SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
20549
________________________________________
FORM 8-K
________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 5, 1997
(Date of earliest event reported)
INSIGNIA FINANCIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-19066 13-3591193
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification
Number)
One Insignia Financial Plaza
Post Office Box 1089
Greenville, South Carolina 29602
(Address of Principal Executive Office)
Registrant's telephone number, including area code: (864) 239-1000
______________________________________
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Item 5. Other Events
Insignia Retail Group, Inc. announced that it has acquired substantially
all of the assets of Radius Retail Advisors, Inc. in Newport Beach, California.
Radius Retail Advisors, Inc. is a retail tenant representation, property
representation and agency brokerage firm that successfully represents large
space users, "big box" entertainment and grocery related food tenants in
Southern California.
Item 7. Financial Statement and Exhibits
(c) Exhibits
Exhibit No.
99.1 Press Release dated May 5, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ John K. Lines
--------------------------------
John K. Lines
General Counsel
Date: May 14, 1997
For more information, contact:
Louis V. Gennarelli
(214)665-9710
FOR IMMEDIATE RELEASE
INSIGNIA RETAIL GROUP ACQUIRES WEST COAST'S RADIUS RETAIL
ADVISORS
DALLAS, TX - May 5, 1997 Insignia Retail Group, Inc. announced today that
it has acquired substantially all of the assets of Radius Retail Advisors in
Newport Beach, California. Radius Retail Advisors is a retail tenant
representation, property representation and agency brokerage firm that
successfully represents large space users, "big box" entertainment and grocery
related food tenants in Southern California.
According to Louis V. Gennarelli, President of Insignia Retail Group, "As
Insignia Retail Group rolls out its West Coast operation, the transaction is
important to our success. We welcome the founding Radius partners, Michael
Navarro and Cody Small and the other members of their organization into the
growing Insignia family. Their team personifies entrepreneurial quality and
ideally complements our approach to retail client representation. Their ability
to understand the dynamics of the retail market and source potential development
and acquisition deals, makes them a vital component for Insignia Retail Group,
as well as to Insignia Commercial Investments Group, the national transactional
unit of Insignia Commercial Group."
In the past 24 months Radius' transactions have included 20 Best Buy
locations, a Home Express, G. N. C., Ralph's Grocery, Longs Drug Store, Regal
Theaters, and Beverages & More. Since 1978, Radius has closed over six million
square feet of lease transactions and has participated in several of the largest
retail disposition programs in the southwest region of the United States. Those
dispositions include Zody's Department Store, Builders Emporium, Smith's Food &
Drug and T.G.& Y. Michael Navarro and Cody
(more)
<PAGE>
Insignia Acquires Radius
May 5, 1997
Page 2
Small, Regional Directors of Insignia Retail Group, along with Rick Zak, have
been selected to handle the marketing and leasing of the recently announced
Howard Hughes Entertainment Center. The Center is part of a 2.7 million square
foot mixed-use project. The retail component is comprised of a 250,000 square
foot entertainment complex located in West Los Angeles, just north of the LAX
airport on the 405 Freeway and adjacent to the Playa Vista project. According to
Navarro, "This location has the highest visibility and identity of any property
within Southern California, and one of the highest traffic counts in the
country. Its trade area serves five million people." The facility will include a
100,000 square foot, 21-screen multiplex theater, featuring the only IMAX
theater in Los Angeles and high-end specialty stores and restaurants. The
project is being developed by J. H. Snyder & Company and is slated to open in
late 1998 or early 1999.
Another high client is the leasing and marketing assignment of a new retail
power center being developed by a partnership of the Voit Companies and Selleck
Properties in the heart of the San Fernando Valley. The 40 acre retail parcel is
part of the former GM assembly plant property in Van Nays. The project is 90%
pre-leased with "big box" retailers, a 17-screen cinema, restaurants and retail
shops.
"Our strategy has been to selectively acquire the finest firms in key
markets in order to allow us to offer unparalleled services to our clients
across the country," said Andrew L. Farkas, Insignia Financial Group's Chairman,
President & Chief Executive Officer.
(more)
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Insignia Acquires Radius
May 5, 1997
Page 3
One of the largest fully-integrated real estate service providers in the
country, Insignia launched its commercial expansion program in earnest in 1996
with the acquisition of Paragon Commercial Group, a real estate management and
development company, and Edward S. Gordon Company (now operating as
Insignia/Edward S. Gordon Co., Inc.), the leading full-service commercial real
estate brokerage firm in New York City.
In March of this year Insignia announced the acquisition of three firms in
various U.S. markets. In Westchester County, New York and Fairfield County,
Connecticut, Insignia acquired Rostenburg-Doern Company, Inc., a leading
full-service firm. The combination of Insignia/ESG's Westchester/Fairfield
operation and Rostenburg-Doern has created the largest commercial real estate
brokerage firm serving these two marketplaces.
Insignia Financial Group also acquired Frain Camins & Swartchild, Inc.
(FC&S). FC&S is one of the premier full-service commercial, retail and
industrial real estate brokerage and management firms in Chicago.
In this third acquisition, Insignia purchased HMB Property Services, a
service provider that gives Insignia control over long-term management and
leasing rights with respect to approximately 1.1 million square feet of prime
office space in the Denver market.
Insignia Retail Group, Inc. is an operating unit of Insignia Commercial
Group, Inc., (NYSE:IFS) which is a wholly owned subsidiary of Insignia Financial
Group, Inc. With corporate headquarters in Greenville, South Carolina, Insignia
Financial Group, Inc. is a fully integrated real estate services company.
Insignia is the largest manager of multifamily residential property in the
United States and is also among the largest managers of commercial properties.
(more)
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Insignia Acquires Radius
May 5, 1997
Page 4
Insignia Financial Group commenced operations in December 1990 and provides
services for approximately 260,000 residential units (including cooperative and
condominium units) and in excess of 149 million square feet of retail,
commercial and industrial space. Insignia Financial Group, Inc. Has received the
#1 ranking as the largest property manager in North America by National Real
Estate Investor in their annual Top Property Manger Survey. Insignia Financial
Group, Inc.'s Internet web site is http://www.insigniafinancial.com
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