Maxxam Sells Two Properties

Maxxam Enterprises sold Stanford Center and a fully entitled 1.5-acre development site at 627 Deep Valley Drive in the Rolling Hills Estate.

The Stanford Center is located in downtown Los Angeles in the “Electronics District” at the corner of Stanford Ave and 10th Street. It was originally built in 1925 and was renovated by Maxxam in 2006. The property offers wholesale and retail spaces, offices, showrooms, warehouse space, and a rooftop parking deck. Maxxam achieved 100% occupancy before the sale. The development site is fully entitled for 58 residential units and roughly 6,000 square feet of retail. Maxxam obtained variances for height, density, and FAR for the project, but the buyer, Anastasi Development Company LLC,

intends to make changes before beginning construction in 2013. The site is located in Rolling Hills Estates, a highly affluent community in the South Bay area. “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, the broker for 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.