IRA Capital JV Acquires 1.5 MSF Medical Portfolio

January 8, 2026

The 24-property collection spans 11 states.

A joint venture of IRA Capital, a sovereign wealth fund, along with an international pension investor, has purchased a medical office building portfolio comprising 1.5 million square feet across 24 properties. The collection spans 11 states, with a significant geographic presence in the Midwest and Southwest, especially Chicago.

Healthcare Realty previously owned the assets, according to Yardi Matrix information. The IRA-sponsored venture plans to pursue acquisitions totaling several billion dollars in medical office properties in the coming months.

The transaction includes mission-critical, purpose-built medical facilities, most of which are located on or immediately adjacent to hospital campuses, including 11 buildings physically connected to hospitals. The properties provide a range of services, including outpatient surgery, radiation oncology and advanced diagnostic imaging.

National and regional health systems, such as Ascension, Trinity Health, CommonSpirit, M Health Fairview, Tenet Healthcare and Advocate Health anchor the properties. Other tenants include CHS, UnitedHealth, UPMC and Bon Secours Mercy Health.

Looking ahead, industry experts expect the sector to maintain a steady performance in 2026, with outpatient growth and ambulatory care expansion underpinning the sector’s outlook. High tenant retention and limited new supply should continue to shape medical office real estate trends tied to rent stability and long-term cash flow.

A Chicago medical office building

One of the assets that traded is Doctor Building Three on the St. Alexius Medical Center campus in Hoffman Estates, Ill. The 119,600-square-foot facility that comprises a cancer center and physician offices came online in 2005.

The low-rise is part of a three-building complex of 234,400 square feet, Yardi Matrix data shows. Healthcare Realty acquired the campus in December 2017 from Ventas for $28.8 million.

Located at 1555 Barrington Road, the building is less than 2 miles from the city center and 18 miles from Chicago O’Hare International Airport. Downtown Chicago is 32 miles southeast. Other medical providers in the area include Webster Dental Care and Barrington Orthopedic Specialists.