BEVERLY HILLS, CA—Maxxam Enterprises has completed the sale of a three properties totaling $100 million, GlobeSt.com reports exclusively. Two of the properties, the L'Opera Building, an office property, and Arlington Plaza, a shopping center, were part of the company's Southern California portfolio. The third property sale, Maui Lu Resort, is a hotel in Hawaii.

“We received substantial interest in all three properties including multiple offers from qualified groups. Maxxam had several reasons for disposing of each property,” a source at Maxxam Enterprises tells GlobeSt.com. “For Maui Lu Resort, we made the decision not to develop this ourselves; the Riverside property was a non-core location for us, so we maximized the potential through re-tenanting and stabilizing the property; and for the L'Opera Building, we successfully leased it and stabilized it by getting rid of all the vacancies,” says the source.

The Maui Lu Resort, a hotel development in Hawaii, was the largest transaction of the three properties. The property sold for an undisclosed amount, however industry sources estimate the property sold to Japan-based Capbridge Group for $60 million. Once complete, the property will become a Hilton Grand Vacations Timeshare with 388 vacation villas on a 28-acre property. Capbridge Group, which announced plans to buy the property in October, will tackle the final development phase in 2015. The property will come online in 2017.

Located in Long Beach, CA, the L'Opera Building is a 66,500-square-foot office building constructed in 1906. The building is named after the landmark L'Opera restaurant located on the ground floor. Maxxam sold the property through Auction.com, where it received strong interest, eventually selling to a private investor for a final sale price of $10.4 million. Jeffrey Cole and Ed Hernandez of Cushman & Wakefield represented Maxxam in the transaction.

Arlington Plaza, the second Southern California property to sell, is located in Riverside, CA, in a high-traffic intersection. The 126,000-square-foot property is 89% occupied with a strong tenant mix that includes Rite Aid, Cardenas Market, 99 Cents Only Store and Starbucks, which helped to attract a lot of interest and numerous offers. The property sold for $24.5 million, and CBRE's Alan Krueger represented the seller in the transaction.

Maxxam plans to reinvest the proceeds from the sales. "Maxxam is looking to acquire office, retail, industrial and residential properties in Southern California with a focus on value-add opportunities and “A” locations," says the source.