Storm Properties Completes Sale of Redondo Plaza in Gardena


GARDENA, Calif., Dec. 13, 2022 (GLOBE NEWSWIRE) -- Storm Properties Inc. is pleased to announce the sale of Redondo Plaza, a 28,000 square-foot, grocery-anchored shopping center located at 1542-1560 W. Redondo Beach Blvd.

Aldi anchors the 100% leased center that includes a desirable mix of regional, national and credit tenants comprised of T-Mobile, Domino’s Pizza, Super Laundry, Crazy Rock N’ Sushi, and Jackson Hewitt Tax Services. The center is located on one of the main thoroughfares in Gardena, with more than 33,000 vehicles per day, and more than 230,000 residents within a three-mile radius.

“We received tremendous interest for Redondo Plaza, including numerous offers and interest from institutional capital,” said Alan Kwan, Senior Director of Acquisitions of the Torrance-based company. “We want to thank Gleb Lvovich and the entire team of JLL for representing Storm Properties in this transaction.” Prices and terms were not disclosed.

Storm Properties has extensive experience in developing single-family and multi-family communities in infill neighborhoods throughout Southern California. Additionally, Storm currently operates a diverse portfolio of industrial and retail properties and is targeting significant growth through further acquisitions. Its efforts are focused on residential land in in-fill locations for entitlement, land for speculative industrial development, and value-add multifamily in California, Arizona, and Utah in the $10 million to $60 million range. Storm is seeking additional land opportunities for residential entitlement and commercial/industrial development.

Storm Properties is a subsidiary of Torrance-based Storm Industries, Inc., an innovative and entrepreneurial organization with a growing family of companies. Over its 90-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, Senior Director of Acquisitions, at (310) 986-2432, or via email at akwan@storm-properties.com. Also, visit the firm’s website at www.storm-properties.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/75ae8e26-d617-418c-b309-23bceaf00380


STORM PROPERTIES REDONDO PLAZA

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