IRA Capital Makes $16M Medical Office Play In Boca Raton

An Irvine, California-based private equity firm that focuses on medical real estate bought an outpatient center in Boca Raton.

IRA Capital paid $16 million for a nearly 3-acre site with a single-story office building at 501 West Glades Road, according to records. The buyer took out a $12 million mortgage with Siemens Financial Service.

The property is fully leased to Boca Raton Outpatient Surgery & Laser Center and Joe DiMaggio Children’s Hospital Specialty Care.

The seller is Kireland West Glades Road Boca Raton LLC, an entity managed by attorney Alex Kurkin. Kireland bought the property for $13.7 million in 2014, records show. The 22,110-square-foot building was completed in 1992.

IRA Capital, co-founded by Amer F. Kasm and Mohannad S. Malas, specializes in buying and trading medical buildings. The firm has acquired over 6 million square feet of property in 30 states, valued in excess of $2.5 billion, according to IRA Capital’s website.

The Boca Raton outpatient center is IRA Capital’s first acquisition in South Florida, but the firm has other real estate holdings across the state.

Source:  The Real Deal