April 22, 2020
Southern California-based IRA Capital (IRA) is pleased to announce the acquisition of four high quality medical office buildings totaling 107,000 square feet in the Milwaukee and Chicago MSAs.
Three of the buildings are approximately 80% occupied by Advocate Aurora, the region’s largest health system. The fourth building located in the Chicago suburb of Vernon Hills is 100% occupied by Hawthorn Surgery Center, a multi-specialty surgery center operated by the largest provider of outpatient surgery, Surgical Care Affiliates (SCA).
The three Advocate-anchored buildings are well-located in strong submarkets and are strategic locations for Advocate Aurora. The first Advocate building is in the Washington Heights neighborhood of Chicago, and is in between Advocate Christ Hospital to the west and Advocate Trinity Hospital to the east. The 33,000 square foot building houses primary care, imaging, dermatology and endocrinology services to its patient base from both hospitals. The second Advocate building is 35,000 square feet and is in the Downers Grove suburb of Chicago. The facility was built in 2008 and offers imaging, urgent care, and pharmacy services. The third Advocate building is 24,000 square feet and is in the Muskego suburb of Milwaukee. The facility was built-to-suit for Advocate in 2012 and offers urgent care, obstetrics and gynecology, family/internal medicine, orthopedics, general surgery, diagnostic testing/imaging, and lab services. According to IRA partner Jay Gangwal, the diversified mix of specialty services along with the strong Advocate Aurora tenancy aligns with IRA’s objective of building long-term partnerships with top-tier health systems throughout the country.
Advocate Healthcare and Aurora Healthcare merged in April-2018. The merger known as Advocate Aurora Health became the 10th largest not-for-profit integrated health system in the US that treats over 2.47 million patients annually in 28 hospitals and 500 outpatient locations. The system is staffed by over 70,000 Team Members including 3,000 Physicians, 22,000 Nurses, 4,800 Physician Partners.
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.
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