LOS ANGELES — BH Properties has donated $500,000 to the USC Price School of Public Policy in Los Angeles. The donation will help fund the school’s new Bachelor of Science in Real Estate Development degree. The gift will also help recruit real estate faculty, provide professional development opportunities for students to gain real-world experience in the industry and fund scholarships for the program’s most exceptional young students. This is the first gift pledged in support of the Bachelor of Science in Real Estate Development program. The Price School launched one of the nation’s first graduate degrees in real estate development with the establishment of the Dollinger Master of Real Estate Development program in 1986. USC’s Bachelor of Science in Real Estate Development launched this past fall. It is expected to accept up to 250 students per year.
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.
ANAHEIM, CALIF. — Norman S. Wright Climatec Equipment of Southern CA has purchased a 63,774-square-foot industrial asset in Anaheim for $10.8 million. The building is located at 3325 E. La Palma Ave. The seller is La Palma/Miller Owner LLC. Mitch Zehner and Seth Davenport of Voit’s Anaheim office executed the sale.
GILBERT, ARIZ. — The Corporation of the Presiding Bishop of Church of Jesus Christ of Latter-Day Saints has purchased 10.4 acres of land in Gilbert for $4.2 million. The land is located at southeast corner of Val Vista Drive and Williams Field Road. Mark Wilcke of NAI Horizon represented the church in the transaction. Nate Worthen of Newmark Grubb & Frank represented the sellers, Arcus Williams Field-EP LLC and Pendleton Capital Partner LLC.
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.
SAN FRANCISCO — Chai LP has purchased a 34,400-square-foot industrial building in San Francisco for $14.2 million. The building is located at 2650 18th St. in the city’s Mission District. Weston Wear previously occupied the space, though Zesty just signed a new lease. Zesty is a catering company that delivers, sets up and serves restaurant-made meals to businesses throughout San Francisco. Weston Wear has relocated to 389 Oyster Point where it now occupies approximately 12,000 square feet. Jason James of TRI Commercial/CORFAC International represented Weston Wear, Zesty and the building’s seller in all transactions.
PEORIA, GOODYEAR and MESA, ARIZ. — Avanti Senior Living is developing three matching assisted living and memory care communities in Peoria, Goodyear and Mesa, all in the Phoenix metro area. Each 77,000-square-foot community will cost $15 million and house up to 150 seniors. Based in Texas, Avanti Senior Living owns, develops and operates luxury seniors housing communities. The company was launched in 2013 and has nine communities either completed or under development in Texas, Louisiana and Arizona.
LOS ANGELES — Harridge Development Group has acquired Wilshire Galleria, a 138,000-square-foot retail building located at 3240 Wilshire Blvd. in Los Angeles’ Koreatown district. NEWKOA LLC sold the property for an undisclosed price. Situated on 2.1 acres, the five-story former I-Magnin & Co. building is located on the southeast corner of Wilshire Boulevard and New Hampshire Avenue. Johnny Choi of CBRE, along with Curtis Palmer and Anthony Muhlstein of ARA Newmark, represented 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.