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APPLE VALLEY, MINN. — Gemini Real Estate Advisors, on behalf of its Gemini Opportunity Fund III, has acquired a $9.2 million first mortgage note. The performing whole loan was purchased at an undisclosed discount to par value. The underlying asset is a standalone retail property, which is leased to LA Fitness, in Apple Valley. The primary term of the lease runs through 2022, with additional extension options. The seller was not disclosed.