Project Portfolio
Animal Medical & Surgical Center Expansion
Project Operating Partner: Thrive Pet Healthcare (Formerly Pathway Vet Alliance)
Location: Scottsdale, Arizona
Building Size: 20,000 Square Feet
Thrive Pet Healthcare operates a 24/7 Emergency Hospital in North Scottsdale. The existing hospital has strong revenues, but is constrained by the existing space. Thrive engaged Meridian to find a solution to expand the practice. Meridian identified a building directly adjacent to the existing Animal Medical & Surgical Center and will close on the building in November of 2023, with construction to begin late first quarter of 2024. The expansion will give Thrive the opportunity to expand services, add additional exam rooms and surgery suites, and ultimately double revenues of the existing hospital.
Emergency Pet Clinic of San Antonio
Project Operating Partner: Thrive Pet Healthcare (formerly Pathway Vet Alliance)
Location: San Antonio, Texas
Building Size: 30,000 Square Feet
Thrive Pet Healthcare operates a 24/7 Emergency Hospital just north of the Alamo Heights neighborhood in San Antonio, Texas. The existing hospital has a strong leadership team along with extremely strong revenues and is space constrained at the current location. Thrive engaged Meridian to locate a building within 1 mile of the existing practice to relocate the Emergency hospital and expand the services offered. Meridian successfully identified a two story 30,000 square foot building approximately half a mile from the existing location and closed on the building in 2022. Construction is well underway and the new emergency and specialty hospital will be turned over to Thrive in December of 2023 with an expected opening date in the first quarter of 2024. Some services that will be provided in the new hospital will be emergency services, surgery, cardiology, dermatology, dentistry, neurology, imaging and others to be added in the near future.
Dallas Veterinary Specialty & Emergency Hospital
Project Operating Partner: MedVet Medical and Cancer Center for Pets
Location: Dallas, Texas
Building Size: 38,950 Square Feet
Hospital Size: 24,950 Square Feet
Dallas was a new market for MedVet, and it was determined that there was significant demand for a centrally located veterinary specialty and emergency hospital. Meridian Veterinary Real Estate identified a highly visible and extremely well-located property in central Dallas and acquired the land and approximately 50-year old building. Meridian worked with M+A Architects and MedVet veterinarians and executives to design a new hospital to be housed within the footprint of the original building. The new 26,000 SF hospital is flanked by two 7,000 SF single story retail wings, which serves well for MedVet’s growth and expansion.
The MedVet Dallas hospital was completed in 2019 and features eight exam rooms, four surgical suites, CT, X-Ray, MRI and central lab. MedVet Dallas provides neurology, cardiology, oncology and surgery services to referring veterinarians.
Meridian provided site selection, design oversight and construction management. Meridian also provided the capital to acquire the property and fund the renovation of the building. MedVet is Meridian’s tenant under a long-term lease arrangement.
Chicago Veterinary Specialty & Emergency Hospital
Project Operating Partner: MedVet Medical and Cancer Center for Pets
Location: Chicago, Illinois
Building Size: 65,160 Square Feet
MedVet operates a thriving specialty and emergency practice in the Northwest Chicago neighborhood known as Roscoe Village. The existing practice operates in two buildings with a combined area of 26,252 square feet. MedVet Chicago needed a larger facility for its growing practice and turned to Meridian Veterinary Real Estate for assistance. In short order, Meridian identified several potential existing buildings and vacant land as alternatives within an acceptable proximity to MedVet’s current practice. After evaluating the cost of building a new building in Chicago and the potential cost savings realized in a renovation of an existing building, MedVet elected to pursue the renovation and combination of two existing buildings with a combined area of 65,160 square feet.
Once completed in 2019, the new MedVet Chicago hospital will feature 20 exam rooms, six surgical suites, CT, X-Ray, MRI, wet and dry rehabilitation, and a central lab. The attached MedVet Cancer Center will have six exam rooms and provide medical and radiation oncology treatments.
Meridian provided site selection, design oversight and construction management. In addition, Meridian provided the equity and other financing needed to acquire the property and fund the majority of the renovation costs. MedVet will be the tenant under a long-term primary lease with renewal options.
The newly completed MedVet Chicago building. To watch a complete timelapse of the construction process, click here and press the play button.
Central Austin Veterinary Specialty and Emergency Hospital
Project Operating Partner: Thrive Pet Healthcare (formerly Pathway Vet Alliance)
Location: Austin, Texas
Building Size: Approximately 12,000 Square Feet
Pathway Vet Alliance is a leading national veterinary management group with over 200 general and specialty practice locations across 33 states. Pathway Vet Alliance currently operates an emergency care and general veterinary practice located in Central Austin, Texas. The existing practice is thriving but space constrained. Additional space will allow Pathway Vet Alliance to expand the emergency care services and add several specialties, enhanced diagnostic capabilities, and advanced treatment options. Due to the lack of available land in central Austin, Meridian identified a well-located existing building to be transformed into a veterinary specialty and emergency hospital near the location of Pathway’s existing general veterinary practice. Meridian acquired the 12,000 square foot building and began working with Fox Architects of Austin to begin programming Pathway’s flagship specialty hospital in their hometown of Austin.
The project includes nine exam rooms, three surgery suites, CT, X-Ray, and an MRI along with oncology, neurology, and orthopedic treatments. Meridian acquired the building, provided design oversight and construction management. Meridian also provided further equity and financing to fund the renovation and construction costs of the project; Pathway Vet Alliance will be the tenant under a long-term lease with renewal options.
Sugar Land Veterinary Specialists and 24 Hour Emergency Care
Project Operating Partner: Lakefield Veterinary Group
Location: Sugar Land, Texas
Building Size: 18,650 Square Feet
Sugar Land Veterinary Specialists and 24 Hour Emergency Care hospital is operated by Lakefield Veterinary Group, a Seattle, WA based and family-owned veterinary hospital operating company with over 50 locations across ten states. The 15,968 square foot specialty and emergency hospital provides veterinary services, which include emergency and critical care, an intensive care unit, internal medicine, oncology, neurology, radioiodine, surgery, and state-of-the-art imaging capabilities. Lakefield identified a need for an expansion that would include two surgery suites in addition to the three existing suites, an expanded cardiology department, adding a radiation oncology department, and upgraded MRI equipment. Following the decision to expand the building, Lakefield partnered with Meridian Veterinary Real Estate to facilitate the completion of the renovation and expansion through a sale/leaseback transaction.
Meridian acquired the building and will provide further equity and financing to fund the expansion and construction costs, as well as providing construction management oversight. Lakefield will be the tenant under a long-term lease with renewal options, and the new building footprint totals 18,650 square feet.
Animal Emergency and Specialty Hospital of North Texas
In December 2019, Meridian acquired the Animal Emergency and Specialty Hospital of North Texas, located in Grapevine, Texas. The Specialty and Emergency Hospital operates in two buildings with a combined clinical area of 26,929 Square Feet. The property has eight veterinary tenants under long term lease agreements. Tenants include both national credit operators, as well as very successful multi-practice regional operators. The Animal Emergency Hospital of North Texas was established in 1998 by local veterinarians to provide emergency and critical care services to companion and exotic animals 24 hours a day, seven days a week. Affiliated practices within the hospital include Animal Emergency Hospital (operated by Compassion First), Dallas Veterinary Surgical Center (operated by Compassion First), MedVet, Animal Dermatology Referral Clinic, Animal Ophthalmology Clinic, North Texas Animal Rehabilitation, Texas Avian, and Exotic Hospital, and Dallas Veterinary Dentistry and Oral Surgery.
The Veterinary Referral Center of North Texas
Location: Dallas, Texas
Building Size: 38,645 Square Feet
In June 2020, Meridian Veterinary Real Estate acquired the Veterinary Referral Center of North Texas, located in Dallas, Texas. Conveniently situated on Trinity Mills Road and the Dallas North Tollway and opened in March of 2000, the referral center provides small animal medicine and surgery in cardiology, neurology, dermatology, oncology, diagnostic radiology, ophthalmology, internal medicine, radiation oncology, nuclear diagnostic and therapeutic medicine, as well as orthopedic, soft tissue and neurosurgery. The Veterinary Referral Center of North Texas is a three-story building totaling 38,645 Square Feet with five separate veterinary practice tenants, some of which can also be found at the Animal Emergency and Specialty Hospital of North Texas in Grapevine, Texas (above). Affiliated practices within the hospital include the Animal Diagnostic Clinic (operated by VCA, Inc), Dallas Veterinary Surgical Center (operated by Compassion-First), the Animal Ophthalmology Clinic, the Animal Dermatology Referral Clinic, and IDEXX Laboratories.
Meridian intends to begin a renovation of the Hospital’s common areas, upgrade the elevators and replace the entire HVAC system immediately. In short order, Meridian will begin the process of redesigning the exterior of the building and a reconfiguration of the Hospital’s parking lots and landscaping.
Center for Veterinary Specialty and Emergency Care
Project Operating Partner: BluePearl Veterinary Partners
Location: Lewisville, Texas
Size: 17,578 Square Feet
In September 2020, Meridian Veterinary Real Estate acquired the Center for Veterinary Specialty and Emergency Care, located in Lewisville, Texas. Conveniently situated on Lake Vista Road with direct access off of the Sam Rayburn Tollway and opened in August of 2014, the Center for Veterinary Specialty and Emergency Care provides a myriad of services. The Center of Veterinary Specialty and Emergency Care is operated by BluePearl Veterinary Partners, a subsidiary of Mars Corporation, which operates over 90 Specialty and Emergency Veterinary Hospitals in 21 states. The specialty center operates out of 17,578 square feet, and the services offered include neurology and neurosurgery, internal medicine, oncology, surgery, and minimally invasive procedures, emergency/critical care, and diagnostic imaging. In the coming months, the oncology wing will undergo a renovation that will include an MRI, adding to an already robust lineup of services provided. BluePearl Veterinary Partners is Meridian’s tenant under a long-term lease arrangement.
Animal Emergency Hospital of Mansfield
Project Operating Partner: Thrive Pet Healthcare (formerly Pathway Vet Alliance)
Location: Mansfield, Texas
Size: 7,500 Square Feet
The Animal Emergency Hospital of Mansfield is a 24-hour companion animal emergency and critical care practice located at the northwest corner of Highway 287 and Broad Street in Mansfield, Texas. This intersection is becoming the epicenter of Mansfield, with the newly-opened Shops at Broad retail center, as well as a planned HEB grocery store, which would be only one of 3 that currently operate in the DFW Metroplex. The Animal Emergency Hospital works closely with general practice veterinarians to achieve seamless patient care and when the general practice veterinarian is not available, patients can find the Animal Emergency Hospital of Mansfield 24 hours a day, 7 days a week. The hospital is 7,400 Square Feet with frontage on Highway 287, providing easy access to the surrounding community. Currently, the hospital offers emergency and critical-care services round-the-clock including in-house bloodwork, digital radiography, blood and plasma transfusions, continuous oxygen support, emergency surgery, ultrasound, and endoscopy.
Construction has begun on a 14,000 square foot expansion of the Animal Emergency Hospital of Mansfield. With the existing practice growing at an exponential rate, Thrive Pet Healthcare exercised its option to expand the practice into the adjacent property. Services will be added that will compliment the emergency hospital, to include additional surgery suites and treatment areas, orthopedics, neurology, oncology, and state of the art imaging equipment. Meridian will be turning over the building to Thrive in December of 2023 with an expected opening in the first quarter of 2024.
Veterinary Emergency and Specialty Center of New Mexico
Project Operating Partner: Thrive Pet Healthcare
Location: Albuquerque, New Mexico
Building Size: 16,000 Square Feet
The Veterinary Emergency and Specialty Center of New Mexico is a 24 hour state of the art veterinary hospital that provides emergency care for injured and sick dogs and cats as well as specialty medical and surgical treatment by skilled doctors on a referral basis. The hospital is located in the Center of Albuquerque on Montgomery Boulevard which sees more than 43,000 vehicles per day and has easy access off of I-25. The hospital is approximately 16,000 Square Feet and sits on 1.35 acres with frontage on Montgomery Boulevard and offers emergency and critical care services around the clock including orthopedic surgery, soft tissue surgery, oncologic surgery, neurologic surgery, dermatology, ophthalmology and animal behavior. The practice was purchased by Pathway Vet Alliance in 2019 who then entered into a NNN lease with the owner which runs until November 30, 2029 and contains three additional options with a length of five years each.
BluePearl East Dallas
Project Operating Partner: BluePearl
Location: Mesquite, Texas
Building Size: Approximately 7,200 Square Feet
BluePearl East Dallas is a 24-hour state-of-the-art veterinary hospital that provides emergency care for injured and sick dogs and cats as well as specialty medical and surgical treatment by skilled doctors on a referral basis. The hospital is strategically located on the heavily trafficked Belt Line Road along the Mesquite/Sunnyvale border. The hospital is approximately 7,200 Square Feet and sits on 1.25 acres with frontage on Belt Line Road and offers emergency and critical care services around the clock such as diagnostic imaging, and surgeries including fractures and ligament injuries, tumor removal, congenital conditions, and chronic diseases. The practice was purchased by BluePearl in 2019 who then entered into a NNN lease with the owner which runs until February 2029 and contains two additional options with a length of five years each.