Terravet Real Estate Solutions Acquires Two Veterinary Practices for $22.6M in Pittsburgh, PA
BALA CYNWYD, Pa.–(BUSINESS WIRE)–Terravet Real Estate Solutions, a leading real estate group focused on veterinary real estate, announced today it has acquired the Pittsburgh Veterinary Specialty and Emergency Center (PVSEC) real estate for $22.6 million. The PVSEC real estate is comprised of two veterinary hospital buildings totaling over 48,000 square feet. This acquisition brings Terravet’s total portfolio to approximately one million square feet and approximately 70,000 square feet in the Pittsburgh market.
PVSEC’s main location in North Hills is 34,832 square feet and sits on 9.8 acres just off of the I-279 Camp Horne Road exit. The practice was built in 2008 and renovated in 2015 to the state-of-the-art facility it is today. The satellite location in Mount Washington is 13,350 square feet and sits on 5 acres. PVSEC’s second facility was built in 2017 and was constructed specifically to facilitate future expansion.
“Terravet experienced our best year yet in 2021 and adding Pittsburgh Veterinary Specialty and Emergency Center to our portfolio of top-tier veterinary facilities is a great way to continue building upon our momentum,” said Daniel Eisenstadt, CEO of Terravet Real Estate Solutions. “We look forward to increasing our Pittsburgh presence and providing support to PVSEC as they look to expand their facilities.”
PVSEC is one of the largest and most comprehensive specialty and emergency veterinary hospitals in Pennsylvania. Open 24/7, the practice has approximately 50 Doctors of Veterinary Medicine on staff able to assist with handling any type of veterinary emergency or specialty need, including cardiology, dermatology, neurology, and oncology. PVSEC is also equipped with sophisticated diagnostic equipment such as a CT scanner, linear accelerator, ultrasound machines, and Western Pennsylvania’s only high-field MRI.
This acquisition comes on the heels of a very successful 2021 for Terravet. Last year, the company completed 55 acquisitions in more than 10 new states including, Iowa, Mississippi, New Hampshire, and Wyoming.
Terravet invests in, develops, and operates veterinary and other healthcare real estate throughout the U.S. The company works alongside veterinary and healthcare operators to maximize the value of their property by improving the quality of their facilities and selling their real estate.
About Terravet Real Estate Solutions
Terravet Real Estate Solutions is an internally managed real estate group that owns and manages veterinary properties and certain other healthcare properties across the United States. Terravet owns approximately 1,000,000 square feet of veterinary and healthcare real estate located in more than 30 states. Terravet partners with strong veterinary and healthcare operators and provides flexible solutions including sale-leasebacks, joint ventures, and renovation and expansion programs. The Terravet team is composed of real estate, finance, and operating professionals and brings decades of expertise to the transactions it leads. Terravet is committed to improving health by channeling resources and knowledge to the facilities where care is delivered and to those who deliver the care. For more information, please visit www.terravetrealestate.com.
Contacts
Press:
Gregory FCA
Britni Ackrivo
Senior Vice President, 484-504-9920
backrivo@gregoryfca.com