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.
While Maxxam Enterprises obtained several variances for height, density, and floor-to-area ratio for the project, the buyer intends to make some design changes before beginning construction in 2013.
Built in 1925, the 170,000-square-foot Stanford Center was extensively renovated by Maxxam in 2006. The complex offers wholesale and retail spaces, offices, showrooms, and warehouse space. The concrete structure also contains a rooftop parking deck. This vibrant destination is located at the gateway to the “Electronics District,” a leading DTLA trade area known for sales of audio, visual, and related electronics equipment. Prior to the sale, Maxxam was able to achieve 100% occupancy in the building.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
