Since 1997, Joyce Storm has served as the president of Storm Partners, LLC, a retail real estate advisor, investor, and developer. Joyce Storm has leased and redeveloped award-winning retail properties. One such development involved Storm’s leasing of the trophy CambridgeSide Galleria in Massachusetts.
CambridgeSide is a one-million-square-foot modern mixed-used development in East Cambridge, a globally renowned high-tech, bio-innovation district. The district is also home to two prestigious higher education institutions and a number of colleges, which have a combined total student population of more than 250,000.
CambridgeSide is near five major hotels and is easily accessible by commuter rail, rapid transit, car, and pedestrian walkways. Every year, the shopping center welcomes upwards of seven million shoppers, including office workers, college students, city residents, and tourists.
Finally, Ms. Storm leased the trophy ‘Mall at Rockingham Park’ in Salem, New Hampshire, one of the top ten Super Regional Retail Centers in the United States.
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New York City-based commercial real estate professional Joyce Storm is the president of Storm Partners, LLC. On February 20, 2020, Joyce Storm moderated a panel discussion at the Entertainment Experience Evolution in Los Angeles, California. At the conference, retail store owners and managers weighed in on entertainment additions at their shopping centers to ensure the additions provide enjoyable retail experiences while improving their bottom lines. One of the methods discussed was working with capital partners.
Traditionally, entertainment additions to malls seek to create immersive experiences that captivate shoppers. When done right, all elements of a mall complement each other.
Some lenders, however, see mall projects as a collection of individual parts (anchor tenants, food courts, and outdoor space). These lenders fail to see how everything fits together to create a final shopping center that is much greater than the sum of its parts. As a result, some lenders are skeptical of entertainment additions and fail to see such projects as long-term value opportunities.
Joyce Storm said that “entertainment ‘anchor end caps’ to replace vacant department stores in a non starter given Covid. The multiplex cinema industry has shut down entirely. Whether because of limited film releases from Hollywood or the restrictions on large gatherings in an indoor space, theater operators are challenged like never before in their history.”
Possessing more than two decades of industry experience, Joyce Storm is a respected real estate investment professional and the president of Storm Partners, a New York-based company that specializes in revitalizing retail properties. Additionally, Joyce Storm is a founding member of the Zell/Lurie Real Estate Center at the Wharton School of Business, where she also serves as a member of the advisory board.
The Zell/Lurie Real Estate Center offers a fellowship to help applicants with some career search costs. The funding is made possible through contributions from David Helfland and Leslie Bluhm, and can be used to cover costs incurred for travel, attendance at professional conferences, job interviews, and other expenses. All funding is provided on a reimbursement basis, which means the applicant must pay the expenses up front.
In order to be eligible, applicants need to demonstrate a legitimate financial need that would prevent them from being able to take part in a career search opportunity. They must also be full-time students at the Wharton School of Business and belong to a club that is officially sponsored by Zell/Lurie. For more information on the fellowship, visit realestate.wharton.upenn.edu/helfand-bluhm-fellowship.