IRA Capital Acquires Orange County MOB for $38M

St. Joseph Hospital of Orange has leased the 56,809-square-foot facility since 2008.
2212 E. Fourth St. Image courtesy of CBRE

IRA Capital has acquired a 56,809-square-foot medical office building in Santa Ana, Calif., for $38.4 million from St. Joseph Hospital of Orange and affiliated entities. Yardi Matrix data shows Siemens Financial Services originated $29.4 million in acquisition financing for the new owner.

Located at 2212 E. Fourth St., the asset is less than a mile from Kaiser Permanente Santa Ana Medical Offices, Orange County Global Medical Center and Interstate 5 and within walking distance of several dining options. Originally built in 1988 as a hospital, the property was converted to medical office space in 2008, per Yardi Matrix information. The three-story building recently underwent an $8.5 million specialized medical improvement program.

According to Gary Stache, executive vice president CBRE, St. Joseph Hospital of Orange has occupied the property since 2008 and is currently under a 10-year triple-net lease. The tenant operates primary care services, a pharmacy and dialysis center on the premises.  

Stache, together with Executive Vice President Anthony DeLorenzo, Directors Doug Mack and Bryan Johnson and Associate Chris Martin from CBRE represented the seller. The brokerage team recently facilitated the $7 million sale of a medical office property in Moreno Valley, Calif.