Pleasanton, California (EastBayDaily) — The commercial, special projects and new communities team of North American Title Co.’s California region has closed the acquisition of Candlestick Park by Lennar Corp.’s San Francisco division. The 77-acre Candlestick site will be home to Candlestick Point, a 500,000-square-foot “urban outlet,” in addition to thousands of new homes and a 220-room hotel.
Lennar Corp. is the parent company of North American Title Co. (NAT).
“This was a complex transaction requiring coordination with city and state entities as well as legal counsel on all sides,” said Dia Demmon, NAT regional president. “The Candlestick acquisition represented a year-long process as the NAT and Lennar teams worked tirelessly to coordinate a timely closing.”
“The San Francisco Recorder’s office set up a special table to facilitate the many parties coordinating the recordation, which speaks to the magnitude of the event,” Demmon added. “Our Pleasanton team did a phenomenal job, and I thank our talented associates who contributed to this successful closing. A special thanks goes to team leads Evelyn Bowens-Chambers, Paul Schabow, Bill O’Connell and Rick Vossekuil.”
Lennar detailed the redevelopment project in a Nov. 17 release, where it announced a partnership with Macerich, a top owner, operator and developer of retail properties, to develop the luxury urban mall.
The 70,000-seat Candlestick Park, which opened in 1960 and was the home of the National Football League’s San Francisco 49ers as well as Major League Baseball’s San Francisco Giants, will be demolished by March 2015 to start grading and paving the site. Lennar says it will complete construction of the outlet mall, a hotel and the first 600 homes on the site by late 2017. The development will include a fire and police station as well as rental and for-sale homes, including affordable homes. More than $1 billion of new investment and infrastructure will be realized over the next four years.
“We are proud to have been a part of this acquisition and will be working with Lennar’s San Francisco division as it redevelops Candlestick Point as well as its adjacent development at Hunter’s Point, The Shipyard,” said Demmon. “It’s exciting to see the largest project in San Francisco since World War II bring some 12,000 homes and robust commercial development to these prime sites overlooking San Francisco Bay.”
About North American Title With well over 1,000 associates and a vast network of branches from coast to coast, North American Title (NAT) is among the largest real estate settlement service providers in the United States. Consisting of both agent and underwriter operations, NAT reported annual net revenues in fiscal 2013 of $185 million. The company also has the resources and stability of a wholly owned subsidiary of an S&P 500 company with over $11.0 billion in assets (fiscal quarter ending Nov. 30, 2013). North American Title’s agency network operates nationally under the name North American Title Co. (NATC), and is located in 18 of the fastest-growing states: Arizona, California, Colorado, Delaware, Florida, Illinois, Indiana, Maryland, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Texas, Utah, Virginia and Washington, D.C. Through our relationship with our expanding affiliate network, NATC provides real estate settlement services in all 50 states. NAT is headquartered in Miami, Fla. To learn more, visit http://www.nat.com