November 16th, 2020 – Southern California private equity firm IRA Capital “IRA” is pleased to announce the acquisition of two single-tenant medical office buildings in Oswego, Illinois and Raleigh, North Carolina. The Oswego property is 100% occupied by Edward-Elmhurst Healthcare, one of the larger integrated health systems in Illinois which was created by the merger of Edward Hospital and Elmhurst Memorial. The Raleigh property is 100% leased to Wakemed Health, the largest hospital system in Wake County with 3 hospitals totaling 919 inpatient beds.
The Edwards-Elmhurst Health Center in Oswego (Chicago), Illinois is a 15,500 square foot outpatient medical facility that was built-to-suit for the hospital system, and provides a mix of outpatient services including imaging, women’s health, urgent care, and lab services. The property is strategically located 14 miles from Edward Hospital in Naperville, and 31 miles from Elmhurst Hospital. The Oswego facility is an integral part of the system’s outpatient strategy, and has experienced significant growth as a result of the population increase trends occurring in Chicago’s suburbs.
The Wakemed property in Raleigh is a newly renovated 10,000 square foot medical office building which will include an urgent care center along with supporting physician offices. The property is strategically located adjacent to a 40,000 square-foot multispecialty facility currently being constructed for Wakmed, which further solidifies the health system’s long term commitment to the site. The property sits in the middle of Cameron Village just a few miles from WakeMed’s North Hospital Campus and their Raleigh Hospital Campus. Cameron Village is downtown Raleigh’s premier shopping, entertainment, and dining destination located adjacent to North Carolina State. The community has attracted numerous multifamily and single-family developments in the past few years. WakeMed Health has targeted this location to fill a gap in the community’s healthcare needs, and to become the leading healthcare provider in Cameron Village.
IRA Capital continues to be among the most active healthcare real estate investors in 2020. The Edwards-Elmhurst and WakeMed acquisitions represent the company’s eighteenth and nineteenth healthcare acquisitions in the past 6 months, totaling over $375 Million. According to IRA Capital partner Samir Patel, the Edwards-Elmhurst and Wakemed acquisitions align with IRA’s objectives of acquiring critical healthcare assets backed by long-term leases and strong health system tenants.
About IRA Capital
IRA Capital “IRA” is a 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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