IRA Capital has acquired seven freestanding emergency departments in Arizona, leased to Dignity Health, reinforcing its commitment to investing in essential healthcare infrastructure.

Information on the Target

On August 25, 2025, IRA Capital, a private equity firm based in Southern California, announced the acquisition of a portfolio comprising seven freestanding emergency departments (FSEDs) located in Arizona. This portfolio spans over 53,000 square feet and is fully leased to Dignity Health, an affiliate of CommonSpirit Health, one of the largest health systems in the United States. The transaction has been structured as a long-term sale-leaseback, ensuring Dignity’s ongoing operations at these facilities, which are crucial in supporting eight hospitals and over 1,250 beds across the Phoenix metropolitan area.

CommonSpirit Health, formed in 2019 through the merger of Dignity Health and Catholic Health Initiatives, ranks among the top-performing health systems nationwide. With a workforce of 175,000 spanning 24 states, 40 hospitals, and over 2,200 care sites, the FSEDs serve as critical access points to CommonSpirit's extensive continuum of care, effectively directing patients to associated hospital campuses.

Industry Overview in Arizona

The healthcare industry in Arizona has experienced significant growth, fueled by a dynamic population increase and rising demand for efficient medical services. With a focus on accessibility, the state has welcomed innovations such as freestanding emergency departments