IRA Capital, one of the leading private buyers of healthcare real estate in the United States, announced on July 31 the acquisition of twelve Class-A medical outpatient buildings (MOBs) through a newly established partnership with funds managed by Oaktree Capital Management, L.P.
The acquired MOBs span 600,000 square feet and involve properties from two separate institutional sellers and feature a mix of single and multi-tenant MOBs 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 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 and family offices. IRA invests in commercial real estate assets throughout the United States and also has a private equity/venture capital platform that invests in companies across various sectors.
Oaktree is a private investment firm that manages about $30 billion in select niche investment markets.
IRA Capital was drawn to this portfolio for its strong submarket fundamentals, established partnerships with regional health systems and its offering of best-in-class medical care in specialties such as advanced imaging, oncology, orthopedic surgery, fertility, gastroenterology, inpatient rehab and internal medicine. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, there have been 112 MOB transactions announced since January 1, 2024. This represents about a 15% decrease from the year before, when 131 MOB acquisitions were reported between January 1, 2023, and July 31, 2023.
