Veterinary Construction Portfolio
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: 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 that will 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 will be completed in 2020 and include 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. Construction will commence in Q4 2019, and the building will be completed in Q4 2020.
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 once the 2,682 square foot expansion is complete in Q2 of 2020, the building footprint will total 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.