LOUISVILLE—Senior executives for Atria Senior Living have raised growth capital by selling 50% of their ownership interest in Atria's business to Fremont Realty Capital, the real estate private equity business unit of the Fremont Group, the investment office of the Bechtel family of San Francisco. The transaction values Atria at a substantially increased level compared to the 2012 transaction in which the management team increased their stake to 66% and Ventas acquired 34% of the business. Proceeds have been reinvested in Atria, and Ventas has also made an additional investment in Atria to maintain its 34% ownership stake without dilution.

DEAL TRACKER

MOBILE, AL—Multifamily Management completed another successful property sale generating substantial returns to the investors over the nine-year hold period. Cushman & Wakefield arranged the $7.5 million sale of Tower on Ryan Park, an apartment building located in Mobile, AL. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Tower on Ryan Park LLC, in the transaction. Varden Capital Properties and Tellus Partners acquired the property. “Mobile is following suit after other top Southeastern cities with the emergence of its Downtown and historic districts,” Hey says. “A wave of new restaurants, nightlife, and capital are coming to the area, and the next owners want to capitalize on the demand influx through renovation of unit interiors and amenities.”

NEWPORT, KY—Susan Branscome, senior vice president and managing director of NorthMarq Capital's Cincinnati office, arranged the $10.7 million refinance of Riverfront Place, a 184,509-square-foot office property in Newport, KY. The transaction was structured with a 10-year term on a 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

BUFORD, GA—Franklin Street arranged the $13.568 million sale of Mill Creek Walk, a retail center located at 3260 and 3264 Buford Drive, just 35 miles from Downtown Atlanta. John Tenant and Bryan Belk of Franklin Street's Atlanta office represented the seller, Mill Creek/Cooper, LLC of Campbell, Calif., and the buyer, Bond Street Advisors Group of Charleston, SC in the transaction of the 36,358-square-foot property. Mill Creek Walk is located across the street from The Mall of Georgia, which is one of the most visited malls in the country. The shopping center is anchored by Petco, the nation's second largest pet retailer, and is 96% leased to a mix of national, regional and local tenants. The new owner plans to hold the property long term and focus on upgrading some of the current uses in the center.

a top selling point for the buyer.”

ATLANTA—Hospitality Ventures Management Group sold the 261-suite Embassy Suites by Hilton Atlanta – Galleria to an unaffiliated third party and retained management of the property. “Having owned and operated the Embassy Suites by Hilton Atlanta – Galleria for the past three years along with several other Embassy Suites hotels, we are intimately familiar with both the marketplace and the brand and how to maximize its value,” says Robert S. Cole, president and CEO, HVMG. “With our home base and four additional hotels in the city, Atlanta is a strategic location for our company.”

BUILDING BLOCKS

HUNTSVILLE, AL—Demolition is complete at the nation's fourth-largest commercial real estate project as its first tenant opens. RCP Companies, an Alabama-based real estate firm, is in full pursuit of the $350 million redevelopment at the 140-acre site of the former Madison Square Mall. Topgolf, the global sport entertainment leader, opened in December to crowds of golfers and non-golfers alike ready for some playful competition. TopGolf is the only entertainment center of its kind, offering competitive golfing games for all ages and skill levels with advanced technology to track every player's shot. The 53,000-square foot, three-level facility includes 72 climate-controlled hitting bays that can host up to six players at one time and ample private event space. Located along Research Park Boulevard in the northwest corner of the site, TopGolf officially opened December 22.