Irvine, California--(Newsfile Corp. - April 11, 2024) - IRA Capital ("IRA"), a Southern California-based real estate private equity firm, is pleased to announce the acquisition of a 237,000 square-foot life science campus consisting of four, 3-story interconnected buildings located within Columbus Ohio's highly desired Easton submarket. The property is in close proximity to Interstate 270 and John Glenn Columbus International Airport and sits across from Easton Town Center, the 1.7-million square-foot mixed-use development recognized as one of the country's leading urban retail centers.
3435 Stelzer Road in the Easton Submarket of Columbus is home to Sarepta Therapeutics' Gene Therapies Center of Excellence
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The buildings are majority leased to biopharmaceutical company Sarepta Therapeutics ("Sarepta" or "the company") and houses the company's Gene Therapies Center of Excellence. Sarepta specializes in genetic medicines for rare diseases and has four FDA approved drugs treating Duchenne Muscular Dystrophy, including its flagship treatment Elevydis. The facility expands Sarepta's research and development capabilities for the company's pipeline of genetic medicines and supports process development enabling the transition from clinical-scale to commercial-scale manufacturing.
As an active player in the healthcare real estate space, IRA was drawn to the acquisition of the asset after conducting a thorough diligence process on Sarepta and its life-changing therapies, in addition to the company's commitment to the Columbus market. According to IRA Capital partner Amer Kasm, "We were intrigued by Columbus' growing biotech presence specifically as it relates to the cell and gene therapy industry; companies like Abbott Labs' and Forge Biologics' have gene therapy manufacturing facilities nearby."
Although most healthcare real estate investors focus on core life-science markets such as Cambridge, San Francisco, and San Diego, IRA has bucked the trend and has acquired life science assets in other non-core markets. For example, IRA previously acquired Pharmaceutical Product Development's largest GMP facility in Madison Wisconsin. Mr. Kasm explained that "Life Science companies with a presence in markets like Madison and Columbus benefit from lower operating costs and can leverage local fundamental drivers that generate efficiency. In the case of Madison, PPD's ability to draw robust talent from The University of Wisconsin is a big advantage. Similarly, Sarepta and other gene therapy companies in Columbus have benefitted tremendously by collaborating with Nationwide Children's Hospital and The Ohio State University, which offer a pipeline of talent for the 30+ life science facilities in the Columbus market." IRA closed the acquisition on an all-cash basis and is actively pursuing additional life science opportunities.
About IRA Capital
IRA Capital "IRA" is a Southern-California based private equity firm founded in 2010 by partners Amer Kasm, Samir Patel, Jay Gangwal, Amer Malas, and Mohannad Malas. IRA has invested greater than $3.2 Billion of capital since inception for its own account and on behalf of its co-investment partners, which include pension funds, institutions, and family offices. Having acquired over eight million square feet of property across 30 states, IRA's portfolio is heavily concentrated within the healthcare real estate sector with a focus on medical facilities, senior living, and life science assets.
For more information, please contact:
Danielle de Souza, IRA Capital Corporate Communications
ddesouza@iracapital.com / 949.612.2742
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