Continental Medical Plaza Sold in 2021
Continental East Development (CED) and its subsidiary, CEF IV, are pleased to announce the successful sale of Continental Medical Plaza.
The entire project was sold for $14.3 Million to TriStar Realty Group, LLC. TriStar is a premier full-service real estate firm with commercial holdings throughout Southern California. The RadNet building was valued at $9 million, the highest market comp paid to date for the Temecula Valley. As a result of the successful sale, all investors have received full payment of their investment capital.
History of the Project
Continental East Development prides itself on acquiring undervalued properties in prime locations. CED
purchased the note in November 2009 from Central Pacific Bank of Hawaii for $3.5 Million. CED foreclosed on the note and took possession of the property in 2010. The building was not yet completed and required $3.5 Million in substantial upgrades including improvements to the building’s exterior landscaping and parking lots.
At the time of purchase, adjacently located Rancho Springs Medical Center was undergoing a $53 million expansion which offered promising investment opportunities in the surrounding area. Its location is in the heart of the Murrieta medical community, which includes Rancho Springs Medical Center and the Hancock Medical Corridor. CED finished developing the 38,000 SF medical complex in 2011. Soon after completion, RadNet leased an entire office building and upgraded it to a diagnostic imaging clinic. RadNet then extended their lease to 2026, which further increased the value of the building.