BEVERLY HILLS, CA—Maxxam Enterprises, a privately held commercial real estate investment firm based here, has sold two properties in its Southern California portfolio: the mixed-use Stanford Center, located at the prime corner of Stanford Avenue and 10th Street in Downtown Los Angeles; and a 1.5-acre development site located at 627 Deep Valley Drive in the exclusive Rolling Hills Estates.

The fully entitled development site in Rolling Hills Estates, a highly affluent community in the South Bay area, sold for $6.4 million to Anastasi Development Company LLC, a residential developer based in Torrance, CA. The property is entitled for a mixed-use development consisting of 58 residential units and approximately 6,000-square-feet of ground-floor retail.

“This residential property is ideally situated in a highly desirable coastal community, within walking distance of dining, shopping, entertainment, and other amenities,” noted Ione Stein, owner of Ione Real Estate, Inc., which brokered the Rolling Hills deal. “The sale of this site is yet one more sign that the region's residential market is returning – albeit moderately – as developers and owners become active again,” she added.