ALISO VIEJO, Calif. & BROOKLYN, N.Y.—Southern California private equity firm, IRA Capital (“IRA”), has announced the acquisition of the Aliso Viejo Medical Plaza (“the Property”), a medical office building in Orange County, Calif. The asset is strategically located in the affluent neighborhood of Aliso Viejo and is leased to 15 medical tenants.

Notably, HOAG Orthopedic Institute (“HOI”) has executed a new 15-year lease to occupy the entire ground floor, in which they plan to construct a state-of the-art surgery center comprised of 5 operating rooms. IRA is planning substantial exterior and interior renovations to transform the asset into a best-in-class medical office building.

HOI was named ‘2021-2022 Best Hospital’, has been recognized as “high performing” in Back Surgery, Hip Fracture, Hip Replacement, and Knee Replacement by U.S. News & World Report, and has led California with the highest volume of joint replacement procedures performed for 8 consecutive years. HOI is dedicating significant capital to construct their surgery center and further establish their presence in the South Orange County market.

IRA Capital continues to be among the most active investment groups within the healthcare real estate sector. According to IRA Capital co-founder Jay Gangwal, “The Aliso Viejo Medical Plaza acquisition exemplifies our strategy to pursue both single and multi-tenant medical assets that are well located in strong markets. We have successfully improved our position with the execution of HOI lease and have plans to further reposition and rebrand the asset”

The firm also recently announced the acquisition of New York-Presbyterian Medical Building located in Brooklyn, N.Y. (“Property”). The Property is 100% occupied and leased to New York-Presbyterian/Brooklyn Methodist Hospital, one of the nation’s largest and most comprehensive hospital systems, which is comprised of 2,600 beds, more than 6,500 affiliated physicians, and 20,000 employees. The health system is a leading provider of inpatient, ambulatory, and preventive care in all areas of medicine with more than 2 million visits annually.

The Property is strategically located on Kings Highway, one of the region’s major thoroughfares, boasts high accessibility by public transportation, offers on-site parking, and serves the ever-increasing demand of the Marine Park, Mill Basin, and Flatbush neighborhoods. The asset serves as a one stop shop for a wide range of medical specialties including OB/GYN, orthopedics, cardiology, primary care, among others.

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NEW YORK — NYC Health + Hospitals — the largest public health care system in the U.S. — broke ground on Nov. 30, 2016 on a new ambulatory care facility in Staten Island, N.Y. The ambulatory care center’s goal is to meet growing needs in this underserved area and expects to provide 40,000 patient visits annually by 2020.

The 18,000-square-foot facility is slated to open this fall. This $28 million project received $20 million of its funding from New York City’s Primary Care Expansion Initiative and $8 million from the New York City Council. The architect on the building project is MJCL Architects in Brooklyn, N.Y., with Axis Construction in Hauppauge, N.Y. serving as the general contractor for the project.

“Staten Island’s North Shore is a medically underserved community in a borough with limited health care options,” said Senator Diane Savino in a recent statement. “This new, state-of-the-art facility will not only be able to service a growing population of children and women who are geographically far from their primary care facility, but many will now have urgent care services in their own community.”

The ambulatory care center will include 38 exam rooms, and will offer internal medicine, primary care, mammography, OB-GYN care, pediatric care, urgent care, asthma and diabetes care and ultrasound testing.

The ambulatory care center’s design includes plans to let as much daylight as possible into public spaces, according to Dave Gosine, architect and director of engineering in the office of facilities and development at NYC Health + Hospitals. “It was really important to us in the design process that we create spaces that are welcoming. Along those lines, we used materials that are common for the neighborhood, like lots of brick and glass,” said Gosine.

The building is going to be LEED-Silver certified, according to Gosine. Some features that will help it to gain this LEED-Silver status are water-efficient landscaping, water-use reduction, the use of low-emitting materials and recycled materials, the specific details of which have not been released by the architect or NYC Health + Hospitals. Additionally, the building is a modular/pre-fab construction project, which will significantly reduce construction waste management, thus further contributing to the LEED-Silver certification status of the project.

In addition to reducing construction waste, this modularly-constructed building will cut the project time in half, according to MJCL Architect Vincent Catanzaro, principal architect on the project. “The fact that it’s modular shortens the construction schedule, and is better in cost as well. They take the modules apart when they are finished and then they’ll bring the disassembled pieces by tractor trailer to Staten Island to be reinstalled,” said Catanzaro. There will be 36 modules in total constructed off-site while the foundations for the building will be built on-site in Staten Island.

In the end, the project from start to finish will take only 12 months, according to Catanzaro. “To complete a building like this in a 12-month period is quite a feat,” said Catanzaro. The reduced construction time, while always useful, is particularly helpful for this project as the needs of the community are driving the deadline for the project. “There’s a major need in this community for these health services, so, we are really trying to bring it to market as quickly as possible,” said Gosine.

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