founding partner Mohannad Malas, IRA Capital expects to acquire $150MM of transactions in the coming year. IRA has recently expanded their acquisition efforts to include value-add and opportunistic investments in the Southwest region and has added Jay Gangwal as a partner heading value-add and opportunistic investments. IRA’s affiliate company, Dana Investments, founded by Malas, has been acquiring and repositioning value-add opportunities across all product types throughout the country since 1985.
About IRA Realty Capital
IRA Realty Capital is a privately‐held real estate investment and management firm that focuses on maximizing risk‐adjusted returns while protecting and growing investment capital. The principals of IRA Realty Capital have built a strong track record in executing more than $3Billion in transactions across all product types. Additional information can be found at: www.iraCapital.com