Americana Developer’s Montecito Venture

Los Angeles-based Caruso, the developer with projects that include The Americana at Brand in Glendale, The Commons at Calabasas and Encino Marketplace, rolled out a different kind of project yet earlier this month in Montecito. On March 1, Rosewood Miramar Beach, a beachside luxury resort with 161 luxury guestrooms and suites, poolside bars, bungalows and cabanas, and seven dining and bar destinations, opened for business. Located on a sliver of beach along what others have nicknamed “The American Riviera,” Miramar Beach takes advantage of premium Southern California coastline and, as with Caruso’s retail town centers, has the highly curated, upscale qualities which have become the firm’s hallmark. “What makes Miramar Beach so special, beyond the incomparable setting, is its history as a beloved icon of hospitality – it’s simply embedded in the land,” Chief Executive Rick Caruso said. According to company lore, the resort takes its cues from Miramar by the Sea, a storied resort first purchased by a young couple in 1876. Initially a private residence, the couple was so taken by the extraordinary location that they soon built cottages to lodge visiting friends and family. Miramar means “to see the sea” in Spanish. At the heart of the property is the Manor House, home to three luxury suites, with details conceived by Caruso interior designer Diane Johnson. Spread across 16 acres of landscaping are the lavish bungalows. Consuming 28,000 square-feet of land are the resort’s 26 oceanfront beach house suites, studios and guestrooms which feature private terraces directly over the sand, a rare offering in Southern California. Among the property’s seven restaurants and bars is Caruso’s, an oceanfront, al fresco-seating crown jewel helmed by Executive Chef Massimo Falsini, a practioner of Southern Italy-style cuisine; Malibu Farm at Miramar, a farm-to-table concept by Helene Henderson; Miramar Beach Bar, the Beach House’s oceanfront oasis; and the chic and sophisticated Manor Bar, which offers live music. An on-site art collection includes original works by Norman Rockwell, Fernando Botero, Mel Bochner and Hans Burkhardt plus fine photography from Jim McHugh and Slim Aarons. The project was done in partnership with Rosewood Hotels & Resorts in Dallas. Office Depot Plaza Los Angeles-based real estate investment company Agora Realty & Management has acquired the Thousand Oaks shopping center called Office Depot Plaza for $14.4 million from an undisclosed seller, according to a company announcement. The five-tenant center, which has 33,708 square feet of urban in-fill retail space at 11-25 E. Hillcrest Drive, was purchased with a 96 percent occupancy rate. Anchored by Office Depot Inc., the 1990-built site’s other current tenants include AT&T Inc., Bank of the West, The Habit Burger Grill and Wescom Credit Union. “This asset is indicative of the type of retail we like to acquire in that it is well located but needs repositioning to really enhance its tenancy and overall tenant and customer experience,” said Agora Chief Executive Cary Lefton in a statement. Ambulance Center Sold A Reseda site used as an ambulance dispatch center has sold for $2.2 million, or $362 per square foot. Located at 7046 Darby Ave., the two-story warehouse lies within a federal Opportunity Zone, which provides tax breaks for property owners. According to the 2017 Tax Cuts and Jobs Act, investments made by individuals through special funds can defer or eliminate federal taxes on capital gains. NAI Capital’s Senior Vice President Matt Ehrlich in the brokerage’s Encino office negotiated the sale of the 6,085-square-foot industrial building on behalf of the seller, Zes LLC. CoStar Group identified the buyer, a private individual, as Zina Kagan. The structure features a conference room and updated reception area and kitchen. Other amenities include a gated concrete yard, upstairs living quarters and a 35-car parking lot. At sale time, Adult Medical Transportation operated its ambulance transportation service from this facility. Staff Reporter Michael Aushenker can be reached at (818) 316-3123 or [email protected].