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

“We received substantial interest in all three propertiesincluding multiple offers from qualified groups. Maxxam had severalreasons for disposing of each property,” a source at MaxxamEnterprises tells GlobeSt.com. “For Maui Lu Resort, we made thedecision not to develop this ourselves; the Riverside property wasa non-core location for us, so we maximized the potential throughre-tenanting and stabilizing the property; and for the L'OperaBuilding, we successfully leased it and stabilized it by gettingrid of all the vacancies,” says the source.

The Maui Lu Resort, a hotel development in Hawaii, was thelargest transaction of the three properties. The property sold foran undisclosed amount, however industry sources estimate theproperty sold to Japan-based Capbridge Group for$60 million. Once complete, the property will become aHilton Grand Vacations Timeshare with 388 vacationvillas on a 28-acre property. Capbridge Group, which announcedplans to buy the property in October, will tackle the finaldevelopment phase in 2015. The property will come online in2017.