Thatcher Medical Building Sold, Again — Owners Reportedly Net $6 Million Profit After Holding the Property for Only One Year

Pasadena’s Thatcher Medical Building on 960 E. Green Street has been sold again, one year after Newport Beach firm IRA Realty Capital acquired it for $21.6 million.

The Los Angeles Business Journal reports that IRA sold the building late last month to real estate investment firm Holualoa Companies, based in Tucson, Arizona, for almost $28 million, gaining $6 million.

The off-market deal was completed without brokers, the Journal said.

IRA bought the 73,600 square foot Class B medical office building in March last year.

“We decided to sell after we got an unsolicited offer and felt it was a good return for our investors,” said IRA executive Jay Gangwal, according to the LA Business Journal report. “I think we were well on our way towards stabilizing and reselling the asset in the first quarter of next year.”

When IRA purchased the New Orleans Colonial-style building, it was only 78 percent leased. Before it was sold last month, it was 94 percent leased, according to data gathered by the Journal.

Holualoa first bought the Pacific Center in downtown Los Angeles for $36 million in 2003, and sold it for $66.3 million two years later after making improvements.