TORRANCE, Calif., Dec. 01, 2021 (GLOBE NEWSWIRE) — Storm Properties Inc. is pleased to announce the sale of Plaza Del Amo, a 39-single-family lot subdivision on 2.12 acres in the supply-constrained South Bay submarket, to Williams Homes. This sale is the final chapter in the development process for Storm, which initially started with the completion of an all-cash and unentitled close of vacant land that was historically used as a railroad line. Terms of the sale were not disclosed.
The new community is situated within easy reach of both the 110 Freeway and Pacific Coast Highway and conveniently located close to Old Town Torrance and Del Amo Shopping Center. Future residents will enjoy spacious, open two-story floor plans which will offer 3-4 bedrooms, 2-1/2 baths and range in size from 1,453 to 1,848 square feet. The expected delivery date is late-2022.
“The acquisition and entitlement of the Plaza Del Amo project really highlights the capabilities and strengths of Storm Properties that differentiates us from most other developers –‘quick, all cash’ unentitled closing, significant environmental challenges and remediation, and creative vision to develop a 32-foot wide and one-half mile long site overlooked by others,” said Alan Kwan, Senior Director of Acquisitions of the Torrance-based company.
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. Additionally, 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 83-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.
Contact: Ann Romano
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b969de78-1c81-4f3c-91e1-48bb0c55ba10