Expanded Public Storage site begins leasing...

Expanded Public Storage site begins leasing spaces

Public Storage Inc. has begun leasing out space in its newly

expanded facility just off the Costa Mesa Freeway.

Construction on the two-story facility, which added 50% more

space, was completed earlier this month.

The Public Storage, at 2075 Newport Blvd., now offers 940 spaces,

about 300 more than the previous building, property manager Craig

Brumbaugh said.

The facility, one of four Public Storage operations in

Newport-Mesa, opened in early January. Spaces ranging from 5-by-5

feet to 10-by-20 feet in size are available for rent.

As of Friday, the company has leased out 65% of its spaces, but

only 15% so far in the new building, Brumbaugh said. Features on the

new building include temperature-controlled air and alarms on each

space.

The company is also applying to the Costa Mesa Planning Department

to increase the number of permitted signs to six. A decision is

expected Thursday.

Healthcare company’s top customer files bankruptcy

Nationwide Health Properties Inc. has announced that its largest

customer has filed for Chapter 11.

The Newport Beach-based healthcare real estate investment trust

said last week that Alterra Corp. has commenced the filing. Alterra

accounted for 14% of Nationwide’s annual revenues during 2002.

“Today’s largely pre-negotiated Chapter 11 filing by Alterra is

something we have anticipated and discussed for over a year now,”

said R. Bruce Andrews, Nationwide’s president and CEO.

Nationwide owns a master lease, with Alterra covering 52 senior

assisted-living facilities and seven individual leases. A joint

portfolio between the two companies also covers 49 other properties.

Nationwide invests in senior housing and long-term care

facilities. The company is invested in 388 facilities in 38 states.

Nationwide trades on the New York Stock Exchange under the symbol

NHP. It closed Friday at $14.17.

-- Paul Clinton