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5/19/20
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IRA Capital paid $38.4 mil for a 56.8k sf ($676/sf), medical office building in Santa Ana. Based in Irvine, IRA Capital is a real estate private equity firm.
Located at 2212 E. 4th St, just west of the 55 Fwy, the property is home to anchor tenant St. Joseph Hospital of Orange, the third largest not-for-profit health system in the United States. St. Joseph Hospital currently operates primary care services, a pharmacy and dialysis center at the site.
The freestanding, three-story medical office building recently underwent an $8.5 mil specialized medical improvement program and features excess land that can accommodate an additional medical office building. The building is located within one mile of the I-5 interchange with SR 55, providing access to Los Angeles, Orange and Riverside Counties. Multiple hospital systems are in proximity to the site.
CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin represented the seller, St. Joseph Hospital of Orange and affiliated entities. The buyer was self-represented.
“St. Joseph Hospital has occupied the property since 2008 and is currently on a 10-year, triple-net lease that eliminates significant rollover risks for the new owner,” said Stache. “This long-term tenancy provides exceptional ease of ownership, durable positive cash flow and inflation-protected income.”
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