SOURCE: Storm Properties, Inc.

Storm Properties, Inc.

April 01, 2015 12:06 ET

Storm Properties Inc. Hires Industry Veteran to Oversee Development Work

TORRANCE, CA--(Marketwired - Apr 1, 2015) - Storm Properties Inc. has hired industry veteran Jon Spelke as director of development to oversee entitlement and development responsibilities for its growing commercial and residential property portfolio. In addition to his development role, Spelke will also work with the Storm Properties' originations team in identifying, managing and executing strategic acquisitions to achieve the company's growth goals.

"Jon brings a tremendous amount of institutional real estate investment experience to this role, in addition to his real estate asset management and development capabilities," said Jay Ahluwalia, president of the firm.

In his lengthy career, Spelke has developed over 2.8 million square feet of retail, industrial and office properties, more than 900 residential units, and a 320-plus room hotel. He has held leadership roles with such firms as Clarion Partners, The Hillman Company, and Lennar Urban. He was most recently the senior vice president of land acquisition and development at CA Student Living/Campus Acquisitions in Los Angeles.

A graduate of a Northeastern University in Boston with Bachelor's degree in Business Administration, Spelke is a licensed California Real Estate Broker and has passed the California CPA exam.

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 has been actively engaged in the acquisition, development, management and sale of industrial, commercial and multifamily real estate for more than 40 years, having successfully developed more than one million square-feet of industrial and commercial buildings, and more than 45 residential projects and communities.

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.

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