X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]TORRANCE, CA-Storm Properties Inc. has nearly completed the 175,000-square-foot second phase of its 18-building Storm Business Park, which will add three new class A industrial buildings to the 40-acre development here. The Torrance-based commercial and industrial real estate development company says that it is putting the finishing touches on three class A buildings that will be completed on Feb. 15. The three will measure 57,300 square feet, 48,000 square feet and 70,200 square feet.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.