The company plans to develop self-storage and industrial space in the acquired properties
April 29, 2014- The Magellan Group is a Southern California real estate investment and development firm. It is the parent company of Magellan Storage. It has acquired 3 properties in Baldwin Park, Duarte and Riverside, CA.
The company has plans to convert the property in Duarte into a facility comprising of 728 units. It $10.6 million project at the intersection of Buena Vista Street and Duarte Road. The Duarte storage facility will be managed by Magellan Storage. The project is expected to be completed in April 2015.
"We found the storage market fundamentals on both a macro- and micro-market level highly appealing," said Kevin Staley, principal and co-founder of The Magellan Group. "We are pursuing repositioning and development opportunities in several infill Southern California markets, and this development aligns very well with our growth strategies."
The Riverside property has been bought for $6.5 million and currently has manufacturing building and yard area. The property is currently leased. Magellan wants to develop the property in next five years.
The Magellan Group was founded in 1990. It has acquired and developed over 4.5 million square feet of industrial, self-storage and aviation properties. The company operates six storage facilities in Southern California. These are branded under Magellan Storage and Magellan Aviation, a provider of hangars and services at McClellan-Palomar Airport in Carlsbad, Calif.
Read complete article: http://www.insideselfstorage.com