Continental Medical Plaza
Continuing its successful track record of acquiring undervalued properties in premier locations, Continental East Development purchased this property in November 2009 as a +$7,000,000 non-performing construction loan from the Central Pacific Bank of Hawaii. CED management once again demonstrated its expert timing with the acquisition of this property, located directly adjacent to Rancho Springs Medical Center.
At the time CED purchased Continental Medical Plaza, Rancho Springs Medical Center was undergoing a $53,000,000 expansion. The asset securing the loan included two nearly completed medical office buildings located in Murrieta, CA.
CED completed foreclosure and launched plans to finish development of the medical buildings. The now completed Continental Medical Plaza (CMP) features two state-of-the-art, Class A medical buildings. The 38,000 SF of medical complexes is located in the heart of the Murrieta Medical Community, which includes both the Rancho Springs Medical Center and Hancock Medical Corridor.
Continental Medical Plaza serves as Radnets’ regional headquarters, a national publicly traded imaging firm. Radnet is the largest owner and operator of fixed diagnostic imaging centers in the U.S. CMP is also the headquarters of Continental East Development and Continental Regional Center.