Patoka Capital, a New Albany, IN-based private investment firm, has sold six Regal Cinema locations to Spirit Realty Capital, a Scottsdale, AZ-based REIT, for $44 million. The sale of the six commercial properties, located in Missouri, South Carolina, West Virginia, Ohio and Pennsylvania, was completed last month; terms of the deal were not disclosed. Patoka Capital will use the proceeds from the sale of the theater buildings to boost its investment portfolio, which now stands at $150 million, said Change Ragains, CEO and managing director at Patoka Capital, in a statement.
Ragains and his family formerly owned 25 Great Escape Theaters, according to a Louisville Business First article. The family sold the business to Knoxville, Tenn.-based Regal Entertainment Group in November 2012 for $91 million. The family had retained ownership of the six theater buildings that were sold recently. In a recent interview with Business First, Ragains and Dan Von Behren, managing director and chief financial officer of Patoka Capital, said that the private investment firm is looking for investments in commercial real estate, light manufacturing and service-based businesses that are privately held. Both said the investment firm is looking to invest in businesses that are in industries that are not heavily regulated.
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