Bala Cynwyd, PA, October 31, 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.