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The fund is the first fund venture for PRG Real Estate, which has a more than 30-year track record of successful investments throughout the United States with a current portfolio of more than 10,000 units, 275 employees, and more than $1.25 billion of assets under management.

Young Innovations will maintain operations at all properties under a 20-year lease with New Mountain Net Lease.

Padilla, who has served as CEO for 20 years, will become executive chair of the Minneapolis-based firm at that time.

MGM Resorts is also selling Circus Circus for $825 million.

Following regulatory approval of the merger, Hackensack Meridian Health has committed to a $400 million capital investment at Englewood Health. The investment hospital officials said would further position Englewood Health as a tertiary hub in Northern New Jersey.

"A modern, safe, and reliable mass transit system is the foundation our state needs to grow our economy and reclaim our historic role as the state of innovation," said Gov. Murphy.