|By Marketwired .||
|April 28, 2014 01:13 PM EDT||
TORRANCE, CA -- (Marketwired) -- 04/28/14 -- Wells Fargo Bank has signed a lease and construction is underway on Phase II at Storm Plaza, a new retail center on 4.2 acres at the northwest corner of Sepulveda Boulevard and Normandie Avenue in Torrance.
The new phase totals 21,500 square feet, with the Wells Fargo branch comprising 4,250 square feet. Negotiations are underway with other potential tenants, and completion is expected by fall 2014. The development by Torrance-based Storm Properties Inc. is already home to a 16,556 square-foot CVS/pharmacy that opened in November 2013.
Phase III will offer 13,000 square feet of space, with anticipated uses to include restaurants and large retail. All construction of the $15 million project should be completed by the first quarter of 2015.
"With CVS now open, interest in the center has increased significantly," said Jay Ahluwalia, president of Storm Properties. "The addition of another excellent tenant demonstrates the demand for quality retail space," Ahluwalia added.
The development, only one-sixth of a mile from the 110/Harbor Freeway, offers convenient access and ample parking.
Formerly the location of Ricky & Ronnie's Drive-in, the 50,000 square-foot Storm Plaza is the latest retail center to start construction in the Harbor Gateway area. The site is in the midst of a seasoned retail corridor serving more than 193,000 daytime employees.
In addition to Storm Plaza, Storm Properties is an active acquirer, developer, owner and manager of industrial and commercial property primarily focused on Southern California. The company is targeting significant future growth through an aggressive acquisition program focusing on core and value-add industrial properties, as well as vacant land in Southern California of up to $15 million cash transactions.
Having successfully developed nearly one million square-feet of industrial and commercial buildings during its 40-year history, the company currently operates a diverse portfolio of industrial, retail, and multi-family properties and land. Storm Western Development has built more than 400 residential units and is actively developing several residential communities in the Southern California region, including in the South Bay.
Both firms are subsidiaries of Torrance-based Storm Industries, Inc., an innovative and entrepreneurial organization with a growing family of companies. Over its 80-year history, Storm has evolved from a single brass foundry in Los Angeles to a highly diversified group of businesses operating across the globe.
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