Terravet Real Estate Solutions, a real estate investment firm known for focusing on veterinary facilities, has rebranded as Terramed Real Estate Solutions as it broadens its portfolio to include ophthalmology and fertility clinics.
The name change reflects a shift that began several years ago, when the company recognized that diversification could come naturally by finding common ground among specialized healthcare properties, Chief Executive Officer Dan Eisenstadt told GlobeSt.com.
Established in 2012, Terramed emerged from a trend its founders noticed in the veterinary world. Private equity groups were buying up veterinary practices, creating corporate operators that prioritized rapid expansion over property ownership. Many veterinarians who sold their practices didn’t want to remain landlords, and the corporate operators preferred to deploy capital toward growth rather than real estate.
“Institutional investors behind the roll-up corporations were also cautious,” Eisenstadt said. “They didn’t want to over-allocate to real estate when their focus was on private equity.”
That dynamic created an opening for Terramed, which began purchasing the real estate behind veterinary practices. By 2018, the firm had raised its first fund, and the model proved effective. However, as opportunities in veterinary real estate began to tighten, investors urged the company to expand to similar sectors. “They wanted to know about adjacent sectors that could broaden the market four or five times over and increase opportunities for return,” Eisenstadt said.
Terramed responded by adding ophthalmology and fertility clinic properties to its holdings. Initially, about 90% of its investments were in veterinary real estate, with 10% in ophthalmology. Over time, the firm included fertility properties as well, identifying shared characteristics that made each category attractive from an investment standpoint.
All three sectors cater to strong consumer demand with a significant level of private payment, which reduces exposure to insurance reimbursement volatility. The U.S. pet care market remains robust, while an aging population has driven the need for ophthalmology services and delayed family formation has expanded demand for fertility treatments such as IVF.
Private payment offers financial resilience, Eisenstadt explained. Heavy reliance on insurance reimbursement can put a medical practice at risk if payers delay or cut payments. Veterinary practices, for instance, typically receive funds directly from clients, while fertility services are often self-paid. In ophthalmology, although surgeries and exams may fall under insurance coverage, up to half the business—such as vision correction procedures—relies on private pay.
Another factor tying these sectors together is the specialized nature of their spaces. Medical facilities tailored for specific procedures or equipment are not easily converted for other purposes, giving landlords long-term tenancy stability.
"The chance you want to do that every five to ten years is low,” Eisenstadt said. “It may sell to another doctor or to a company, but in either case we’ll end up with a tenant in the same business.”
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