Terramed Real Estate Solutions, a leading real estate group specializing in veterinary, ophthalmology, and fertility properties, 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 closed on Sept. 23 and adds a high-performing property to Terramed's REIT portfolio under long-term lease to Ethos Veterinary Health.

“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.”

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 proud to partner with TerraVet as we transition Summit Veterinary Referral Center’s Tacoma location into their veterinary-focused real estate platform,” said the partners of 2505 S. 80th, LLC. “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.”

Terramed's REIT includes more than 650,000 square feet of purpose-built medical facilities and focuses on acquiring top-quartile properties that support high-quality care. It offers practice owners a way to exchange their individual holdings for diversified shares that provide stability and reduce risk while benefiting from institutional-grade real estate management.

This addition brings Terramed’s portfolio to more than 1.5 million square feet of healthcare real estate nationwide, spanning veterinary, ophthalmology, and fertility properties. It supports the company’s strategy of acquiring specialty hospitals with long-term market relevance and builds on recent work in nearby Tukwila, where Terramed converted a former brewery into veterinary space for BluePearl Pet Hospital Renton. The acquisition further reinforces Terramed’s commitment to partnering with leading operators to deliver facilities that support exceptional care where it’s needed most.

About Terramed Real Estate Solutions

Terramed Real Estate Solutions (formerly Terravet) is a real estate group that owns and manages properties for veterinary care, fertility, and ophthalmology, providing flexible solutions including commission-free sale-leasebacks, joint ventures, and renovation and expansion programs. The company's portfolio includes more than 1.5 million square feet in 35+ states, of which the REIT comprises 650,000+ square feet of purpose-built, top-quartile medical and veterinary facilities. Backed by a team with decades of real estate, finance, and operating experience, Terramed helps practice owners unlock capital, reduce risk, and focus on care. Learn more at terramedrealestate.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251014141817/en/

"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."