The Straders are joining forces.
Tim Strader Jr., who has been director of real estate development for the local office of Phoenix-based Opus West Corp., left that firm this week to join his father, Tim Strader Sr., at Irvine-based Starpointe Ventures.
Strader Jr., a 12-year industry veteran, will serve as executive vice president at Starpointe Ventures, primarily overseeing the day-to-day management and planning of Starpointe’s $55 million, 250,000-square-foot Campus Centre masterplanned business park. Additionally, he will oversee management of that company’s other ongoing venture , an industrial park in Florida as well as scouring Southern California for additional opportunities.
“We’ve been talking about working together for a couple of years but we just finalized it two weeks ago,” Strader Jr. said. “It took a project like Campus Centre to be the catalyst as to why we decided to do it now.”
Located at the coveted corner of Jamboree Road and Campus Drive, The Campus Centre development, formerly known as Koll Center South, consists of 28 acres being sold off by Prudential Insurance Co. of America. Starpointe Ventures, led by longtime OC real estate developer Strader Sr., previously had a deal to co-develop a 6.5 acre parcel with Newport Beach-based Koll Development Co. but recently acquired full control of that project. Sares-Regis Group is a partner in that project.
Strader Sr., one of Orange County longtime real estate execs, said the move is part of a build-up of Starpointe Ventures as it prepares to move forward on Campus Centre and other projects. Additional appointments are expected, he said. But he said Starpointe Ventures will depend heavily on outside contractors.
“I’m not going to add a lot of people,” he said. “I’m going to keep the company lean and utilize outsourcing.”
As for hiring his son, Strader Sr. said: “I’m very proud to have him join. Tim will bring current marketing and development experience to our development team.”
“We have a tremendous relationship,” Strader Jr. said. “We spend a lot of time together. I have two little boys and they’re his only grandchildren.”
Strader Jr. said he will get an equity stake in Starpointe Ventures and its developments. As for future raises, Strader Jr. joked that there’s always the prospect of using the grandkids as a negotiating tool.
“It’s probably not a bad idea, since that would be give me good bargaining power,” Strader Jr. joked.
At Opus West, Strader Jr. oversaw development of a 12-story, 269,000-square-foot office building at The Irvine Concourse, one of the first new high-rise office buildings in Orange County in almost a decade. That project is currently 70% leased.
Additionally, Strader Jr. was involved in the development of Foothill Corporate Plaza, a masterplanned industrial park in the Foothill Ranch area that so far totals 420,000 square feet and is 82% leased. Another project, the recently completed Foothill Business Center, comprises 246,000 square feet and is 55% leased.
Opus West is currently conducting a search for a replacement for Strader Jr.
One of the main reasons for the move, Strader Jr. said, was the opportunity to be involved with a project such as Campus Centre, which is large enough in scope that Strader Sr. wanted help in overseeing management.
Besides Campus Centre, Starpointe Ventures recently completed the 75,000-square-foot Starpointe Business Park in St. Augustine, Fla., which Strader Jr. will help manage. n
