Irvine-based real estate investor Thompson National Properties LLC is looking to buy close to 1.4 million square feet of industrial properties from Storm Properties Inc. of Torrance, for a reported $110 million.
The deal is for 80% of Storm’s real estate portfolio, according to the Los Angeles Times. The developer said the sale’s proceeds would be used to help it diversify into other product types.
Officials for Thompson National said the deal hasn’t closed yet.
The deal would be the largest acquisition yet for Thomson National, an investment company started this year by Tony Thompson, the former chairman of Santa Ana-based Grubb & Ellis Co.
Storm’s industrial buildings are mostly in Los Angeles County and the Inland Empire. None of the properties are in Orange County.
