TORRANCE, CA--(Marketwired - Jan 20, 2015) - Completing its second all-cash acquisition in two months, Storm Properties Inc. has acquired out of receivership Glendora Marketplace, a 22,000 square-foot retail center located at the intersection of Lone Hill Avenue and Gladstone Street in Glendora.
The center boasts a desirable mix of regional, national and credit tenants comprised of Verizon Wireless, Game Stop, Baja Fresh and Ortho Mattress, plus an additional 1,890 square-foot space that is available for lease. It also is part of a nearly 800,000 square-foot master-planned retail power center with major anchors The Home Depot, Sam's Club, Kohl's, Best Buy, AMC Theaters and other national retailers.
"This is a great corner location with strong demographics and more than 111,000 residents within a three-mile radius," stated Jay Ahluwalia, president of Storm Properties. "We were well positioned to take advantage of a short time frame required by the court to conduct due diligence and close escrow without contingencies."
The acquisition of Glendora Marketplace adds to Storm Properties' retail portfolio that includes 50,000 square-foot Storm Plaza in Torrance, now in its second phase. CVS/pharmacy, Wells Fargo Bank and Goodwill Store are now open.
The company currently operates a diverse portfolio of industrial, retail properties and land, 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 $20-million range in major Western metro markets. With a development pipeline of more than $100 million, Storm is seeking additional residential entitlement and commercial/industrial development opportunities.
Storm Properties has been actively engaged in the acquisition, development, management and sale of industrial, commercial and multifamily real estate for more than 40 years. It has successfully developed more than one million square-feet of industrial and commercial buildings.
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 at (310) 986-2432, or via email at AKwan@storm-properties.com. Also, visit www.storm-properties.com.