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.