Med Office Daily - January 28, 2026 - IRA Capital JV acquires 1.5M SF MOB portfolio

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NEWS ROUNDUP

ACQUISITION: IRA Capital JV acquires 1.5M SF medical office portfolio. A joint venture led by IRA Capital, alongside a sovereign wealth fund and an international pension investor, has acquired a 24-property medical office portfolio totaling approximately 1.5 million SF across 11 states, with strong concentration in the Midwest and Southwest, including Chicago. The portfolio consists primarily of mission-critical, purpose-built medical facilities located on or adjacent to hospital campuses, including 11 buildings physically connected to hospitals. Anchoring health systems include Ascension, Trinity Health, CommonSpirit, M Health Fairview, Tenet Healthcare, and Advocate Health.

ACQUISITION: Healthcare Realty sells Iowa Heart Center MOB. The 83,000 SF medical office building in West Des Moines, Iowa, was sold to IRA Capital for $36.7 million, or approximately $442 per SF. The buyer secured a bridge loan from BMO Bank with a 2028 maturity. Completed in 2004 and located at 5880 University Ave., the two-story property sits on 8 acres near Interstates 35, 80 and 235, about 10 miles from downtown Des Moines. Tenants include Iowa Heart Center, Vein Center and MercyOne, with the building offering 42,048 SF floorplates and more than 380 parking spaces.

ACQUISITION: Cook County acquires Arlington Heights Health Center MOB. Built in 1986 at 3250 N. Arlington Heights Road, the 72,962 SF, one-story facility was 93.5 percent leased at the time of sale. CBRE brokered the transaction, with ACG Management selling the asset. ACG Management, which acquired the property in 1996 from Goldman Sachs Asset Management, will continue to manage the building. Cook County Health and Specialized Education of Illinois anchor the property. CBRE’s Chris Bodnar, Brannan Knott, Zack Holderman, Mike Whisler, Brady Wolfe, Cole Reethof, Jesse Greshin, Kevin Kobe and Courtney Theo represented the seller. CBRE Downtown Chicago Tenant-Only Advisory Executive Vice President Mark Cassata represented the buyer.

DEVELOPMENT: Hammes and NOVO Development break ground on Scottsdale MOB. The project will anchor the 43-acre Sierra Bloom mixed-use wellness campus. The 34,000 SF medical office building is scheduled for completion in the third quarter of 2026, with a topping-out ceremony planned for late March. The project expands Hammes’ footprint in Arizona following the firm’s completion of a 48,000 SF medical office building in Buckeye in 2024. Kurt Rosene represented NOVO Development, and Steve Buckeridge represented Hammes Partners.

FINANCING: A joint venture between Harrison Street Asset Management and Archer Property Partners secures $51 million in refinancing for Pacifica Medical Plaza. JLL Capital Markets arranged the interest-only financing through Thorofare Capital. Located at 114 Pacifica, the 114,209 SF, four-story property was acquired by Harrison Street in September 2020 in a joint venture with Meridian, with BlackRock as the seller. At closing, the building was 64 percent leased to tenants, including Children’s Hospital of Orange County, Orthopaedic Specialty Institute, and Hoag. The property is near Interstate 5 and within close proximity to Hoag Hospital and Kaiser Permanente Orange County–Irvine Medical Center. JLL’s Senior Managing Director John Chun and Associate Kyle White led the financing team.

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