TORRANCE, CA—Storm Properties has purchased the Glendora Shopping Center, a 22,000-square-foot retail center. The investor was driven to the acquisition because of the properties' prime location on the corner Lone Hill Avenue and Gladstone Street in Glendora. The purchase price of the property was not disclosed.

“This acquisition was a great opportunity because of the location—part of power center and strong demographics in a mature and infill market,” Alan Kwan, associate director of acquisitions at Storm Properties, tells GlobeSt.com. “The center has a good yield for this quality of asset and a creditworthy tenant mix, with an additional 'value-add' upside for leasing the vacant unit.” Within a three-mile radius, the property has a pool of 111,000 residents.

The property is part of an 800,000-square-foot master-planned retail community. The greater retail community is anchored by national retailers, including Home Depot, Sam's Club, AMC Theaters, Kohl's and Best Buy, while the shopping center's tenants include Verizon Wireless, Game Stop, Baja Fresh and Ortho Mattress. The center is 91% occupied with 1,871 square feet of space available for lease.

“This asset adds to our 'core' commercial and industrial portfolio, which we plan to hold for the long term,” says Kwan. “We are looking to make three to five similar acquisitions in the $5 million to $30-million range this year. These core acquisitions will be in addition to the four to six new development (commercial, industrial and residential) deal goals planned for this year.  Such deals should greatly expand our current $100-million-plus development pipeline.” This includes its Storm Plaza development in Torrance, which is currently under construction.