LOS ANGELES, CA / ACCESSWIRE / March 16, 2023 / LaTerra Development, a leading Los Angeles-based developer, has named Bryan Miranda, formerly Western Regional Vice President for Public Storage (NYSE:PSA), as Managing Director of LaTerra Storage to lead expansion of the self-storage company.
As head of development in the Western United States for Public Storage, the largest self-storage REIT in the world, Miranda completed over $1 billion of self-storage development during his nearly 10 years with the company.
"It's possible Bryan has developed more self storage than anyone on the planet," said Chris Tourtellotte, Managing Director for LaTerra Development. "We look forward to his leadership in creating a preeminent self-storage company with us. In addition to building ground-up storage facilities, we anticipate growing new investment vehicles such as value add and build-to-core."
In 2022, LaTerra announced its formation of a self-storage development platform and formed a joint venture with a fund managed by Macquarie Asset Management to deploy up to $300 million in self-storage developments initially concentrated in Los Angeles and other Southern California markets.
LaTerra Storage already has five self-storage facilities underway in Metro Los Angeles and a 190,000 square foot facility (that includes boat and RV storage) in Irving, Texas.
"Self-storage is complementary to our core apartment development business," notes Tourtellotte. LaTerra is one of the largest multifamily developers in the Los Angeles Metro Area with approximately 3,000 apartments currently in development. LaTerra has additional properties underway in various locations throughout the western Sun Belt.
"Self-storage is part of the neighborhood ecosystem and supports housing density and small businesses, a primary goal for LaTerra," Tourtellotte adds.
Prior to his role at Public Storage, Miranda was Senior Vice President with LNR Property Corporation and its affiliates where he acquired and developed real estate projects in multiple states. He is a graduate of Loyola Marymount University with a degree in accounting. He started his career with Coopers & Lybrand, now PriceWaterhouseCoopers.
Miranda is based in LaTerra's Century City headquarters.
About LaTerra Development, LLC.
LaTerra is a market leading, fully integrated real estate investment and development company headquartered in Los Angeles, CA
LaTerra and its general contractor affiliate, LT Building Corp., are developing and constructing mixed use projects, with more than 3,000 multifamily units and over 1,000,000 square feet of premium commercial space. The estimated value of LaTerra's current projects at completion exceeds $3 billion.
LaTerra favors designs incorporating green building practices and sustainable materials by continuously seeking and implementing the latest in available technologies - cleaner and more efficient buildings, better sound attenuation, smart homes and services.
LaTerra's mission is to create innovative designs infusing new energy and capital into neighborhood communities while remaining consistent with local values. This mission is engrained in and reflected by the company's daily operating culture. By prioritizing the enrichment of people and relationships, LaTerra produces winning results for its residents, tenants, employees and investors.
About Macquarie Asset Management (MAM)
Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $US542 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure & renewables, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.
Macquarie Asset Management's Real Estate division is a global real estate investment business with an extensive network and capability across real estate investment management, asset management and direct investment. With approximately $US15.7 billion of assets under management, its team of over 182 real estate specialists located around the world, provide access to opportunities across the real estate spectrum - from strategies to access emerging sectors through growing specialist real estate platforms and asset creation, to the disciplined investment and management of core and core plus real estate.
Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs approximately 19,000 people in 33 markets and is listed on the Australian Securities Exchange
CONTACT:
Barbara Casey
310.990-0750
SOURCE: LaTerra Development, LLC
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