BALA CYNWYD, PA — Terramed Real Estate Solutions has acquired Summit Veterinary Referral Center in Tacoma, Washington, for $12.6 million, expanding its national healthcare real estate portfolio through a transaction partially structured as a 721 UPREIT exchange.
The 27,199-square-foot specialty and emergency hospital, located roughly 35 miles south of Seattle, is one of the Pacific Northwest’s largest veterinary facilities. The property is leased long-term to Ethos Veterinary Health, a leading provider of advanced animal care. The deal closed on September 23.
“Summit offers the breadth of expertise and resources that we look for when acquiring veterinary hospitals,” said Daniel Eisenstadt, CEO of Terramed. “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.”
Built in 1999 on a 1.57-acre site near Interstate 5, Summit has expanded from a team of 40 employees to more than 200, including 31 doctors across 11 specialties such as oncology, surgery, neurology, cardiology, and critical care. The facility is a key referral center in the Puget Sound region, serving both pet owners and referring veterinarians.
The sellers, operating as 2505 S. 80th, LLC, said the transaction marks a smooth transition into Terramed’s veterinary-focused real estate platform. “This collaboration supports our continued investment in exceptional care for pets and their families, alongside a team that understands the unique needs of veterinary hospitals,” the partners said in a statement.
Terramed’s real estate investment trust now encompasses more than 1.5 million square feet of healthcare properties nationwide, including holdings in veterinary, ophthalmology, and fertility sectors. Its portfolio includes over 650,000 square feet of purpose-built medical facilities and targets high-performing, specialty-driven practices with strong long-term fundamentals.
The acquisition follows Terramed’s recent adaptive reuse project in Tukwila, where the firm repurposed a former brewery into veterinary space for BluePearl Pet Hospital Renton. Both investments align with Terramed’s strategy of acquiring mission-critical healthcare assets that combine stable operations with growing demand for specialized care.
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