David Simard, president of Storm, notes that the project is adjacent to the ports of Long Beach and Los Angeles, within a Los Angeles City Enterprise Zone. The project is intended to meet the continued demand for industrial space produced by the trade and distribution at ports, with the enterprise zone providing tax incentives.

[IMGCAP(2)]The three new buildings are designed for multi-tenant use and are outfitted for distribution, warehouse and light manufacturing. They are part of an overall project that will total 700,000 square feet when completed. The project is being marketed on behalf of Storm by Courtney Bell, Matt Stringfellow and Aron McKim of the Klabin Co.

The development site, on Storm Parkway near the cross streets of Normandie and Sepulveda, is an infill location that is part of extensive land holdings that Storm Properties assembled over many years. The site is in an unincorporated area of Los Angeles County that Storm Properties is redeveloping.

When completed, Storm Business Park will total 700,000 square feet. [IMGCAP(3)]In 2007, Storm broke ground on the second half of the project, which consists of 10 buildings to be constructed in three phases. Phases one and two are now completed, with construction on phase three scheduled to begin in 2010.

Storm Properties, which is a division of Storm Industries Inc., is a 75-year-old privately owned firm that is one of the oldest continuously operated companies in Southern California. Last year it sold $54 million worth of its real estate holdings, primarily in the Torrance area, to TA Associates Realty of Boston. The properties included a 500,000-square-foot portfolio of industrial buildings that sold for $52 million and a 20,000-square-foot industrial building in the 1,117-acre Valencia Industrial Center in Valencia.