May 27, 2020
Southern California private equity firm IRA Capital has purchased a 64,000 square foot medical office building in Covina (Los Angeles County) that is 100% leased to Magan Medical, a multi-specialty group with more than 20,000 managed care patients. Magan Medical has been serving the community for more than 100 years and was recently acquired by OptumCare, a wholly-owned subsidiary of UnitedHealth – the largest healthcare company in the world with 2019 revenues exceeding $240 Billion. IRA Capital’s acquisition comes ten days after the firm made another core Southern California purchase leased to St. Joseph Health in Orange County.
The Covina facility is Magan Medical’s primary location, housing over 50 physician providers across 20 specialties including oncology, neurology, dermatology, radiology, and cardiology. The property recently underwent extensive renovation and capital improvements as part of the integration into the Optum/United Health network. IRA Capital has been one of the most active Buyers in the medical office space, as it continues to strategically grow its portfolio with high quality assets. Magan Medical is the firm’s sixth acquisition in the past 30 days totaling $150 million. According to IRA Capital partner Amer Kasm, the facility’s strong position in the market along with Optum/United Health’s strategic investment and backing of the long term lease, were among the key factors in IRA Capital’s decision to purchase the asset.
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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