Unique real estate arrangement allowed for the development of groundbreaking facility.
Bala Cynwyd, PA, August 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 DVM 360 Hospital Design Competition’s 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.