The leasehold to the Redondo Beach Marina has been sold for $9.87 million to Decron Properties Corp.
The Los Angeles-based developer purchased the leasehold to the 7.5-acre waterfront property with its 58 boat slips and several restaurants from developer Alan Mackenzie, who had tried to redevelop it for several years.
David Nagel, president of Decron, said while previous concepts for redeveloping the marina have included building a hotel or residential complex, his company is going to focus on retail development.
"We are going for a California lifestyle center that is going to be themed on attracting retailers and restaurant operators who can take advantage of the waterfront and the uniqueness of the harbor district in Redondo Beach," Nagel said.
The marina already includes restaurants Delzano's by the Sea, Ruby's Diner and Captain Kidd's Fish Market, among others.
Nagel said that he hoped to break ground on the retail project in the next two years, but the first step would be opening up a dialogue with the community. The retail project could be in the 100,000-square-foot range.
"The problem historically has been that there are so many different agendas from various different stakeholders as to what should be built at this property," he said.
Nagel said he also is interested in seeing the rehabilitation of the Seaside Lagoon, a deep saltwater swimming lagoon that is operated by the city and is adjacent to the marina.
The deal closed March 21. There are 35 years left on the leasehold with the city of Redondo Beach.
Beverly Hills Apartment Sale
Hamilton Villas, a 35-unit residential property in Beverly Hills, has traded hands for $24.6 million. The seller in the Feb. 29 deal was an unnamed family from Los Angeles and the buyer was EC-Hamilton Villas LLC.
The deal for the 1990 building at 230 S. Hamilton Drive, which is across the street from La Cienega Park, breaks down to $701,429 per unit.
The all two-bedroom building has been operated as a rental property, but was originally envisioned as a condo property and has a tract map in place. The average unit size at the courtyard-style building is about 1,500 square feet. The units contain fireplaces and washer-dryers.
Adrienne Barr and Laurie Lustig-Bower of CB Richard Ellis Group Inc. represented both sides of the transaction.
Doctor of Real Estate
Howard Strom, a physician who spent 20 years as the corporate medical director for Atlantic Richfield Co., has signed on with brokerage Ramsey-Shilling Commercial Real Estate Services Inc. as an associate.
Since the beginning of the year, Strom, 58, has been working for Ramsey-Shilling, learning the ropes of the commercial real estate game. He is putting his expertise to work handling leasing and sales in the health care industry.
"It is fulfilling," said Strom, who most recently was the U.S. Postal Service's medical director for parts of the Los Angeles area, working on the agency's anthrax program. "I am currently on a learning curve and I love being stimulated mentally."
Over the last decade Strom dabbled in real estate and was eventually drawn to it as a career. It wasn't an easy decision.
"The agony for me was giving up health care because I am a trained professional and I took care of people not in a private office but at ARCO I saw patients," he said. "I was able to get people the best care."
Real Estate Commissioner
Bradley Mindlin, president of Los Angeles-based real estate investment firm Mindlin Companies LLC, has been tapped for a seat on the county's Economy and Efficiency Commission.
Mindlin's appointment by L.A. County Supervisor Zev Yaroslavsky was approved late last month. Mindlin has known Yaroslavsky for some time and in the past has been appointed to other panels by the supervisor.
"I feel very lucky, I have a healthy family, I'm not the poorest guy in town and I feel people like us should give back to the community," said Mindlin.
As a commissioner, Mindlin will examine the functions of the county government. And since most of Mindlin's real estate investments are out of state he feels he has particular insight into some of the county's troubles.
"I think I have a unique perspective of how other counties work," he said.
Staff reporter Daniel Miller can be reached at firstname.lastname@example.org or (323) 549-5225, ext. 263.
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