IRVINE, CA / ACCESS Newswire / August 26, 2025 / Southern California private equity firm IRA Capital ("IRA") is pleased to announce the real estate acquisition of seven freestanding emergency departments ("FSEDs") locatedin Arizona (the "Portfolio"). The Portfolio totals more than 53,000 square feet and is fully leased to Dignity Health, an affiliate of CommonSpirit Health, one of the nation's largest health systems. Structured as a long-term sale-leaseback, the transaction secures Dignity's continued presence at the properties, which play a vital role in supporting its eight hospitals and more than 1,250 beds throughout the Phoenix metropolitan area.
Formed in 2019 by the merger of Dignity Health and Catholic Health Initiatives, CommonSpirit is one of the top-performing health systems in the country, employing 175,000 professionals across 24 states, 40 hospitals, and more than 2,200 care sites. The FSEDs act as entry points into CommonSpirit's expansive continuum of care, funneling patients to nearby hospital campuses.
According to IRA Capital's Vice President of Investments, Griffin Torres, "IRA remains highly confident in the FSED model, especially when supported by strong health system partners like CommonSpirit. Having previously developed three FSEDs for Dignity Health in 2016, we are pleased to collaborate with them once again on these exceptional assets." Jay Gangwal, Co-Founder and Managing Partner at IRA Capital, added, "These facilities are a valuable addition to our medical outpatient portfolio and reflect our ongoing commitment to supporting premier health systems like CommonSpirit. As a long-term real estate capital partner, we pride ourselves on being a consistent and solutions-oriented landlord that health systems can rely on as they expand their outpatient footprint."
IRA Capital was drawn to this portfolio for its health system alignment, mission-critical use, and strategic positioning across the fast-growing Phoenix MSA - one of the nation's most dynamic healthcare submarkets. The facilities' established operating history and their essential role within the healthcare delivery ecosystem highlight the long-term value of these assets. This acquisition reinforces IRA Capital's commitment to investing in essential healthcare infrastructure anchored by top-tier health systems.
About IRA Capital
Founded in 2010, IRA Capital is a Southern California-based private equity firm specializing in real estate investments. IRA primarily invests in commercial real estate assets throughout the United States, with an overweight concentration within the medical and healthcare sectors. To date, the firm has acquired over 11.5 million square feet of property across 28 states, with a total capitalization exceeding $3.9 billion. IRA partners with pension funds, institutions, and family offices to invest in high-quality assets. To learn more, visit www.iracapital.com.
For more information, please contact:
IRA Capital Investor Relations
investorrelations@iracapital.com
SOURCE: IRA Capital
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/real-estate/ira-capital-acquires-phoenix-freestanding-emergency-department-portfolio-in-a-sale-leas-1065181
