CED Sells 2nd Street Property!
Continental East Development, Inc.’s (CED) most recent success is selling its 2nd Street property on 2nd and Mercedes in Old Town Temecula. CED purchased the 28,000 SF lot in 2009, launching a series of CED acquisitions.
Based on the strategic location of the 2nd Street property, CED elected to land bank the property and await market conditions to improve. CED’s Executive Vice President and Co-Founder negotiated the sale of the property for $2.8 Million. The disposition provided a healthy return on the initial investment of roughly $700,000, and the deal secured its position as the highest-paid market comp in 2021 for Old Town Temecula.
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