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Storm Properties Signs Aldi at Redondo Plaza in Gardena

August 8, 2018

GARDENA, Calif., Aug. 08, 2018 (GLOBE NEWSWIRE) -- Storm Properties Inc. is pleased to announce the signing of German discount grocer Aldi at Redondo Plaza located at 1550 W. Redondo Beach Blvd. in Gardena, California. Aldi has already begun renovating the 20,000 square-foot space previously occupied by Smart & Final and is scheduled to open in fall 2018.

Aldi will anchor the 100%-leased center that boasts a desirable mix of regional, national and credit tenants comprised of T-Mobile, Domino’s Pizza, Super Laundry, Crazy Rock N’ Sushi, and Jackson Hewitt Tax Services. The center is located on one of the main thoroughfares in Gardena that boasts more than 33,000 vehicles per day, and more than 230,000 residents within a three-mile radius.

“We’re excited to have Aldi anchor Redondo Plaza. It is a well-run company with a great outlook,” said Jay Ahluwalia, President of Storm Properties. “The addition of such a high-quality tenant demonstrates the strong demand for retail space in this submarket,” Ahluwalia added. Aldi plans to open 180 new stores nationwide by the end of 2018, with a goal of growing to 2,500 stores by 2022.

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 83-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; (949) 310-5876 (m) annromano@cox.net

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6a5813ee-ea20-4e92-8228-ecc9c91b74cf

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