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Continental Medical Plaza
FUND IV, LLC
Continuing its successful track record of acquiring undervalued properties in premier locations, Continental East Development purchased this property in November 2009 from the Central Pacific Bank of Hawaii for $3.5 Million. In 2010, CED foreclosed on the note and took possession of the property. CED management once again demonstrated its expert timing with the acquisition of this property, located directly adjacent to Rancho Springs Medical Center.
When CED purchased Continental Medical Plaza, Rancho Springs Medical Center was undergoing a $53 Million 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 the development of the medical buildings, which required $3.5 Million in substantial upgrades, which included improvements to the building’s exterior landscaping and parking lots.
The now completed Continental Medical Plaza (CMP) features two state-of-the-art, Class A medical buildings. The 38,000 square feet of medical complexes are located in the heart of the Murrieta Medical Community, including the Rancho Springs Medical Center and Hancock Medical Corridor.
Soon after completing the upgrades, RadNet became Continental Medical Plaza’s major tenant. RadNet leased the entire adjacent medical office building and upgraded the building to a diagnostic imaging clinic. RadNet then extended its lease to 2026, which further increased the value of the building. With over 9,000 employees and 347 imaging centers in six states, RadNet believes it is well-positioned for the future of healthcare. RadNet completed more than 8 million outpatient imaging procedures annually.
In November 2021, 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 is valued at $9 million, the highest market comp paid to date for the Temecula Valley. The sale of the project proved CED’s ability once again to provide an excellent return for investors.