Terramed Real Estate Solutions has acquired Summit Veterinary Referral Center in Tacoma, Washington, in a $12.6 million transaction structured partially through a 721 UPREIT exchange.
The 27,199-square-foot specialty and emergency hospital, located approximately 35 miles south of Seattle in Tacoma, is one of the largest and most comprehensive providers in the Pacific Northwest. The transaction adds a high-performing property to Terramed’s REIT portfolio under long-term lease to Ethos Veterinary Health.
The two-story building was built in 1999 on a 1.57-acre lot in a suburban commercial hub just off Interstate 5. Since opening, Summit has grown from a staff of 40 to more than 200 employees today, including 31 doctors across 11 specialties providing 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.
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