Continental East Fund V, LLC
Ivy Street is yet another testament to Continental East Development’s expert management and their ability to turn around failing development projects. The project, a one story office building, initially broke ground in 2006, but ran into trouble in late 2009 when the original developer was forced to delay progress. Ultimately, the property was lost to foreclosure in 2010.
Seeing an opportunity to once again execute its winning strategy, CED acquired the under-performing asset in June 2010 from First California Bank. At the time of the acquisiton, the Ivy Street Building was only 60% leased. Currently, under the direction of Lydia Percia, Vice President of Leasing for CED, the Mixed-Use building is 90% leased and occupied. Under CED expert management, Ivy Street has become a highly desired location for attorneys, CPA’s, real estate companies, and other professional services.
Located in the heart of Old Town Murrieta historical district, the beautiful multi-tenant Ivy Street building is comprised of eight finished offices, providing easy access to the I-15 freeway. Continental East Development is proud to have once again successfully executed its vision of acquiring and turning around another once under-performing project to become a thriving center of commerce in the community.