Terramed Real Estate Solutions has announced the acquisition of Summit Veterinary Referral Center in Tacoma, Washington, in a $12.6 million transaction. The deal was partially structured through a 721 UPREIT exchange.
Summit Veterinary Referral Center is a 27,199-square-foot specialty and emergency veterinary hospital situated approximately 35 miles south of Seattle. The property is one of the largest and most comprehensive veterinary care facilities in the Pacific Northwest. With this acquisition, Terramed adds a high-performing asset to its real estate investment trust (REIT) portfolio. The facility is under a long-term lease with Ethos Veterinary Health, a national provider of specialty and emergency veterinary care.
Constructed in 1999, the two-story building sits on a 1.57-acre site within a suburban commercial area near Interstate 5. Since its opening, Summit has expanded significantly, growing from a staff of 40 to more than 200 employees. The hospital now features 31 doctors offering care across 11 specialties, including surgery, oncology, neurology, cardiology, and critical care.
“We’re enhancing our portfolio with a purpose-built property that has a track record of performance and staying power in a region where demand for advanced medicine continues to grow,” said Daniel Eisenstadt, CEO of Terramed.
This acquisition reflects Terramed’s continued focus on strategic investment in healthcare-related real estate assets.
