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Tuesday, May 24, 2022

Strategic Storage Takes Tactics to Canada for 2 Buys

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COMMERCIAL

Ladera Ranch’s Strategic Storage Trust Inc., a real estate investment trust that buys storage facilities, has made its first deal in Canada.

The company recently paid $14.2 million for a building in Toronto that has about 110,000 rentable square feet of self-storage space. It was built in 1965 and converted to self storage in 2008.

Strategic Storage also has a deal in place to buy an industrial building in a nearby city for about $5.5 million. The company hopes to close on its second Canadian purchase in the first quarter and will convert the building into a self-storage facility.

Strategic Storage’s portfolio now includes 41 wholly owned properties in 15 states and Canada. Those properties total nearly 28,000 self-storage units and about 3.5 million square feet of space.

Strategic Storage has raised nearly $200 million from investors as part of an ongoing public offering that started in 2008.

The company’s offering is slated to end next March, according to regulatory filings.

Quail Assignment

Newport Beach’s RiverRock Real Estate Group recently landed the property management contract for a high-end office in its hometown.

The company is handling 1500 Quail St., a seven-story office in Newport Beach that totals about 86,437 square feet.

RiverRock’s management portfolio, including office, industrial and retail properties in California and Arizona, now totals more than 14 million square feet.

RESIDENTIAL

Irvine’s Standard Pacific Corp. is taking a new design approach for a project it’s building in Austin, Texas.

The homebuilder is putting up 12 buildings designed to look like custom homes on the site of a former airport there. The development actually will have 52 homes, with four to six single-family homes per building.

Each two-story building will have a large front yard, porches and balconies, according to local reports.

The homes—part of the tastefully named Mueller development—will begin construction next month. They’re expected to be completed in the summer.

The homes are designed to be environmentally friendly, and units are set to range from 1,300 square feet to nearly 2,400 square feet. Prices start at about $150,000 for some units, some of which are being designated as affordable under area standards, ac-cording to local re-ports.

Infill Plans

A recently formed Newport Beach homebuilder has a pair of local projects in the works that are expected to bring 40 homes to the county.

Melia Homes Inc., a company focusing on infill locations, has a goal to build about 150 homes annually, both here and in the Inland Empire, according to officials.

The company was started in 2009 by owner BJ Delzer, a real estate developer with more than 20 years experience. He previously was co-president of shuttered Irvine builder Granite Homes.

Melia has two local projects in the works, according to company officials. It’s planning 32 detached homes ranging from about 1,600 square feet to 2,600 square feet near the intersection of Ball Road and Western Avenue in Anaheim. The project, called Donovan Ranch, is being built at the site of a former building materials company. It got city approval a few months ago.

In Eastside Costa Mesa, Melia also has a five-home project in the works called the Enclave. Homes there will run about 2,000 square feet and start selling next year in the mid $600,000’s, officials said.

The company’s also selling larger homes in Rancho Cucamonga. Melia plans to focus on three or four projects at any given time, officials said.

In Passing

Newport Beach’s Voit Real Estate Services lost one of its top executives, John Pierce, who passed away last month after a lengthy fight with cancer.

Pierce had served as president of Voit’s commercial brokerage division since last year. He’d been with Voit for more than a decade, according to company officials.

Prior to his work at Voit, he was vice president of marketing at Newport Beach’s Koll Co. Pierce oversaw the leasing of the Koll Center Irvine and Koll Center Newport projects, among other listings.

He also served as president of the MacArthur Group, a boutique commercial real estate services firm, was president and chief operating officer at Brinderson Development Corp., and was a senior sales consultant with Coldwell Banker & Co. He also served as a captain in the Marine Corps.

Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.

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