Terravet Real Estate Solutions, a top real estate group focused on veterinary practice real estate, announced today it has raised $150 million through its third fund Terravet REIT III. The REIT provides owners of veterinary real estate an opportunity to diversify their assets through participating in a pool of larger general practice and specialty/emergency veterinary facilities nationwide; with strong backing from key players within the sector. Ultimately it is majority-owned by veterinarians.
Eisenstadt believes the REIT offers veterinary real estate owners another viable choice beyond either selling their properties or continuing to hold and operate them – providing diversification benefits as they near retirement, meeting financial goals while remaining part of the veterinary industry.
This REIT will acquire, own and manage veterinary facilities while investing in new construction or repositioning existing assets in order to create value for its investors. It primarily targets high-quality clinics and hospitals located primarily within urban markets with some suburban or rural properties as well. An initial purchase price estimate for one facility should be $5 million at launch; initially focusing solely on the United States with plans of significant expansion over 18 months.
Dan Feinberg was appointed principal and vice president of finance with the company in May 2017, before being elevated to president of its REIT subsidiary in August 2017. As president, he will oversee valuation, underwriting, transaction due diligence processes for properties acquired, investor relations activities as well as capital market activities on behalf of his REIT subsidiary.
Prior to joining our company, Mr. Feinberg served as Vice President of Finance for a real estate development and investment firm in Philadelphia, PA. At a national public REIT he oversaw underwriting and due diligence on over 100 acquisitions; additionally he served as Lending Officer with a large commercial bank before accepting positions within an accounting firm.
Aisha Sladek has over 15 years of real estate industry experience, including leasing, property management, appraisal, asset management contract administration and trend analysis. Prior to joining Terravet Real Estate Solutions she held several roles at Brixmor Property Group; where she oversaw reporting and lease administration for one of their largest open-air shopping center portfolios in the country.
Ms. Edelstein is an experienced accountant with more than two decades of experience in accounting, taxation, and business operations. She graduated with her Bachelor of Science degree from the University of Delaware and earned a CPA certification. Since 2011, Ms. Edelstein has been with Terravet Real estate Solutions in Philadelphia as an accountant at Netrality Properties LP where she gained valuable experience preparing tax documents as well as managing complex real estate transactions.