Project: Sugar Land Veterinary Specialists
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.