California

SAN DIEGO — San Diego-based Zephyr has sold The Block, a 60,000-square-foot mixed-use site currently under development on Broadway in San Diego, to Vancouver, Canada-based Bosa Development. The final price was $33 million, according to The San Diego Union Tribune. Zephyr acquired the property in 2014 and received approvals to transform it into a mixed-use development. The incomplete re-development includes a 41-floor tower and 21-floor tower housing 498 residential units, a boutique hotel and retail space. Zoning of the site allows for development of up to 720,000 square feet. Currently, the property consists of 1950s-era retail, parking and office space. Bosa plans to demolish the existing structures and develop the mixed-use retail and residential community on the site. Joseph Wong Design Associates is the architect for The Block, which is estimated to cost at least $250 million.

TEMECULA AND NOVATO, CALIF. — A real estate fund managed by Ares Management, in partnership with Citivest Commercial Investments LLC, has acquired two shopping centers located in Temecula and Novato, Calif. Acquisitions include Downtown Novato Center, a 98,000-square-foot retail center anchored by Lucky Supermarket in the North Bay region of the San Francisco Bay area; and Temecula Town Center, a 241,980-square-foot Target shadow-anchored shopping center located in Temecula. Terms of the transaction were undisclosed.

SANTA ANA, CALIF. — CBRE has negotiated the sale of McCalla Centre, a 110,620-square-foot neighborhood shopping center in Santa Ana. A San Diego-based private real estate investment fund manager acquired the property from an Orange County, Calif.-based private investor for $31.8 million, representing a 3.76 percent cap rate on high occupancy. Situated on 8.7 acres at 230 N. Harbor Blvd., the center was 97 percent occupied at the time of closing. Anchor tenants include Northgate Market and CVS/pharmacy. Philip Voorhees, James Slusher, Megan Wood, Brad Rable, Matt Burson and John Read of CRBE represented the seller and the buyer in the transaction.

FULLERTON, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at 101 N. Harbor Blvd. in Fullerton for $10.9 million, or $858 per square foot. Bolü Bakery & Café, Salon Technique and Fuoco Pizzeria Napoletana occupy the 12,765-square-foot, absolute-net leased property. It was built in 1956 and refurbished with an extensive rebuild and retrofit in 2010. Paul Bitoni of Marcus & Millichap’s Newport Beach, Calif., office represented the seller, a local developer, in the transaction. The name of the buyer was not released.