ROCKLAND, MAINE — Cardente Real Estate has arranged the sale of a retail building located at 166 Camden St. in Rockland. Rockland LLC purchased the former Wendy’s location for $337,000. The 2,887-square-foot building sits on 0.9 acres of. Doug Erickson of The Masiello Group represented the seller, Blackstone Properties, and Michael Cardente of Cardente Real Estate represented the buyer.
MIAMI — CMC Group has received $236 million in financing for the development of Brickell Flatiron, a 549-unit luxury condominium tower in Miami’s Brickell financial district. The 64-story building will be located at 1001 S. Miami Ave., across from The Shops at Mary Brickell Village and near the Brickell City Centre mixed-use development. Upon completion in mid-2019, the project will be the tallest residential tower south of New York City, according to CMC. Amenities will include a rooftop deck with spa, fitness center and pool, private movie theater, meeting rooms, wine cellar and concierge service. Revuelta Architecture designed the property. Jim Dockerty of HFF arranged the loan on behalf of CMC Group. HFF secured a $138.3 million senior loan and a $98 million mezzanine loan, which will be used to complete the project and market the remaining units. Bank of the Ozarks provided the senior loan, while RFR provided the mezzanine loan. Sales to date at Brickell Flatiron are in excess of $300 million. Miami-based CMC Group is a real estate development company focused on luxury residential, commercial and retail properties. — Kristin Hiller
CARLSBAD, CALIF. — Cushman & Wakefield has arranged the $26.5 million sale of a retail site in the San Diego suburb of Carlsbad. Shea Properties LLC/Shea Homes San Diego LP acquired the 17.7-acre undeveloped land tract in the city’s Bressi Ranch area and plans to construct a mixed-use development. The property consists of lots 29 through 32 in Bressi Ranch. Aric Starck and Dennis Visser of Cushman & Wakefield’s Carlsbad office represented the buyer and seller in the transaction. The development will consist of 125 luxury condominiums, a food market, drive-through drug store and other retail shops along Palomar Airport Road. The retail center will feature a Main Street-like entry leading to shops, services and restaurants. It will be accented by patios, plazas, terraces and courtyards.
ROLLING HILLS ESTATES, CALIF. — An 18-month redevelopment has been completed at Peninsula Shopping Center in Rolling Hills Estates. The parties involved in the redevelopment were not disclosed. In addition, new stores have opened at the center including Orchard Supply Hardware (OSH), Petco, Ulta Beauty, The Bar Method, AT&T, Verizon, The Habit Burger Grill and Chipotle. Mod Pizza will open this summer. The redevelopment increased the center’s size by 16,579 square feet, which included the addition of three new retail/restaurant pads. The changes also included demolishing the existing pedestrian colonnade and constructing a drive aisle in its place, reconfiguring parking and circulation facilities, creating new junior anchor spaces and improving sidewalks.
LOS ANGELES — Oakwood Worldwide has opened the 201-unit Oakwood Olympic & Olive apartment complex in downtown Los Angeles. The newly constructed corporate housing asset is located at 1001 S. Olive St. The mid-rise property features a sky lounge, downtown views from the pool deck and townhomes with front-door stoops along Olive Street. It offers furnished and unfurnished apartment options ranging from studio to two-bedroom layouts with open-concept living areas. The units feature quartz countertops, glass-tile backsplashes, stainless steel appliances, gas ranges, 10-foot ceilings and in-unit washers and dryers. Oakwood Olympic & Olive is Oakwood Worldwide’s third branded property in Los Angeles. Oakwood’s parent company is Mapletree Investments.
BOULDER, COLO. — Rivendell Global Real Estate has acquired a 26-unit apartment community in Boulder known as 17-Walnut for $15.6 million. The community is situated in the East End corridor of downtown. The sale closed at $654 per square foot, the highest price for a multifamily community within 750 miles of the property, according to ARA Newmark, which represented the seller, Element Properties, in this transaction. Nearby office activity includes Twitter moving into a new 60,000-square-foot space and Google building a $150 million campus set to house 1,500 employees. The community was built in 2015. Community amenities include heated underground parking, bike storage and repair shop, private courtyard with barbecue grills, dog wash, and lobby with Wi-Fi, coffee bar and breakfast service.
NORTHRIDGE, CALIF. — 8351 Amigo Apartments LLC has acquired a nine-unit apartment building in Northridge for $1.9 million. The community is located at 8351 Amigo Ave. It was built in 1962. The property contains one- and two-bedroom units. Clyde Isaacson of Marcus & Millichap represented the buyer. The seller was not disclosed.
CORPUS CHRISTI, TEXAS — Gulf Coast Growth Ventures, a joint venture between ExxonMobil Corp. and Saudi Arabia Basic Industries Corp. has proposed plans to build a $10 billion, plastics manufacturing complex along the Gulf Coast in south Texas. The 1,300-acre plant, which would be the world’s largest ethylene production center and could come on line as early as 2020, will be located in San Patricio County. Construction of the plant is expected to create 6,000 jobs. Upon completion, the plant is projected to create an additional 3,500 jobs.
MCKINNEY, TEXAS — Aimbridge Hospitality, a Texas-based hotel investment and management firm, has released plans for the Craig Ranch Resort and Conference Center, a hospitality development that will be situated on eight acres at the corner of Collin McKinney Parkway and Weiskopf Avenue in McKinney. The property, which will feature 285 rooms and 33,000 square feet of meeting space, will be part of the 2,200-acre, master-planned Craig Ranch development.
CYPRESS, TEXAS — An affiliate of Finial Group LLC has acquired Lakes of Riata, a 31,113-square-foot, multi-tenant retail property in Cypress, a northeastern suburb of Houston. Located at 10750 Barker Cypress Road near State Highway 290, the center is currently leased to tenants such as Subway and Shipley Do-nuts.