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LaTerra Establishes $300M Self-Storage Development Platform

LaTerra Establishes $300M Self-Storage Development Platform

Los Angeles-based LaTerra Development is partnering with Macquarie Asset Management in establishing a platform to deploy up to $300 million in self-storage developments, initially concentrated in Southern California. 

LaTerra is underway with its first three ground-up, self-storage projects: 55,000 square feet in Mar Vista, CA, 63,000 square feet in Van Nuys, CA and 77,000 square feet in North Hollywood, CA. The firm is actively seeking other sites as well.

“Self-storage is complementary to our core apartment development business,” said LaTerra’s Managing Director Chris Tourtellotte. “It’s part of the neighborhood ecosystem and supports housing density and small businesses, a primary goal for LaTerra.”

“We are delighted to be involved in this platform with one of the leading developers in Southern California,” said Macquarie Asset Management’s Eric Wurtzebach. “We believe this represents a stable, long term investment opportunity with a high quality partner, with the potential to deploy further capital beyond our initial commitment.”

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Inside The Story

LaTerra DevelopmentMacquarie Asset ManagementChris Tourtellotte

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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