IRA Capital Sells Thatcher Medical Center in Pasadena

IRA Capital is pleased to announce the sale of  Thatcher Medical Center in Pasadena, California

Thatcher Medical Center (“TMC”) is a 73,564 square-foot, two-building medical office complex in the heart of Pasadena, California. The asset is viewed by the local population as an “iconic” property originally designed and constructed to be the premier medical  office building in the city with its unique New Orleans colonial-style design.

After acquiring TMC in March 2014 for approximately $21,000,000, IRA sold the Property off-market to a local operator for $27,750,000, yielding its investors a gross IRR of 57% and equity multiple of 1.84x in under 17 months. Upon acquisition, IRA had commenced its business plan of implementing a new management team, capital improvement plan, “SpecSuite” lease program, among others, and as a result leased the Property up from 78% to 85% within 15months. IRA Capital is actively acquiring retail, office, and medical office assets throughout the country.

IRA Capital is a real estate private equity company focused on creating and maximizing value through the strategic acquisition and management of assets. IRA Capital has acquired approximately $600 million of commercial real estate throughout the country over the past four years. The principals of IRA Capital have more than six decades of combined real estate experience and have transacted on over $3.5 billion across a range of asset classes and geographic markets, with a proven track record of profitability. IRA Capital is aggressively looking for  investment opportunities.

Please submit all opportunities for consideration to:  acquisitions@iraCapital.com

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Amer F. Kasm
(949)258-7402
akasm@iraCapital.com
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Samir M. Patel
(949)258-7403
spatel@iraCapital.com
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Jay H. Gangwal
(949)258-7404
jgangwal@iraCapital.com
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Mohannad S. Malas
(949)258-7412
mmalas@iraCapital.com
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