July 22, 2020 – Southern California private equity firm IRA Capital (“IRA”) is pleased to announce the acquisition of two recently constructed medical office buildings in Jacksonville, Florida and Cincinnati, Ohio. The Jacksonville property is a built-to-suit surgery center 100% occupied by First Coast Orthopedic Center, a partnership between the physicians from Southeast Orthopedic Specialists, a leading orthopedic group in the Jacksonville market, and Surgical Care Affiliates (“SCA”) – the largest provider of outpatient surgery in the country. The Cincinnati property is a multispecialty medical office building fully occupied by The Christ Hospital, a Cincinnati based hospital and outpatient service network that is home to 1,200 physicians in over 100 locations, generating revenues in excess of $1.1 Billion.
First Coast Orthopedic Surgery Center
First Coast Orthopedic Center (FCOC) is a 12,000 SF orthopedic surgery center located in Jacksonville, Florida and completed in May of 2020. The property is strategically situated less than a mile away from Ascension St. Vincent Southside hospital (311 beds), where the surgery center physician partners have privileges. The state-of-the art facility was built to conduct a wide range of orthopedic surgeries and procedures, and is equipped with 2 multi-use operating rooms, 1 joint procedure room, and 10 pre/post operation bays. SCA manages the facility on behalf of the Tenant partnership, which maximizes the center’s efficiency given SCA’s network of over 210 ASC’s across 35 states and total case volumes surpassing 1 million procedures annually. SCA is wholly-owned by Optum/United Health, the largest healthcare company in the world with total revenues exceeding $240 billion.
The Christ Hospital Multispecialty Center
The Christ Hospital Multispecialty Center is a 15,000 SF built-to-suit medical office building located in Milford (Cincinnati), Ohio and completed in Q4 of 2019. The building is 100% occupied by The Christ Hospital and serves as one of their key community outpatient centers, providing primary and specialty care services including obstetrics, gynecology, urology, and physical/occupational therapy, in addition to a full on-site lab/surgical testing. The Christ Hospital was founded in 1889 and has provided healthcare services to the Cincinnati area since its inception. In 2009, the system transitioned to an outpatient centric strategy, resulting in nearly 850,000 outpatient office visits and over 45,000 inpatient hospital admissions.
IRA Capital continues to be among the most active healthcare real estate investor, with these latest acquisitions representing the company’s fifteenth and sixteenth healthcare transactions in the past 90 days totaling over $285 Million. According to IRA Capital partner Jay Gangwal, these investments align with IRA’s strategic initiative to acquire critical-operation healthcare assets backed by long-term leases and strong credit.
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
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