July 15, 2022: Southern California private equity firm IRA Capital (“IRA”) is pleased to announce the acquisition of two medical office buildings totaling 21,000 square feet predominantly occupied by Scripps Health in Vista, California. Scripps Health is a $2.9 billion private, nonprofit, integrated health system in San Diego that is ranked among the top 15 health systems in the nation. The buildings are located at 902 and 916 Sycamore Avenue within a 4-building medical office park. One of the buildings is 100% leased to Scripps as a state-of-the art radiation therapy center, and the other houses a Scripps oncology clinic in addition to other leading imaging/diagnostics providers including Tri-City Pet CT and Quest Diagnostics.
The acquisition of the Scripps buildings represents IRA’s third medical office acquisition in the San Diego region within the past year. In December 2021, IRA acquired another property within the same 4-building complex that is 100% leased to UC San Diego Health on a long-term lease. IRA is working on a comprehensive capital and leasing program to fill the limited vacancy in one of the buildings and has engaged Cushman & Wakefield’s medical leasing team to spearhead the effort.
IRA Capital continues to be among the most active private healthcare real estate investors in the country. According to IRA Capital co-founder Amer Kasm, “The radiation oncology practice at this location has operated at this facility since 1991, and Scripps’ continued investment in the facility demonstrates its long-term commitment to providing high-quality oncology care services in Northern San Diego. This latest acquisition is representative of IRA’s strategy of aligning with the top-tier health systems like Scripps and supporting their efforts in delivering high quality patient-centric healthcare.”
About IRA Capital
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, 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 seven million square feet of property across 30 states, valued in excess of $3 Billion.
For more information, please contact:
Danielle de Souza, IRA Capital Corporate Communications
ddesouza@iracapital.com / 949.612.2742
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