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News Release: IRA Capital acquires California medical building leased to St. Joseph

May 7, 2020Southern California-based IRA Capital (IRA) is pleased to announce the acquisition of a 56,000 square foot Medical Office Building in Santa Ana, CA.  The building is well-located in an irreplaceable location of Orange County anchored by St Joseph Hospital of Orange, which occupies approximately 98% of the building.   St. Joseph is one of 51 hospitals within Providence St. Joseph Health (Moody’s: Aa3), which currently operates primary care services, pediatrics, an urgent care, and a dialysis center at the property.

The property is strategically situated between the I-5 and SR-55 and is in close proximity to the OC Global Medical Center, St. Joseph Hospital, HOAG, CHOC, and UCI Medical.  The health system has occupied the property since 2005 and has made specialized medical improvements at the property.  This location, with its large patient base, offers a “one-stop-shop” medical environment for the community.  “St. Joseph’s dominance in the local market, along with the specialized buildout and its long history at the property were some of the key factors in our investment decision,” said IRA Capital Partner Jay Gangwal.

St. Joseph Health recently partnered with Providence Health & Services to form Providence St. Joseph Health.  The partnership known as Providence St. Joseph Health became the largest not-for-profit integrated health system in the US.  The system is staffed with 119,000 caregivers in 51 hospitals and 829 clinics in Alaska, California, Montana, New Mexico, Oregon, Texas and Washington.

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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