TORRANCE, CA-Storm Plaza, a new retail development owned by Storm Properties Inc., has completed a deal with its first anchor tenant, CVS/pharmacy. The mega drugstore chain has already begun construction on a 14,500-square-foot freestanding space and is expected to be the center's largest tenant. The construction project will mark the first of three development phases.

“With the improving economy, demand for quality retail space has intensified,” Jay Ahluwalia, president of Storm Properties. “Since we started building, phone inquiries to our broker and leasing activity have increased dramatically.”

The center is located on the corner of Sepulveda Blvd. and Normandie Ave., a high-traffic intersection with a prospective multifamily property in development close by. The center is on a 4.2-acre lot and, once complete, will be approximately 50,000 square feet. It will feature ample parking and a variety of retail businesses, including additional large retail outlets, banks and restaurants. Storm Properties is currently under negotiations with additional tenants.

Portions of the center are located in both Los Angeles City and Los Angeles County, making Storm Properties adjust development schedules to adhere to regulations and processing requirements. The center is planned to enter its second phase in the fall with completion scheduled for 2014.

CVS/pharmacy is actively opening new locations. GlobeSt.com reported earlier this month that LandMark Retail Group will open 17 new stores throughout California this year, with 13 new store openings already complete.

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

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Development
Los Angeles
National
Retail