TORRANCE, CA--(Marketwired - Apr 29, 2015) - Storm Properties Inc., a leading developer, owner, and manager of industrial and commercial properties, announced today the acquisition of 5.46 prime acres in Gardena, Calif., with plans to develop a 115,000 square-foot, Class-A industrial building.
"This is an incredible land acquisition opportunity in the South Bay submarket, one of the most highly sought-after and supply-constrained markets in Southern California," noted Jay Ahluwalia, president of Storm Properties. "There is pent up demand for Class-A buildings in the 100,000 square foot range in the South Bay with no currently available supply," added Ahluwalia. The building will feature dual office pods to accommodate a single or two tenants, 32-feet clear height, 21 dock doors, two grade-level doors, a 135-foot truck court and ESFR sprinkler system. The site spans an entire city block, offering dual access to both Broadway and Main Streets, and is located approximately one-half mile from the I-110 freeway and less than one mile from the SR-91 freeway. Storm anticipates breaking ground this summer with an anticipated completion date in the first quarter of 2016.
Storm Properties currently operates a diverse portfolio of industrial and retail properties, and is targeting significant growth through further acquisitions. Its efforts are focused on core-plus to value-add retail and industrial properties in the $5-million to $30-million range in major Western metro markets. Additionally, Storm has a current development pipeline of more than $100 million, and is seeking additional land opportunities for residential entitlement and commercial/industrial development.
Storm Properties is a subsidiary of Torrance-based Storm Industries, Inc., an innovative and entrepreneurial organization with a growing family of companies. Over its 83-year history, Storm has evolved from a single brass foundry in Los Angeles to a highly diversified group of businesses operating across the globe.
For more information, contact Alan Kwan, director of acquisitions, at (310) 986-2432, or via email at AKwan@storm-properties.com. Also, visit www.storm-properties.com.