Friday, February 8, 2013

The RADCO Companies Purchases the Pavilion at Decatur, GA

Norman Radow
ATLANTA, GA /PRNewswire/ -- The RADCO Companies, the nation's leading real estate turnaround specialist, recently closed its eighth multifamily purchase in the past two months. The announcement was made by Norman Radow, President and CEO of The RADCO Companies.

The Pavilion at Decatur, which consists of 144 units near Emory University and Dekalb Medical Center in Decatur, GA, is RADCO's most recent acquisition.

 This deal comes on the heels of a very active November and December, during which time the firm closed on seven other properties comprised of 983 units. The acquisition of Pavilion will be the sixteenth for RADCO since September 2011, bringing its total unit count to over 3,000.

The Pavilion at Decatur, GA Apartments
 RADCO will spend $4.8 million to completely renovate all of the units and to build a first class amenity package on the property. Upon completion, Pavilion's units, comprised of mostly three-bedroom apartment homes, will all boast the highest quality residential finishes in the area.

The amenity package will feature a new, ground-up construction clubhouse, fitness center, pool and playground. Pavilion is adjacent to a brand new park under construction by DeKalb County.

 For a complete copy of the company’s news release, please contact:

Roxanne Donovan -
Eric Gerard -
Alyson Grala -
Great Ink Communications - tel. 212-741-2977

IPA Arranges the Sale of 306 Units in San Antonio, TX

The Manor at Castle Hills, San Antonio, TX
 SAN ANTONIO, TX– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Manor at Castle Hills, a 306-unit apartment community in the Castle Hills enclave of San Antonio.

            Will Balthrope, an IPA executive director, Scott Lamontagne, a director, and Drew Kile, an associate director advised both buyer and seller.

Will Balthrope
“San Antonio remains one of the strongest apartment markets in the U.S. due to its explosive job growth,” says Balthrope. “The Manor at Castle Hills’ position within the submarket is further strengthened by a high-barrier-to-entry infill location that is insulated from new development.”

“The property features quality-of-life amenities and historic stability in rent growth and occupancy, and also presents the new owner with a value-add opportunity via unit interior improvements,” adds Lamontagne.

Scott Lamontagne
Located at 1835 Lockhill-Selma Road, the lushly landscaped, 236,220-square foot asset is near major retail opportunities and several of San Antonio’s strongest employment centers.

Standout employers include the world headquarters of USAA, a Fortune 500 insurance and financial services organization that employs more than 14,700 people at its 4 million-square foot campus, and the South Texas Medical Center, home to 45 medically related institutions, 11 hospitals and five specialty institutions anchored by the University of Texas Health Science Center.

Drew Kile
Approximately 56,000 medical and nonmedical employees currently work at the South Texas Medical Center, and this count is expected to rise since medicine is San Antonio’s fastest-growing industry.

When driving, residents of The Manor at Castle Hills can easily access Loop 410, San Antonio’s inner loop; Highway 281, San Antonio’s main north-south thoroughfare; and Interstate 10, which runs north-south along the west side of town.

These main arterial roadways connect the asset not only to major employment but to San Antonio’s central business district. The Riverwalk, Fort Sam Houston and the San Antonio International Airport are all five-to-10 minutes away.

 For a complete copy of the company’s news release, please contact:

Public Relations
(925) 953-1716

Fine Arts Building in Manhattan, NY Sells for $34 Million

Tanya Siegel
 NEW YORK, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the historic Fine Arts Building located at 232-236 East 59th St. in Manhattan for $34 million.

            Tanya Siegel and Kailin Zhu, investment specialists in Marcus & Millichap’s Manhattan office, exclusively represented the seller, 232 Battaglia Realty LLC. 

The buyer is a foreign investment fund. Howard Morrel, a senior vice president at Brown Harris Stevens, referred the buyer to Marcus & Millichap.

Fine Arts Building, 232--236 East 59th Street
Manhattan, NY
“The Fine Arts Building was built circa 1908 as a carriage house to Bloomingdale’s Flagship Store a block away,” says Siegel. 

“The Battaglia family purchased the building from the Bloomingdale heirs in the 1950s and has been diligently upgrading it throughout the years to incorporate modern conveniences while maintaining its historic and architectural charm.”

Situated on the south side of 59th Street between Second and Third avenues, this cast iron six-and-half-story elevator building has 75 feet of frontage and 92 feet of depth. 

  “Being three doors from the world-famous Decoration & Design Building in the heart of New York’s design center, The Fine Arts Building’s 47,000 square feet of loft showrooms is home to some of the most prestigious European and American firms in the high-end luxury home furnishing and interior design industry,” adds Zhu. “The building is centrally located in Manhattan’s East Midtown with access to everything.”

Decoration and Design Building entrance
Manhattan, NY
Due to high demand for quality investment properties in Manhattan, Siegel and Zhu were able to negotiate for the seller an all-cash transaction that closed two weeks after contract signing.

For a complete copy of the company’s news release, please contact:

J.D. Parker,
Regional Manager
(212) 430-5100

City of Refuge Breaks Ground on New Education Center in Atlanta, GA

ATLANTA, GA (Feb. 8, 2013) — City of Refuge, in conjunction with North American Properties (NAP), will break ground today on a  $750,000, 10,000-square-foot education center to house Bright Futures Academy.

Once complete in April, the facility will serve more than 100 middle and high school students — more than three times the capacity of the current facility — and also add elementary grades. In addition to schooling, students and their families have access to medical, dental, mental health services and vocational training free of charge.

 City of Refuge, the umbrella organization that partners with Bright Futures Academy, is dedicated to community development efforts that lead to the stability and sustainability of disadvantaged neighborhoods in Northwest Atlanta.

Started in 1970 as “Mission Possible,” the growing program was re-incorporated in 1997 as City of Refuge. In 2003, a 200,000-square-foot warehouse was donated in the heart of the struggling Vine City neighborhood. The relocation has allowed the organization to expand its services and reach more people.

For a complete copy of the company’s news release, please contact:

Leigh Taylor
The Wilbert Group

Industry leader David Linsmayer joins Avison Young in San Francisco

David Linsmayer
 SAN FRANCISCO, CA, Feb. 8, 2013 /PRNewswire/ - Nick Slonek, Avison Young Principal and Managing Director of the company's San Francisco office, announced today that veteran commercial real estate broker David Linsmayer has joined Avison Young's brokerage operations in San Francisco.

Effective immediately, Linsmayer joins Avison Young as a Principal. He will focus on brokerage services, including the representation of corporate tenants, investors and landlords, as well as capital markets and advisory services transactions in the San Francisco Bay Area and throughout the expanding Avison Young platform.

Nick Slonek
"We are pleased to have David Linsmayer join our growing operation in San Francisco," comments Slonek.

 "The addition of David to the downtown San Francisco office further emphasizes Avison Young's commitment to attracting top-tier talent to the company's already strong ranks.David's skill sets and overall sound fundamentals are widely appreciated  not only among his clients, but also his peers.”

For a complete copy of the company’s news release, please contact:

:Media Relations:
Sherry Quan                 
(604) 647-5098 or (604) 726-0959 cell

Cousins Properties Expands in Texas and Affirms Commitment to Atlanta

Larry Gellerstedt
ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) has completed the following series of off-market transactions:

Purchased the remaining 80% interest in Terminus 200 from a fund managed by Morgan Stanley Real Estate Investing.

Subsequently formed a 50%/50% joint venture with institutional investors advised by J.P. Morgan Asset Management for both Terminus 100 and Terminus 200, neighboring Class-AA office towers in Atlanta’s Buckhead submarket.

Terminus 100
Purchased a 100% interest in Post Oak Central, a Class-A office complex in the Galleria submarket of Houston, from institutional investors advised by J.P. Morgan Asset Management.

The off-market transactions provide Cousins with an attractive entry in Houston’s Galleria submarket and the retention of a substantial ownership interest in the Terminus office towers in Atlanta.

Cousins’ net investment is expected to be approximately $206 million, after a new non-recourse mortgage for Terminus 200 is secured. The Company funded the transactions using proceeds from recent non-core asset sales.

Terminus 200
Larry Gellerstedt, President and Chief Executive Officer of Cousins, noted, “The Post Oak Central transaction is an outstanding fit with our ongoing strategy of acquiring quality urban office towers in the best Sun Belt submarkets at valuations below replacement cost. 

"This investment also provides a rare combination of a significant future development opportunity and an attractive in-place yield.”

Gellerstedt added, “It’s very exciting to affirm our confidence in the steadily improving Buckhead submarket with the Terminus 100 and 200 transactions. Furthermore, our joint venture with J.P. Morgan Asset Management ensures that both towers will continue to reap the benefits of top-notch sponsorship.”

For a complete copy of the company’s news release, please contact:

Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate Communications