McKellar McGowan LLC of La Jolla has purchased a former school property in Mission Beach for $18.5 million, with plans to develop a residential project, according to brokerage company Colliers International.

Colliers represented the buyer in the transaction. The seller was the San Diego Unified School District, which represented itself.

The 2.23-acre property, known as Mission Beach Center at 818 and 825 Santa Barbara Place, is a former elementary school that was vacated in 1996.