LOS ANGELES—Maxxam Enterprises has sold two properties, a land parcel and a mixed-use property, for $30 million here and in Rolling Hills, CA.
The 170,000-sq.ft. Stanford Center, built in 1925 at the corner of Standord Avenue and 10th Street in downtown Los Angeles’ Electronics District, was renovated in 2006. The fully leased complex is made up of wholesale and retail spaces, offices, showrooms and warehouse space. The concrete structure also contains a rooftop parking deck. The buyer was undisclosed.
The 1.5-acre development site is at 627 Deep Valley Drive in the Rolling Hills Estates neighborhood. Anastasi Development Co. LLC, based in Torrance, Calif., purchased the site for $6.4 million. The property is entitled for a mixed-use development of 58 residential units and about 6,000-sq.-ft. of ground-floor retail. Anastasi plans to begin construction in 2013.
“This residential property is ideally situated in a highly desirable coastal community, within walking distance of dining, shopping, entertainment, and other amenities,” said 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.”