"stock"

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 …

WESTLAKE, OHIO — TravelCenters of America LLC (NYSE: TA) has agreed to sell 30 travel centers to Hospitality Properties Trust (NYSE: HPT) to fund its continuing expansion program. The sale-leaseback transactions total $397 million. TA expects to receive net cash proceeds of approximately $352 million before transaction costs. TA, based in Westlake, Ohio, also will purchase from HPT five travel centers now leased by TA and subleased to TA franchisees for approximately $45 million. TA’s travel centers operate under the TA, TravelCenters of America, Petro and Petro Stopping Centers brand names and offer gasoline and diesel fuel, restaurants, truck repair services, travel and convenience stores, and other services at locations in 43 states. The centers are located primarily at exits from the U.S. Interstate Highway System and in Canada. TA also operates convenience stores and retail gasoline stations primarily under the Minit Mart trade name. The company highlights several benefits from the transaction. Among the advantages: A significant portion of the gains to be realized from these transactions will result from sales of travel centers that were developed, or acquired and redeveloped, by TA. TA believes these gains will be amortized as a reduction of rent expense during the lease …

VANCOUVER — American Hotel Income Properties REIT LP, a Vancouver-based company that is publicly traded on the Toronto Stock Exchange (TSX: HOT.UN), has agreed to acquire a portfolio of nine branded, select-service hotels in the Midwest for an aggregate purchase price of USD$53.5 million. The properties are located in Illinois, Iowa, Kansas, Missouri and Oklahoma and total 632 guestrooms. The average age of the portfolio is approximately five years. American Hotel Income Properties’ (AHIP) portfolio comprises seven Holiday Inn Express properties, including a 69-room hotel in Bethany, Okla.; a 62-room hotel in Chickasha, Okla.; an 87-room hotel in Dubuque, Iowa; a 68-room hotel in Emporia, Kan.; a 69-room hotel in Jacksonville, Ill.; a 69-room hotel in Mattoon, Ill.; and a 68-room hotel in Nevada, Mo. The remaining hotels include a 63-room Hampton Inn in Chickasha, Okla., and a 77-room Country Inn and Suites in Norman, Okla. “This acquisition diversifies our portfolio into new U.S. markets coupled with the introduction of the Holiday Inn Express brand to the AHIP portfolio,” says Rob O’Neill, CEO of AHIP. “It is one of the fastest growing brands in the industry, opening an average of two hotels a week.” The portfolio will require brand-mandated property …

NASHVILLE, TENN. AND GLASTONBURY, CONN. — Prudential Real Estate Investors (PREI) has acquired three assisted living and memory care communities in Tennessee and Connecticut for $110 million. Hearth Management, which previously owned the property through a joint venture partnership, has been retained by PREI as the property manager. The acquisition is the first investment for Senior Housing Partners (SHP) V, PREI’s newly launched fund focusing on seniors housing properties. PREI is the real estate investment and advisory business of Prudential Financial Inc. (NYSE: PRU). The three Class A communities, which comprise 341,000 square feet across 391 units of recently constructed communities for seniors, include: The Hearth at Hendersonville located in Hendersonville, Tenn., northeast of Nashville, which opened in April 2012 and has 130 units; The Hearth at Franklin located in Franklin, Tenn., southwest of Nashville, which opened in October 2014 and has 126 units; The Hearth at Glastonbury located in Glastonbury, Conn., southeast of Hartford, which opened in September 2014 and has 135 units. “We are pleased to add the Hearth Portfolio, a high-quality seniors housing portfolio with strong income potential, as the first investment for our SHP V portfolio,” says Noah Levy, who heads PREI’s senior housing business. “We …

NEW YORK — A joint venture partnership between NorthStar Healthcare Income Inc. and NorthStar Realty Finance Corp. (NYSE: NRF) has acquired an $875 million portfolio of independent living facilities, following an SEC filing reported in April. NorthStar Healthcare and NorthStar Realty are both real estate investment trusts (REITs) externally managed by NorthStar Asset Management Group Inc. (NYSE: NSAM), a New York-based asset management firm focused on managing real estate and other investment platforms. The portfolio is comprised of 32 independent living communities spanning 3,983 units and is 100 percent private pay. The communities are located in 12 states, with the largest concentration of facilities within California, Texas and Washington. As of March 31, the portfolio’s overall resident occupancy was approximately 93 percent. The joint venture has retained Holiday Retirement Communities, one of the largest operators of independent living communities in North America, to operate the portfolio. Holiday Retirement is the operating name of the portfolio’s seller, Harvest Facility Holdings LP. NorthStar Healthcare acquired a 40 percent interest in the portfolio, and NorthStar Realty acquired the remaining 60 percent interest. “The experience of our healthcare team and its extensive relationships within the healthcare industry have and will continue to play a …

NEW YORK — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has entered into a definitive agreement to acquire Eleven Madison Avenue in New York City for $2.29 billion, plus approximately $300 million in costs associated with lease-stipulated improvements to the property. The building is being sold by a joint venture between The Sapir Organization and CIM Group. The transaction is expected to close in the third quarter of 2015. Built in 1929 as the original headquarters of Metropolitan Life Insurance Co., Eleven Madison Avenue is a 29-story, 2.3 million-square-foot office tower located in New York’s Midtown South submarket. After a $700 million modernization in the 1990s, it became the North American headquarters of Credit Suisse, which continues to be the largest tenant in the building today. It also will serve as the new headquarters for Sony Corp. of America. Yelp, Young & Rubicam, William Morris Endeavor Entertainment and Fidelity Investments occupy the balance of the building, along with the Eleven Madison Park restaurant, which earned Three Stars from the Michelin Guide. The property features an art-deco design highlighted by an Alabama limestone exterior. It is also on the National Register of Historic Places. “Eleven …

CHICAGO AND NEW YORK — Global commercial real estate services firms Cushman & Wakefield and DTZ have reached a definitive agreement to merge operations. According to multiple media outlets, DTZ is acquiring Cushman & Wakefield for approximately $2 billion. The new company, which will operate under the Cushman & Wakefield brand, will have revenues exceeding $5.5 billion, more than 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. “DTZ is elated to be merging under the prominent Cushman & Wakefield brand. The companies have remarkably complementary skills and reach in different geographies — whether in New York, London or Shanghai, this will be a formidable combination,” says Brett White, who will assume the role of chairman and CEO of the combined company. White has more than 30 years of experience in the real estate industry and his previous role was CEO of CBRE. “While breadth and depth are important to serve clients, it’s not just about size. It’s also about local expertise and deep customer service, which are strong traits of Cushman & Wakefield and DTZ, and ultimately what will differentiate us going forward,” adds White. Upon completion of …