Brickstar Capital

Daniel Mirharooni

Integrated Real Estate Development

About the Author

Daniel Mirharooni draws on experience across architecture, construction and property ownership to evaluate real estate opportunities from multiple perspectives. His ability to connect design decisions with construction feasibility, investment performance and tenant needs informs a practical, well-rounded approach to creating lasting property value.

Evaluating Properties beyond the Numbers

Real estate development is often viewed through the lens of numbers: acquisition costs, rental income, capitalization rates, and investment returns. While these metrics are fundamental, they tell only part of the story. Behind every successful property is a series of interconnected decisions involving design, construction, leasing, and the businesses that occupy the space.

At Brickstar, we approach real estate not simply as an investment in physical assets, but as an opportunity to create something greater than what exists today. Our experience across architecture, construction, ownership, and property management allows us to evaluate properties from multiple perspectives and recognize opportunities others might overlook.

When considering an acquisition, we look beyond existing leases and projected returns. We see opportunities to improve circulation, reimagine storefronts, modernize infrastructure, or reposition underutilized spaces. Equally important, our construction experience allows us to understand the costs and practical challenges of bringing those improvements to life.

A seemingly minor architectural change can unlock significant leasing potential. Conversely, an attractive concept on paper may make little financial sense once structural requirements, permitting, and construction costs are considered.

Balancing design ambition with investment discipline is essential. A property's potential becomes clearer when its physical characteristics, operating requirements, and financial objectives are considered together. Understanding these connections helps us distinguish between improvements that create lasting value and those that introduce complexity without a meaningful return.

Retail Is About More than Filling Space

Retail properties have traditionally been evaluated by occupancy, tenant credit, rental rates, and location. While these fundamentals remain important, today's successful shopping centers must offer something beyond convenience. Consumers increasingly gravitate toward places that provide experiences, establish a sense of community, and give them reasons to return, while tenants need an environment that supports their businesses and attracts their target audiences.

At Valley Country Market in Woodland Hills, California, we apply this thinking by approaching the property as a cohesive neighborhood destination rather than a collection of individual storefronts.

Tenant selection is a deliberate process. We consider how restaurants, wellness operators, specialty retailers, and neighborhood services complement one another, encourage repeat visits, and contribute to the property's overall identity. Architecture plays an equally important role. Storefronts, signage, landscaping, and shared areas also influence how visitors experience the center, making the overall environment as important as the individual businesses within it.

Each tenant contributes to the character of a retail destination. A thoughtful mix of businesses can encourage visitors to stay longer, discover new services, and return for different reasons. A successful retail property is not merely a collection of occupied spaces. It is an environment where individual businesses strengthen one another and, in doing so, elevate the property as a whole.

Connecting Design Decisions with Construction Realities

Design, construction, and ownership can become disconnected when each discipline focuses only on its immediate responsibilities. Designers may develop concepts without fully accounting for construction budgets, contractors may encounter unforeseen site conditions, and owners may commit to leases before understanding the infrastructure or permitting requirements involved. These disconnects can lead to delays, added costs, and compromises that affect the finished property.

My experience in architecture and construction, including my work with SOE Construction, has reinforced the importance of connecting design decisions with execution from the outset. Understanding how a project will be built helps me assess which details create meaningful value, where efficiencies are possible, and which complexities could undermine the intended result. Practical construction knowledge also supports better coordination between the people responsible for a project's design, delivery, and financial performance.

Design quality and commercial viability should reinforce one another. The goal is not to simplify every project or sacrifice architectural ambition for cost savings. It is to understand the implications of decisions early enough to preserve the design intent while keeping the project feasible, functional, and aligned with its investment objectives.

The Best Landlords Think like Their Tenants

A lease establishes the commercial terms of a relationship, but a successful landlord-tenant partnership requires a broader understanding of how a business functions.

At Brickstar, we view each lease as the beginning of a partnership, not simply a transaction. Our tenants' success is directly tied to our own, and we believe the strongest landlord-tenant relationships recognize this shared interest. Tenant performance affects occupancy, customer activity, and the long-term strength of a property.

That philosophy extends beyond negotiating rental rates. It means understanding a tenant's business model, operational requirements, construction challenges, and long-term objectives.

A restaurant may need specialized kitchen infrastructure, reliable utilities, visibility, and a realistic construction schedule before opening. A retailer may place greater emphasis on floor layout, merchandising, and the customer journey. Understanding these differences helps us evaluate tenant requirements more practically and anticipate potential obstacles before they become expensive problems. Our involvement in commercial development and construction also informs conversations about buildouts, helping align tenant needs with the physical and operational realities of a property.

A landlord cannot guarantee a tenant's success, but the relationship can make it easier for a business to establish itself and serve its customers. Clear communication, realistic expectations, and an understanding of operational needs create a stronger foundation for collaboration. Over time, supporting tenant performance can contribute to more resilient properties, active communities, and sustainable investment outcomes.

Creating Value through a Broader Perspective

Real estate development requires more than evaluating a property's present value or completing a project according to plan. Investment decisions, architectural choices, construction methods, and tenant operations influence one another throughout a property's life. My experience across these disciplines has shaped how I assess opportunities, weigh tradeoffs, and identify improvements that serve both commercial objectives and the people who use the space.

At Brickstar Capital, we apply this perspective to development and property decisions, with an emphasis on connecting financial discipline to thoughtful design, practical execution, and tenant partnerships. The broader lesson extends beyond any single property. Strong real estate outcomes depend on understanding how a place is built, how it functions, and how it serves the businesses and communities around it.

The greatest opportunity in real estate lies not simply in understanding what a property is worth today, but in recognizing what it can become.