BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Maxxam Enterprises, a privately held commercial real estate investment firm based in Beverly Hills, California, has completed the sale of 3 properties, totaling approximately $100 Million. Two of the assets were part of the firm’s Southern California portfolio, while the third was situated in Hawaii. The recent dispositions include:
L’Opera Building, 115 Pine Avenue, Long Beach, CA
Known for its iconic bell tower and clock, the historic 1906-built multi-tenant office building contains approximately 66,500 rentable square feet and is also home to the landmark L’Opera restaurant on the ground floor. Located in the heart of the Long Beach Pine Avenue central business district and near the Long Beach Convention Center and Pike Lifestyle Center, the property’s sale garnered strong interest from local and national buyer pools through Auction.com, and traded for an impressive $10.4 Million. Jeffrey Cole & Ed Hernandez of Cushman & Wakefield assisted with the sale to a private investor.
Maui Lu Resort, 575 South Kihei Road, Kihei, Maui, HI
Destined to become a Hilton Grand Vacations Timeshare development, the Maui Lu resort in Kihei was fully entitled for a redevelopment into a 388-unit villa-style resort. The property sits on approximately 28 acres of ocean-front land on the island of Maui. The buyer, Japan-based Capbridge Group, plans to break ground in 2015, with the initial phase of the project slated to open in 2017. The exact sale price was not disclosed, though it was reported to be in the upper-$60 million range.
Arlington Plaza, 6008-6390 Van Buren Blvd. at Arlington Ave.,
The 126,000 square foot neighborhood shopping center benefits from its high-traffic location in a strong retail corridor with easy access to the 91, 15 and 60 freeways. Anchor tenants include Rite Aid, Cardenas Market, 99 Cents Only Store and Starbucks. The shopping center, located in the Inland Empire, was 89 percent occupied at time of sale and attracted numerous offers. The property ultimately sold for a reported $24.5 Million. Alan Krueger of CBRE’s Ontario office represented the sellers.
Maxxam’s recent sales will support a significant expansion of its holdings in 2015. The company’s continuing investment strategy is to acquire retail, office, industrial and multifamily properties throughout Southern California, aggressively seeking value-add and core opportunities.