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NEW YORK — NorthStar Healthcare Income Inc. has acquired a $639.3 million portfolio of continuing care retirement communities (CCRCs) from subsidiaries of Fountains Senior Living Holdings LLC. The portfolio will continue to be operated by Watermark Retirement Communities Inc., a national operator of seniors housing facilities and affiliate of The Freshwater Group, Inc. In connection with the acquisition, NorthStar Healthcare obtained fixed-rate financing through Freddie Mac’s multifamily-seniors housing loan program, with an aggregate principal amount of $410 million, a fixed interest rate of 3.9 percent and a term of seven years. The portfolio consists of 15 CCRCs and 23 contracted life estate units, including 3,637 units located in 11 states, with the largest concentrations in New York, California, Florida and Michigan. The six entrance-fee properties were acquired directly by NorthStar Healthcare and leased to affiliates of Freshwater pursuant to a master net lease. The nine rental properties were purchased by a joint venture between NorthStar Healthcare and an affiliate of Freshwater, which own 97 percent and 3 percent of the joint venture, respectively, and will be operated by an affiliate of Freshwater pursuant to long-term management agreements. Occupancy of the portfolio was 85 percent as of March 31. “Watermark is a …

CHANHASSEN, MINN. AND NEW YORK — Life Time Fitness Inc., a fitness center chain headquartered in the Minneapolis suburb of Chanhassen, Minn., has entered into a sale-leaseback transaction with Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust (REIT) based in New York City. As per the sale-leaseback agreement, Gramercy will acquire a portfolio of 10 high-end fitness centers from Life Time Fitness for an aggregate purchase price of approximately $300.5 million. The REIT will then lease the portfolio back to Life Time Fitness for a 20-year term. For the combined portfolio, net operating income is anticipated to be approximately $19.5 million in the first year of the agreement. The portfolio totals approximately 1.3 million square feet located in major markets across the United States. The $300.5 million sale-leaseback transaction comes on the heels of an investor group’s acquisition of Life Time Fitness Inc., which is valued at more than $4 billion. The investor group is led by affiliates of Leonard Green & Partners and TPG. Other key investors include LNK Partners and Bahram Akradi, Life Time Fitness’ chairman, president and CEO. Up until yesterday, Life Time Fitness traded on the New York Stock Exchange under the stock …

MIAMI BEACH, FLA. — CIM Group has sold the SLS South Beach, a 140-room luxury boutique hotel in Miami Beach for $125 million. The hotel was jointly owned with sbe Entertainment, a Los Angeles-based hospitality company. According to the South Florida Business Journal, the buyer is 1701 Miami Owner, a company affiliated with Daniel Tain and Marco Ferri, based in Guernsey, an island in the English Channel off the coast of Normandy. CIM and sbe redeveloped the former Ritz Plaza Hotel, a 13-story building, to create the SLS Hotel South Beach, which opened in June 2012. Designer Philippe Starck oversaw the redevelopment, which included 124 rooms located in the historic tower, a separate building with 10 villas, six bungalows, and the addition of a 14,500-square-foot pool deck. Other renovations included the addition of restaurants such as The Bazaar and Katsuya. The SLS South Beach, located at 1701 Collins Ave. with 100 feet of beach frontage, was originally built in 1939 by South Beach architect L. Murray Dixon. The SLS Hotel South Beach features a rooftop architectural design depicting a lantern reaching to the sky. It is the tallest art deco-style structure in South Beach. Since January, including the SLS South …

SANTA MONICA, CALIF. — Hertz Investment Group has acquired a portfolio of six Class A office buildings in the Southeast for $417 million from Chicago-based Equity Commonwealth, according to media reports. The portfolio is comprised of more than 3 million square feet. The purchase of the buildings will introduce Santa Monica-based Hertz to three southern markets: Birmingham, Ala.; Columbia, S.C.; and Greensboro, N.C. The transaction is the largest acquisition in the company’s history. One of the properties included in the sale was One Shell Square, a 1.26 million-square-foot, 51-story tower in the New Orleans central business district, where Hertz already has a presence. Also included in the transaction were Inverness Central, a four-building complex with 475,895 square feet, located in suburban Birmingham; the Wells Fargo Tower, a 30-story tower with 514,893 square feet in Birmingham’s central business district; Meridian, a 17-story tower with 334,075 square feet in Columbia; 300 N. Greene St., a 21-story tower with 324,075 square feet in Greensboro; and 20th Place South, a four-story office building with 125,722 square feet, located in suburban Birmingham. Hertz plans to perform $2.2 million in renovations on the Wells Fargo Tower, $500,000 on 300 N. Greene and will spend $1 million …

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has agreed to sell 26 hotel properties throughout the U.S. to American Realty Capital Hospitality Trust for $351.4 million. The portfolio contains 2,793 rooms, or about 19.6 percent of the company’s pro-forma hotel EBITDA (earnings before interest, taxes, depreciation and amortization). The hotels are located in Oregon, Louisiana, Texas, Indiana, Arizona, Missouri, Tennessee, Illinois, Florida, Washington and Colorado. The sale of the properties is scheduled to close in three separate tranches. The estimated sales dates are September and October of this year and January 2016. “We are very excited at the opportunity to recycle capital on a larger scale,” says Dan Hansen, Summit’s president and CEO. “This proposed transaction will enable us to continue to improve our asset mix and upgrade our portfolio with additional accretive acquisitions with strong growth profiles and diverse demand generators.” Adds Hansen: “Recycling capital to create long-term value for our shareholders is a proven strategy for us and one we consider to be a core strength.” The total sales price represents a cap rate in the mid-7 percent range based on trailing 12-month net operating income as of March 31. The 12-month revenue per available room (RevPAR) …

JERICHO, N.Y. — Getty Realty Corp. (NYSE: GTY) has acquired 77 convenience stores and retail motor fuel stations for $214 million. Located in California, Colorado, Washington, Nevada and Oregon, the acquired properties operate under several brands, including 76, Conoco, Circle K, 7-Eleven and My Goods Market. “This acquisition… achieves several important objectives for our company including materially expanding our geographic reach primarily in high growth regions and adding a new institutional quality tenant,” says David B. Driscoll, Getty’s president and CEO. “We believe the addition of these properties, combined with other activity in our portfolio, has materially improved the overall credit quality of our revenue stream. In addition, we believe we are positioned to provide sustained cash flow growth for shareholders in the coming years.” The 77 properties were acquired from affiliates of Pacific Convenience and Fuels LLC and simultaneously leased to United Oil, a leading regional convenience store and gas station operator. United Oil is triple-net leasing the 77 properties acquired by Getty for an initial term of 20 years, with three five-year renewal options. The company expects to receive $16.7 million of annual revenue from the transaction. United Oil operates approximately 400 locations in the western United States …