IRA Capital Expands Surgery Center Portfolio with Pennsylvania and Florida Acqusitions
June 29, 2020 - Southern California private equity firm IRA Capital (“IRA”) is pleased to announce the acquisition of two ambulatory surgery center facilities in the Florida and Pennsylvania markets. The Pennsylvania property is leased to Pocono Ambulatory Surgery Center (“PASC”), a multi-specialty surgery center operated by Surgical Care Affiliates (“SCA”) in partnership with Lehigh Valley Health Network (“LVHN”), a leading health system in the Lehigh Valley region. The Florida property is 100% leased to The Center for Specialized Surgery (“TCSS”), an orthopedic-focused surgery center operated by Regent Surgical Health (“Regent”) in partnership with Lee Health, a leading health system in Southwest Florida.
Pocono Ambulatory Surgery Center – Lehigh Valley Health
Pocono Ambulatory Surgery Center is located in Stroudsburg, Pennsylvania and leases approximately 32,000 Square Feet of the facility, which features three operating rooms, a mix of pre and post operation bays, an X-Ray room, and several pre-operation exam rooms. The center employs more than 35 surgeons, and offers ambulatory procedures in more than 15 specialties including gastroenterology, plastic, colon-rectal, ophthalmology, orthopedic, podiatric, and ENT surgery. IRA and PASC signed a new long-term lease for the facility as part of the transaction.The Center for Specialized Surgery – Lee HealthThe Center for Specialized Surgery is located in Fort Meyers, Florida and comprises approximately 9,000 Square Feet. The 3-OR facility was built in 2012 and is operated by Regent Surgical Health in partnership with 8 physicians from Orthopedic Specialists of Southwest Florida, whose offices are located adjacent to the center. The surgery center specializes in a full range of spine and orthopedic procedures, including total joint replacement. The property is situated across the street from Lee Health’s 415-bed Lee Memorial Hospital, the only Level II trauma center between Miami and Sarasota. In 2019, Lee Health acquired a majority interest in the surgery center partnership.IRA Capital continues to be among the most active healthcare real estate investors, with these latest transactions representing the company’s thirteenth and fourteenth healthcare acquisitions in the past 75 days, totaling over $270 Million. According to IRA Capital partner Amer Kasm, the key factors in IRA’s investment decision included each center’s strong performance and position within their respective markets, along with the financial backing of leading health system and the operational expertise provided by top-notch surgery center operators. IRA has continued to strategically grow its portfolio, and has remained focused on being a valuable partner by providing solutions to its tenants and partners during these uncertain times.
About IRA Capital
IRA Capital “IRA” 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, family offices, and individuals. 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 25 states, valued in excess of $2 Billion. To learn more, visit www.iracapital.com
For more information, please contact:
Danielle De Souza, Corporate Communications
(949) 258-7400 / ddesouza@iracapital.com
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