IRA Capital Completes Sale of Medical Office and Life Science Portfolio to Nuveen for $620.4 Million
August 9, 2021 – IRA Capital (“IRA”), a Southern-California based private equity firm and one of the largest private buyers of healthcare real estate in the United States, has completed the sale of a medical office and life science portfolio to Nuveen Real Estate for $620.4 Million.
The portfolio totals over 1,165,173 square feet consisting of 29 properties across 13 states which include Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas, and Wisconsin. The medical office properties are comprised of ambulatory surgery centers, micro-hospitals, freestanding emergency departments, and single and multi-tenant medical office buildings leased to some of the largest health systems in the country. The life science assets have a primary focus on pharmaceutical testing and medical device manufacturing. The portfolio features strong investment-grade tenancy and long term leases with strong annual escalations.
“IRA, at its core, is a relationship-focused real estate partner,” said Samir Patel, a principal and co-founder of IRA Capital. “We believe in creating value by developing and maintaining long-term partnerships with our tenants, and by helping them become more efficient rather than only focusing on the physical aspects of their property. This partnership approach vs. a traditional Landlord/Tenant relationship has positioned us exceptionally well to continue our growth well into the future.”
In early 2020, IRA sold an 18-property medical office portfolio to Welltower (NYSE: WELL) and has continued building upon its medical office portfolio throughout COVID, with a primary focus on shifting its strategy towards health-system transactions. IRA acquired approximately $500 Million of transactions in 2020 and intends to deploy approximately $1 Billion in the next year with a primary focus in the healthcare sector, as well as other asset classes such as multifamily, industrial, net lease, and hospitality.
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
For media inquiries, please contact:
Kyle Zimmerman, Corporate Communications + 1 949 204 5386 / kzimmerman@iracapital.com