IRA Capital, Oaktree Acquire Outpatient Building Portfolio

Irvine-based IRA Capital has acquired 12 Class-A medical outpatient buildings through a newly established partnership with funds managed by Oaktree Capital Management, L.P. Terms were not disclosed. The acquisition, encompassing 600,000 square feet, involves properties from two separate institutional sellers and features a mix of single- and multi-tenant medical buildings situated in prime medical corridors across California, Texas, Florida and Oregon.

The portfolio is anchored by prominent health systems and leading medical providers, including UC Davis Health, Palomar Health, UCLA, CommonSpirit, Ascension, McKesson and SCA Health, which collectively occupy approximately 50% of the space.

IRA Capital was drawn to the portfolio for its strong submarket fundamentals, established partnerships with regional health systems, and its offering of medical care across a variety of specialties. “The strategic positioning of these assets, along with recent hospital expansion projects in the vicinity, is expected to drive increased demand within these medical corridors,” said Jay Gangwal, managing partner at IRA Capital. “We plan to invest additional capital to modernize the buildings and solidify them as best-in-market, further driving leasing velocity while supporting the long-term growth of the tenants.”