UPDATE: Terramed Real Estate Solutions has just completed a significant acquisition, purchasing a building that houses the Animal Hospital of Dauphin County for $1.9 million. This urgent development took place on December 9, 2023, in West Hanover Township, marking a pivotal moment for both the real estate and veterinary industries.
The acquisition not only secures valuable property for Terramed but also ensures the continuity of care for local pet owners. The Animal Hospital, which boasts a team of 12 veterinarians and spans 7,384 square feet, provides essential services including surgical procedures, rehabilitation, and diagnostic capabilities. With an in-house laboratory and pharmacy, the facility is equipped to meet a wide range of animal health needs.
According to Terramed officials, the transaction was structured as an UPREIT (Umbrella Partnership Real Estate Investment Trust) exchange. This innovative approach allows the seller to transition ownership while participating in a diversified healthcare real estate portfolio, all in a tax-efficient manner. This model not only benefits the seller but enhances the operational stability of the Animal Hospital, ensuring that it can continue serving the community effectively.
Dr. Bob Sarsfield, the owner and chief medical officer at the Animal Hospital of Dauphin County, expressed optimism about the deal, stating,
“This building has supported our team for a long time because it gives us the room and tools to offer a wide range of treatments in one place. Families know they can come to us for whatever their animals need. They value that kind of familiarity — and so do we. This decision will help the hospital care for our patients’ health and well-being for decades to come.”
The deal underscores Terramed’s commitment to healthcare real estate, as the company manages properties across more than 35 states and encompasses over 1.5 million square feet of space. This acquisition not only enhances their portfolio but plays a crucial role in the ongoing provision of veterinary services in the area.
As the local community looks forward to continued high-quality care at the Animal Hospital, all eyes are on Terramed and its strategic developments in the healthcare real estate sector. This acquisition is a clear signal of the growing trend towards specialized real estate investments that prioritize healthcare services.
Stay tuned for more updates as this story develops!
