NEWPORT BEACH, CA-Griffin-American Healthcare REIT II Inc. has released its third-quarter earnings report. During the quarter, the REIT acquired 32 healthcare-related buildings for $277.4 million, bringing the value of its portfolio to approximately $1.1 billion, based on purchase price, according to Danny Prosky, president and COO. As a result of this growth, important financial metrics, such as normalized modified funds from operations and net operating income, experienced year-over-year growth of approximately 148% and 115%, respectively, as compared to the third quarter of 2011. Including acquisitions completed subsequent to the close of the third quarter, the REIT’s portfolio has grown by approximately 155% since January 1, based on purchase price.

SALES

HESPERIA, CA-The California Division of Land Advisors Organization has closed Rancho Las Flores, a roughly 9,000-acre planned community here for an undisclosed amount. The property was sold in its current unimproved condition, with an approved specific plan for approximately 15,000 dwelling units. The Land Advisors team of Terry Ruckle, Randy Coe and Michel Faris handled the transaction on behalf of a post-bankruptcy manager for the estate of a private mortgage lender that had previously lent more than $80 million to the project.

MAUI, HI-Central Pacific Bank has sold Lahaina Gateway, an upscale, 137,000-square-foot, grocery-anchored shopping center here, to Thompson National Properties for $32 million. Rick Chichester, president and COO, and Matt Mousavi, managing director, with Faris Lee Investments represented the buyer in the off-market deal, while the seller represented itself.

EVERETT, WA-Frontier Communications has sold 1800 41^st St., a 290,024-square-foot, class-A office complex here, to 1800 41^st St. LLC for what industry sources unrelated to the deal report is $19 million. Drew Saunders and Paul Lee of Jones Lang LaSalle represented Frontier in the sale. Terms of the transaction were not disclosed, but Frontier will lease back one of the two towers, totaling 165,000 square feet, leaving the remaining 125,000-square-foot tower available for lease via JLL.

SAN DIEGO-OliverMcMillan has listed the Lofts portfolio here for sale. Located in the East Village neighborhood of downtown, the portfolio consists of three high-end mixed-use communities that OliverMcMillan developed between 2006 and 2010. Kevin Mulhern, Rachel Parsons and Dixie Hall of CBRE San Diego are representing the seller in the unpriced offering. The three assets include a total of 460 residential rental units that are 95% occupied, plus approximately 23,000 square feet of ground-floor retail space.

DEVELOPMENT

LAGUNA HILLS, CA-Nadel Architects has completed the design for the Village at Nellie Gail Ranch, a shopping center here. The renovation and expansion project has recently received entitlement to move forward with construction, which is tentatively set to be completed in late summer/early fall 2013.
The Village, owned by Vintage Real Estate LLC, was originally built in the 1980s and currently comprises approximately 60,000 square feet, with tenants including Big 5 Sporting Goods and Chuck E. Cheese. Plans include a 28,000-square-foot expansion, which will include the Fresh Market, a high-end European-style grocery store, and additional retail space, bringing the total gross leasable area to over 88,000 square feet. Also planned are a re-design of the existing building facades.
SAN FRANCISCO-LandMark Retail Group has completed the development of two CVS/Pharmacy stores here and in Oakland, CA. LandMark worked closely with city officials and the community to bring a 15,312-square-foot CVS/Pharmacy to an abandoned storefront property located at 1760 Ocean Ave. in San Francisco’s Ingleside neighborhood. In Oakland, LandMark worked with the city and Councilwoman Desley Brooks to open the new store, located on the corner of 73^rd and Bancroft aves. The firm added 13,821 square feet to the space and constructed a convenient drive-thru option.

GYPSUM, CO-Next Realty and its development partners are offering a free land and building package to the first big-box retailer to commit to open at Tower Center here, which will include a home-improvement center, a general merchandiser, a supermarket, and junior anchors. Fully approved and shadow anchored by Costco, the center will be a 450,000-squre-foot power retail project, the first approved project of its kind in underserved Eagle County. Nine outparcels are suitable for inline retailers, restaurants and banks, among other users. The 121-acre mixed-use site includes 74 acres for commercial development and 47 acres of residential development already underway and selling. The site is fully entitled.

NORTH SALT LAKE CITY, UT-Big-D Construction has broken ground on a new testing laboratory and change house project for Big West Oil at 333 West Center St. here. The project will be one of several safety upgrades to Big West’s facilities at the refinery.

LEASES

EXECUTIVE MOVES

SAN DIEGO-OliverMcMillan has added four managing directors to its team. Eric Buchanan, managing director, is focusing on residential and new-business development for the firm nationwide. Buchanan, who specializes in multifamily and mixed-use projects, was previously VP of development and investment for Archstone in Southern California. Serge Krivatsy, managing director, oversees the firm’s Hawaii office. Before joining OliverMcMillan, he was a founding member and principal of THM Partners LLC, a Hawaii-based real estate development firm. Nathan Hong, managing director, oversees the firm’s Northern California office and development projects. He was previously the chief development officer of the Cosmopolitan of Las Vegas. John Costello, managing director based here, manages all aspects of the development and design process including financial feasibility analysis, strategic planning, entitlements, estimating, negotiations and construction. He was previously with Archstone’s West Coast mixed-use division as group VP.

WEST LOS ANGELES-The capital markets services group of DTZ, a UGL Co., has hired Jacqueline J. Hung as assistant VP in the local office. She will also cover the Downtown L.A. and Orange County markets. Hung was most recently a senior financial analyst at Premier Asset Management Solutions in Los Angeles, where she provided project-management and financial reporting services to Cityview, a real estate fund client with more than $1.2 billion in multifamily and residential development projects.

LOS ANGELES-Cassidy Turley has hired Lee Black, Jared Smits and Yvonne Ayala for the firm’s Los Angeles Metro office as executive managing director, principal, VP and senior associate, respectively. The additions assist the firm in expanding its client services platform into the San Fernando Valley. Black was previously an EVP at NAI Capital and the firm’s top producer in 2011. Smits most recently spent five years with NAI Capital as a VP specializing in landlord and tenant representation in the North Los Angeles submarket. Ayala previously served as marketing director for NAI Capital, overseeing marketing efforts for its 14 Southern California offices.