“Our most recent success has been the sale of our property on 2nd street & Mercedes in Old Town Temecula. CED purchased the 28,000 SF lot in 2009 and Lydia, our Executive VP and co-founder, negotiated the sale of it this past September for $2.8M, which provided a healthy return for our investors.
MURRIETA, Calif. (PRWEB) November 12, 2021
CED was founded in 2009 by its principals Al Rattan and Lydia Percia and found opportunities in Southwest Riverside County during the Great Recession of 2008. They were able to raise additional capital overseas, and today they are a full suite commercial real-estate firm. Continental East Development specializes in the acquisition, development, and management of retail, office, medical, multi-family, and senior-housing properties across the Inland Empire.
Riddle talked about the different types of real estate the firm deals with including senior housing which as many of us know, were some of the services hardest impacted by COVID 19 and she explained how CED has fared well - but not without its challenges.
“When COVID hit the United States, our entire team truly rose to the occasion. Especially our staff, residents, and families at our senior living communities. CED has acted swiftly and thought methodically about the challenges we’ve faced, and it’s allowed us to successfully navigate through all the uncertainty. And In spite of the difficulties caused by the pandemic, we continue to find a way to move forward with momentum”.
During the thirty-minute interview, Riddle also talked about CED’s other development activities. She went on to say, “Our most recent success has been the sale of our property on 2nd street & Mercedes in Old Town Temecula. CED purchased the 28,000 SF lot in 2009 and Lydia, our Executive VP and co-founder, negotiated the sale of it this past September for $2.8M, which provided a healthy return for our investors".
"We also recently completed Continental Villages, which is the first phase of our 19-acre master plan community. Its location is adjacent to Moreno Valley College and will help serve the strong demand for housing in the area”.
Continental Villages is a 125 unit market-rate apartment complex built on 7 acres. The apartments are 1,2, and 3-bedroom, garden-style apartments with modern amenities, such as a large recreation building, a fitness center, business center, community room, outdoor kitchen, BBQs, and swimming pool.
Riddle stated that Phase I was completed in July and Lydia Percia negotiated the sale of this phase to FPA Multi-Family for $35M, which is the highest paid market comp to date in the city of Moreno Valley. She went on to say that Lydia is just on fire! And is a finalist in this year’s Inland Empire Spirit of the Entrepreneur Awards and she’s hopeful that Lydia can keep this streak going.
After the sale, Continental Villages was rebranded as “Arrive at Rancho Belago” with the help of CED’s pre-launch marketing efforts, the community was over 90% leased within the first 45 days of operation.
As for phases 2 and 3, Riddle told CDN that Phase 2 is 112 units on 8 acres. Broken down, it’s 96 apartments and 16 two-story duplexes. There’s also a 3,800 SF two-story recreation center with the same variety of amenities as phase I plus some additions like a tot lot and dog park.
Phase 3 is 21,000 SF of commercial retail space on 2.8 acres. The city of Moreno Valley is very eager for this phase as the area is in dire need of retail and prospective tenants are already reaching out asking when they’ll be able to lease a unit. CED has already submitted grading plans for phases 2 and 3 to the City of Moreno Valley and plans to break ground by the new year.
And finally, Continental East Development also plans to expand on their retail center in Murrieta, called Antelope Square. The expansion will include 3 retail units and a drive-thru coffee shop.
Mrs. Riddle stated, “The decision to expand Antelope Square was guided by the city of Murrieta’s efforts to widen the freeway off-ramps at Scott Rd. These exits see a large volume of traffic and we believe our vision will be greeted with great success.”
CED is currently awaiting approval of the conceptual plans and is planning to break ground in the spring.