Terravet Real Estate Solutions Acquires Seneca Hill Animal Hospital and Boarding Facility

Bala Cynwyd, PA (October 31st, 2018) – Terravet Real Estate Solutions, a real estate group which focuses on the acquisition of veterinary operated real estate, recently acquired the Seneca Hill Animal Hospital and Spa real estate (“Seneca”) in Great Falls, VA in Q4 of 2018. The approximately 24,000 sq. ft. facility is half general practice, half boarding facility and has been operating in the D.C. suburbs for more than 30 years.

The real estate was sold at the same time the practice was sold to Community Veterinary Partners (“CVP”), a growing corporate operator of veterinary practices. “We were eager to acquire the real estate associated with a strong general practice and premiere boarding facility located in one of the most affluent suburbs of the United States and were delighted to partner with CVP as a tenant,” said Daniel Eisenstadt, Chairman and CEO of Terravet Real Estate Solutions.

Janice Homan, former co-owner of both the Seneca Hill practice and real estate, was pleased with the clean manner in which she was able to transition her assets. “When I decided to sell my practice to a corporate group, my goal was to have an exit strategy that was clean and complete…(Terravet) offered me a fair price for the building, split closing costs with me equally, and was very helpful when I had to work through some non-traditional bond and easement issues,” she continued. “I would recommend Terravet to anyone looking to sell their veterinary real estate.”

The Seneca Hill Animal Hospital is AAHA-accredited and has repeatedly been voted one of the best veterinary hospitals in the D.C. area by Washingtonian Magazine. The Seneca property was acquired by Terravet Real Estate’s Fund II, which plans to invest committed debt and equity capital to acquire approximately $225 Million in veterinary operated real estate.

Terravet Real Estate Solutions Acquires Two Tenant Animal Center Real Estate in Midlothian, VA

Bala Cynwyd, PA (December 11th, 2018) – Terravet Real Estate Solutions, a real estate group which focuses on the acquisition of veterinary operated real estate, recently acquired the Deer Run Medical Center real estate in Midlothian, Virginia.

The 10,000 sq. ft. two tenant property is leased to Virginia Veterinary Surgery Associates, a subsidiary of BluePearl, and Animal Medical Center, a 24-hour emergency and critical care practice recently acquired by Southern Veterinary Partners. “Terravet is pleased to acquire this stabilized asset located in a rapidly growing retail corridor with outstanding demographics. The acquisition is a perfect example of the type of property that Terravet acquires and the types of veterinary operators with whom Terravet looks to partner with as tenants,” said Daniel Eisenstadt, Founder and CEO of Terravet Real Estate Solutions.

The property was acquired from the former owner of the 24-hour emergency practice shortly after the practice operations were sold to Southern Veterinary Partners. The Deer Run property was acquired by Terravet Real Estate’s Fund II, which plans to invest committed debt and equity capital to acquire approximately $225 Million in veterinary operated real estate.

Terravet Real Estate Solutions Acquires North Little Rock Emergency Hospital Building

Bala Cynwyd, PA (November 19th, 2018) – Terravet Real Estate Solutions, a real estate group which focuses on the acquisition of veterinary operated real estate, recently acquired the real estate of the After Hour Animal Hospital (“AHAH”) in North Little Rock, Arkansas. The approximately 6,500 sq. ft. facility consists of an emergency hospital and a boarding facility that is well used by the local community.

The real estate was sold by the former practice owner after the practice was sold to Pathway Partners, a rapidly growing corporate operator of veterinary practices. Terravet was able to negotiate a new lease with Pathway Partners that commenced upon Terravet’s closing on the purchase of the property.

“Selling something you spent a lifetime building can be a daunting task, but Terravet helped make the transition to the next chapter of my life smooth and seamless and the integrity of their team allowed me to sleep well through the process,” said Dean Hunter, former practice and real estate owner.

The practice is a full service veterinary emergency facility located between two commercial retail corridors in the North Little Rock submarket and is less than a mile from the McCain Mall, the premier shopping area in the Little Rock area. The After Hour Animal Hospital property was acquired by Terravet Real Estate’s Fund II, which plans to invest committed debt and equity capital to acquire approximately $225 Million in veterinary operated real estate.

Terravet Real Estate Solutions Selects PEF Services for Fund Administration

Leading real estate investment firm outsources fund administration to drive growth

WEST ORANGE, NJ (September 18, 2018 – PEF Services, a leading fund administrator for alternative investment managers, today announced that it has been selected to provide fund administration services to Terravet Real Estate Solutions’ second fund. PEF’s experienced fund administration services team and leading-edge fund accounting platform will support Terravet’s second fund.

Terravet Real Estate Solutions provides veterinary practice owners with custom tailored real estate solutions and financial resources to help them achieve long-term success.

“Terravet Real Estate Solutions funds have been self-administered since the firm’s founding, and outsourcing will enable us to focus more completely on our investment activities to drive growth,” said Daniel Eisenstadt, Chairman and CEO of Terravet Real Estate Solutions. “We selected PEF Services for its reputation in providing high value services to its clients and the technology platform upon which they support clients.”

PEF Services is nationally recognized as one of the top boutique fund administrators and back-office specialists for both General Partners and Limited Partners in the alternative asset space.  The firm’s services include partnership accounting, financial reporting, capital call and distribution processing, investor capital account maintenance, audit and tax return support and coordinated fulfillment of all investor deliverables.

“We are delighted that Terravet Real Estate Solutions chose to outsource fund administration to PEF,” said Hank Boggio, Chief Revenue Officer of PEF Services. “Outsourcing will support Terravet’s efforts to drive future growth while focusing on strategic initiatives such as fund raising, deal sourcing and portfolio management.”

About Terravet Real Estate Solutions

Terravet Real Estate Solutions is an internally managed real estate group which owns and manages numerous veterinary properties across the United States. Terravet is currently investing out of its second fund and expects to build a portfolio of veterinary real estate valued in excess of $500 million in the coming years. Terravet partners with operators and owners of veterinary practices and hospitals by acquiring, renovating, and/or expanding existing veterinary facilities, while entering into long-term leases with veterinary practice owners. For more information please visit www.terravetrealestate.com.

 About PEF Services LLC
PEF Services provides high-value, high-touch Fund Administration solutions supported by senior professionals with extensive experience in alternative investments.  PEF has a 15-year track record of delivering cost-effective solutions to Funds and General Partnerships, including Buyout, Venture, Real Estate, Special Purpose Vehicles, Mezzanine, Credit, SBIC, and Fund of Funds.  The firm’s LP Administration Solutions Group (LPAS) focuses solely on meeting the unique administration and data needs of limited partners investing in illiquid alternative assets.  In partnering with PEF, firms increase operational efficiency, reduce and control operating costs, improve focus on core capabilities, and gain access to experts in private capital back office operations.  For more information please visit www.pefservices.com.

Press Contact:   Laura Hills | VP, Marketing | PEF Services | 212.203.4685 x180 | laura.hills@pefservices.com

Terravet Real Estate Solutions Announces Partnership with The Pritzker Organization

Chicago, IL (September 7, 2018) – Terravet Real Estate Solutions (“Terravet”) announced today that Tom Pritzker Family Business Interests advised by The Pritzker Organization, L.L.C. (“TPO”) invested in Terravet‘s second fund as a lead limited partner and also made a non-control, growth investment in Terravet’s management company.

“The opportunity to partner with The Pritzker Organization is a game-changer for us,” said Daniel Eisenstadt, Chairman and CEO of Terravet Real Estate Solutions. “TPO’s team brings us decades of real estate, operational and investment experience. We look forward to working with The Pritzker Organization as we invest this fund and future funds. Along with TPO, we are thrilled to be working with a very strong group of mostly family office investors to support our long-term ambitions to partner with the best veterinary operators to solve their expanding real estate needs.”

“Terravet’s focus on acquiring and developing leading veterinary facilities will lead to long-lasting partnerships with high quality veterinary operators. We think Daniel and his team have created a differentiated model and have a long growth runway ahead of them,” said Joseph Gleberman, Managing Director at TPO.

About Terravet Real Estate Solutions:

Terravet Real Estate Solutions is an internally managed real estate group which owns and manages numerous veterinary properties across the United States. Terravet is currently investing out of its second fund and expects to build a portfolio of veterinary real estate valued in excess of $500 million in the coming years. Terravet partners with operators and owners of veterinary practices and hospitals by acquiring, renovating, and/or expanding existing veterinary facilities, while entering into long-term leases with veterinary practice owners. www.terravetrealestate.com

About The Pritzker Organization:

The Pritzker Organization is the merchant bank for the business interests of certain members of the Pritzker family. TPO is focused on partnering with exceptional leaders to create value across a wide range of industries. TPO looks for opportunities to create value for the Pritzker family’s business interests, its partners and its stakeholders over a long-term time horizon. For more than 60 years, TPO has overseen and guided the development of dozens of portfolio companies across a wide variety of industries, including manufacturing, logistics, life sciences, hospitality, healthcare and services. Notable businesses include Hyatt Hotels, Triton Container and the Marmon Group. Recent control investments include TMS International, Lithko Contracting and Hargray Communications Group. In addition to its core strategy of building long-term businesses, Tom Pritzker’s Family Business Interests are also active in special situations, deploying capital across a wide spectrum of industries and across every tier of the balance sheet, from senior debt to equity. Additional information can be found at www.pritzkerorg.com.

Terravet Real Estate Solutions Acquires Real Estate of DVM 360’s Specialty Hospital of the Year

Unique real estate arrangement allowed for the development of groundbreaking facility.

BALA CYNWYD, Pa. (Aug. 29, 2018) – Terravet Real Estate Solutions, an internally managed real estate fund that focuses on the acquisition of veterinary operated real estate, recently acquired the Wheat Ridge Animal Hospital (WRAH) building in Wheat Ridge, Colo., in Q2 of 2018. The property is a state-of-the-art, 37,000-square-foot purpose-built specialty and emergency animal hospital that was developed by the hospital’s owners and affiliates. The property has 19 years remaining of its initial lease term and was acquired at a price that was very close to its construction cost.

“The opportunity to add the WRAH facility to our portfolio of veterinary real estate was a no-brainer,” said Daniel Eisenstadt, chairman and CEO of Terravet Real Estate Solutions. “The hospital has been in the area for over 60 years and has established itself as the premier destination for specialized and emergency veterinary medicine in the NW Denver metropolitan area. The facility that the WRAH ownership group developed is a huge asset to recruiting and driving growth in their specialized medicine practices and will position them as the market leader in veterinary medicine for decades to come.”

Donald Ostwald, Wheat Ridge Animal Hospital co-founder and partner in the entity that developed the hospital, took great assurance in knowing that Terravet was waiting in the wings to acquire the real estate project. “We had a very particular vision for the construction and development of this hospital based on the constraints we experienced in our last facility,” he said. “The ability to maintain control of the project and not hand it off to a developer, knowing that Terravet was committed to buying the completed project, allowed us to have confidence throughout the process and avoid lofty development fees.

WRAH took home the 2018 dvm360 Hospital Design Competitions ;Specialty Hospital of the Year” award, where judges specifically praised the AAHA-accredited hospital for efficiently mixing general practice, specialty referral cases, and 24/7 emergency services all under one – massive – roof. Wheat Ridge Animal Hospital is home to nearly 200 employees and is part of Ethos Veterinary Health.

Wheat Ridge was the first property acquired in Terravet Real Estate Fund II, which will use leverage on committed capital raised to acquire approximately $200 million in veterinary operated real estate over the next 24 months.

 About Terravet Real Estate Solutions:

Terravet Real Estate Solutions (formerly Calico Real Estate) offers industry knowledge and insights to veterinary real estate owners, making sure veterinarians maximize the value of their property. Terravet is uniquely positioned to understand the true value of veterinary practice real estate and capitalize on industry trends. Terravet Real Estate Solutions is based in Philadelphia, Pa.