IRA Capital Expands Medical Portfolio With Genesis Health ASC Acquisition
August 3, 2021 – Southern California private equity firm IRA Capital (“IRA”) is pleased to announce the acquisition of the Genesis Center for Digestive Health, a 14,000 square foot medical office building and surgery center 100% leased to Genesis Health in Bettendorf, Iowa. The medical building was constructed in 2004 and functions as a highly specialized endoscopy center featuring 3 operating rooms, alongside a full gastroenterology clinic which includes physician offices, exam rooms, and procedure rooms. The center was previously occupied by Gastroenterology Associates, one of the leading gastroenterology groups in the region. Gastroenterology Associates became a part of Genesis in June and IRA Capital acquired the transaction through a sale-leaseback that was structured with Genesis Health and the physicians that had owned the property. Genesis Health is a not-for-profit healthcare system serving Davenport and the surrounding quad-cities market in Iowa. Genesis operate six hospitals with 665 inpatient beds and employs over 5,500 people in the region, making them the largest employer in the county. Genesis consistently delivers necessary healthcare services to the area and has been recognized three times as the top ranked community hospital in Iowa. Genesis was also ranked in the top 15 health systems in the entire country last year, further proving their commitment to high-quality care. The property is strategically located on a healthcare campus anchored by 3 Genesis Health properties. One of the buildings is a 43,000 square foot multispecialty clinic that was built in 2018 as part of Genesis’ expansion in the Bettendorf area, and the other facility is a 77,000 square foot orthopedic surgery center specializing in orthopedic/pain management cases. According to IRA Capital co-founder and partner Amer Kasm, “Genesis’ recent expansion at the site acts as a strong referral source for our newly acquired property, and further demonstrates Genesis’ long-term commitment to the growing patient base in the Quad Cities region. IRA Capital looks forward to the opportunity of growing its relationship with Genesis Health in Iowa.” The acquisition of the Center of Digestive Health is consistent with IRA’s ASC acquisition strategy, which has focused on dominant health systems or surgery center operators with an emphasis on facilities with strong case volumes and high-margin specialties. IRA Capital recently acquired a three-property gastro ASC portfolio in San Antonio last month. IRA Capital continues to be among the most active healthcare real estate investor over the past year. According to IRA Capital co-founder and partner Samir Patel, the Genesis transactions aligns well with IRA’s strategic initiative to acquire critical-operation healthcare assets backed by long-term leases and strong credit.
About IRA Capital
IRA Capital is a Southern-California based private equity firm founded in 2010 that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, and family offices. IRA invests in commercial real estate assets throughout the United States, with a primary focus on the medical/healthcare real estate sector. Headquartered in Irvine California, IRA has acquired over six million square feet of property across 30 states, valued in excess of $2.5 Billion. To learn more, visit www.iracapital.com
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