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St. Joseph Hospital sells California facility to private equity firm

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St. Joseph Hospital Orange (Calif.) has sold one of its medical office buildings to IRA Capital, a California-based private equity firm. 

IRA Capital plans to acquire the office building in Santa Ana, Calif., for $38.4 million, according to Connect California, a real estate news publication.

The freestanding, three-story building houses primary care services, an urgent care clinic, pharmacy and dialysis center. 

"St. Joseph's dominance in the local market, along with the specialized buildout and its long history at the property were some of the key factors in our investment decision," said IRA Capital Partner Jay Gangwal.

St. Joseph Hospital is part of Providence, a large health system based in Renton, Wash.

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