Continental East Development — a Murrieta-based real estate development company focusing on commercial and senior health projects — announced its success in utilizing the EB-5 program to privately redevelop a Murrieta office building and attract RadNet Medical Imaging to the community.
RadNet (Nasdaq: RDNT), a publicly held national leader in providing high-quality, cost effective diagnostic imaging services, has occupied the entire 18,000-square-foot medical office building located at the Continental Medical Center. RadNet’s construction and equipment investment in its new facility exceeded $10 million.
With operations in six states, including California, Maryland, Delaware, New Jersey, New York and Florida, RadNet is believed to be the largest owner of outpatient imaging centers in the United States, with approximately 250 facilities throughout the nation. RadNet’s long-term lease agreement with Continental Medical Center is creating more than 50 high paying positions, with an annual economic impact to the region exceeding $10 million.
Since its designation as a qualified Regional Center by the U.S. Citizenship and Immigration Service in June 2011, the USA Continental Regional Center has been creating local jobs by matching foreign investors with American companies. “Our job is to create economic growth, jobs and invest capital into the local economy,” said Al Rattan, president and co-founder of RadNet.
Norm Hames, vice president and chief operating officer for RadNet, indicated that “USA Continental Regional Center came in as the owners. They bought the building, improved it and in my opinion turned it into a Grade-A building, which is exactly what we wanted. They have been very good and very easy to work with and I think it’s going to be a good start for us in this particular area.”
Continental East also recently privately redeveloped the Antelope Square shopping center in Murrieta and has submitted an application to the city of Murrieta for the development of a new major senior health care community, which will include assisted living, skilled nursing and other services.
Continental East is located at 25467 Medical Center Road, Suite 201, in Murrieta and can be contacted at 951-600-8600.