TORRANCE, Calif., Dec. 18, 2019 (GLOBE NEWSWIRE) -- Storm Properties Inc. is pleased to announce the signing of tenant Wendy’s (NASDAQ:WEN) to a long-term lease. The redevelopment of a former restaurant space is currently underway and will feature a drive-thru. The 1-acre site is located on the corner of Sepulveda Boulevard and Pennsylvania Avenue in Torrance. It’s location on one of the main thoroughfares in Torrance boasts more than 50,000 cars per day, and more than 230,000 residents within a three-mile radius.
“We are excited to continue growing our retail portfolio within the city of Torrance. The addition of such a high-quality tenant demonstrates the strong demand for retail space in the submarket,” said Jay Ahluwalia, President of Storm Properties. “We want to thank our Project Manager Storm Bird, who managed the development, and Maryl Haire, who handled project leasing.”
Storm Properties currently manages 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 is seeking additional land opportunities for residential entitlement and commercial/industrial development.
Storm Properties, Inc. is a subsidiary of Torrance-based Storm Industries, Inc., an innovative and entrepreneurial organization with a growing family of companies. Over its 86-year history, Storm Industries, Inc. 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 website at www.storm-properties.com.
Contact: Ann Romano
(949) 496-1076
annromano@cox.net
or Clint Bird
(310) 567-7347
cbird@storm-properties.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f148707e-266e-447b-a674-c300b591ad44