Pennsylvania-based Terramed Real Estate Solutions, a real estate group specializing in veterinary, ophthalmology, and fertility properties, has acquired Summit Veterinary Referral Center in Tacoma in a $12.6 million transaction structured partially through a 721 UPREIT exchange, according to a news release Tuesday.
The 27,199-square-foot specialty and emergency hospital is one of the largest and most comprehensive providers in the Pacific Northwest, the release said. The two-story building at 2505 S. 80th St. was built in 1999 on a 1.57-acre lot 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, the release added.
The transaction adds a high-performing property to Terramed’s REIT portfolio under long-term lease to Ethos Veterinary Health, the release continued…