Three-property LI medical office portfolio trades for $28M

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A three-building Long Island medical office portfolio has sold for $28 million. 

IRA Capital Partners LLC, an Irvine, Calif.-based private equity firm, purchased three buildings totaling 29,463 square feet on a combined 2.28 acres in Levittown, Lynbrook and Merrick. 

The properties are triple-net-leased to Lenox Hill Radiology, a subsidiary of Los Angeles-based RadNet, and were formerly occupied by Zwanger Pesiri Radiology. 

The portfolio includes a 12,315-square-foot building on 1.10 acres at 3235 Hempstead Turnpike in Levittown; a 10,178-square-foot building on .95 acres at 443-449 Sunrise Highway in Lynbrook; and a 6,970-square-foot building on .23 acres at 2012 Sunrise Highway in Merrick. 

The sale price equates to a 7 percent cap rate. 

IRA Capital primarily invests in commercial real estate assets throughout the U.S., with a concentration in the medical and healthcare real estate sector. Founded in 2010, the firm has acquired more than 8 million square feet of property across 26 states, with a total investment in excess of $3.5 billion, according to its website. 

RadNet entered the Long Island market in 2018 with the acquisition of Medical Arts Radiology, which had 10 imaging centers here. RadNet later acquired several Long Island locations from Zwanger Pesiri Radiology. The publicly traded company, which employs more than 8,700 nationwide, reported 2024 revenue of $1.8 billion. 

Ryan Duffy of NNN Pro Group represented IRA Capital, while Michael Murphy of Douglas Elliman Commercial represented the seller, SLZM Realty, an affiliate of a Zwanger Pesiri principal, in the portfolio sales transaction. 

“Medical office remains a sought-after, strong and desirable asset class,” Murphy told LIBN, adding that the deal was three years in the making. “Despite the challenges we encountered along the way, I am incredibly happy to have finalized this deal for my clients. Their success is a testament to perseverance and teamwork.”