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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WAUWATOSA, Wis.—IRA Capital (IRA) has announced the acquisition of a multi-specialty ambulatory surgery center (ASC) comprising 11,200 square feet in Wauwatosa. The Property is 100% occupied by Wauwatosa Surgery Center, a partner of Surgical Care Affiliates (SCA). The Property has functioned as Wauwatosa Surgery Center’s exclusive location for over 30 years and provides various comprehensive outpatient services including anesthesiology, general surgery, and orthopedic surgery among many others. IRA acquired the property through a sale-leaseback that was structured with Surgical Care Affiliates and the physician owners of the Property.

The surgery center has four highly specialized operating rooms, multiple pre-op and post-op recovery areas, and patient suites that allow for overnight stay. The facility is strategically positioned a couple miles from Milwaukee Regional Medical Center, home to Milwaukee’s largest hospitals including Freodtert Health’s largest 516-bed hospital and only Level I Adult Trauma Center in the region. The Medical Center is also nationally recognized for having the Children’s Hospital of Wisconsin’s Level 1 Pediatric Trauma Center. The Medical Center also houses the Medical College of Wisconsin, the largest research center in the Milwaukee metropolitan area and the second-largest in Wisconsin.

Wauwatosa Surgery Center is operated by Surgical Care Affiliates, one of the largest providers of outpatient surgery in the United States and an operator of 230 ambulatory surgery centers in 35 states. Surgical Care Affiliates performs over 1 million procedures a year in partnership with approximately 3,500 physicians and 10,000 teammates.

IRA’s medical office strategy has included the acquisition of both single and multi-specialty ambulatory surgery centers across the country. IRA recently acquired four other surgery centers in the last 30 days. According to IRA partner and co-founder Samir Patel, “this transaction was of interest to IRA for various reasons, including the facility’s close proximity to Milwaukee Regional Medical Center and the long-standing track record and strong performance of the surgery center.”

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