COMPANY HISTORY
| Medical Real Estate (MRE) began developing medical condominium buildings in 1993 in Temecula, California. We noticed the relationship between land prices and leasing prices and thought there was an opportunity for doctors to own their own medical suites at prices comparable to or better than the cost of leasing; but with the upside of ownership. We found four medical professionals who liked the idea, and Doctors Medical Park, Phase I was born. It was completed in 1994. Phase II of Doctors Medical Park was completed in 1996 with four additional doctors. From 1996 through early 2007 MRE has developed fourteen additional buildings: Mission Medical Center, Chaparral Medical Plaza, Promenade Medical Plaza - Phase I & II, Golden Triangle Medical Courtyard-Phase I & II, Hope Medical Arts Plaza, Corona Village Medical Center, Eastlake Village Walk Medical Center, Otay Lakes Medical Center, Date Margarita Medical Professional Center and Terracina Medical Center. A total of 130 medical professionals have ownership interest in these fourteen projects. In early 2007 and with much anticipation, MRE broke ground on Rancho Mirage Medical Center, our first project in the Coachella Valley. This one-story 73,000 square foot building complex is home to 15 medical professionals. Also, during the first quarter of 2007, construction began on Oasis Medical Plaza, our second project in Redlands, CA. Strategically located between Loma Linda University Hospital and Redlands Community Hospital, the two-story 30,000 square building is home to 10 medical professionals. Expected occupancy in both of these projects begins as early as April 2008. Pushing forward into this year, MRE is breaking ground on our newest and most industrious project, Hemet Center for Medical Excellence. Located at “ground zero” of West Hemet, this multiple building campus will offer over 126,000 square feet of space and should accommodate a variety of practice needs. Soon to follow is our second Menifee project, Heritage Center Medical Plaza. This 70,000 square feet building is situated within a shopping complex, offering patients a simple yet practical concept of convenience. Building on the success of both our previous medical buildings in Redlands, MRE plans to begin construction in the 2nd quarter of 2008 on our third Redlands project, Citrus Valley Medical Center. Next to Oasis Medical Plaza, this 42,000 square foot building will be home to approximately 14 medical professionals. The future is bright as we look ahead into 2008 and 2009. MRE is planning to begin city processing during the latter part of this year on our second desert project, located in La Quinta. Along with that, we are planning medical condo projects in Beaumont, Whittier and Escondido. |
