Continental East Development (CED) and its subsidiary, Continental East Fund IV, are pleased to announce the successful sale of Continental Medical Plaza. TriStar Realty Group, LLC purchased the entire project for $14.3 Million in November 2021. TriStar is a premier full-service real estate firm with commercial holdings throughout Southern California. Valued at $9 million, the RadNet building is the highest market comp paid to date for Temecula Valley. The successful sale provided investors with full payment of their investment capital.
The Project’s History
Continental East Development takes pride in acquiring undervalued properties in prime locations. CED purchase the project in November 2009 from Central Pacific Bank of Hawaii for $3.5 Million. After foreclosing on the note, CED took possession of the property in 2010. The building was not yet complete and required $3.5 Million in substantial upgrades, which included improvements to the building’s parking lots and exterior landscaping.
The adjacently located Rancho Springs Medical Center was undergoing a $53 Million expansion at the time of CED’s purchase. This offered promising investment opportunities in
the surrounding areas. Continental Medical Plaza’s location is in the heart of the Murrieta medical company, which includes Rancho Springs Medical Center and Hancock Medical Corridor. CED’s 38,000 SF medical complex finished developing in 2011. Shortly after the completion, RadNet leased an entire office building and upgraded it to a diagnostic imaging clinic. RadNet then extended its lease to 2026, further increasing the building’s value.
Visit Continental East Fund IV, LLC to learn more about the project.