LandAmerica Expands Commercial Services; Acquires Due Diligence Firm
August 2, 2002
RICHMOND, Va., /PRNewswire-FirstCall/ -- LandAmerica Financial Group, Inc. (NYSE: LFG), a provider of real estate transaction services, announces that it has acquired the assets of National Assessment Corporation (NAC), a full service real estate due diligence firm specializing in engineering, construction and environmental assessments associated with commercial real estate acquisition, finance and surveillance. Headquartered in Alameda, California, NAC, utilizing a network of over 300 professional associates, provides environmental site and property condition assessments and real estate loan services throughout the country.
NAC will operate as a part of LandAmerica's National Commercial Services group. According to Jeffrey C. Selby, LandAmerica executive vice president- national commercial services, "The acquisition of NAC affirms LandAmerica's commitment to expanding its service offerings to meet the needs of its commercial customers. By providing a comprehensive menu of due diligence products, LandAmerica now offers a broader line of commercial services in addition to its traditional title insurance, appraisal and closing activities."
Jan Alpert, president of LandAmerica said, "Our company has long been recognized as a leader in facilitating large complex commercial transactions. We are pleased to be able to bring to our commercial customers a broader array of services which will help reduce the amount of uncertainty in their commercial transactions."
According to Timothy Conner, NAC's president, CEO and co-founder, "This is a good strategic fit for both companies. It also represents the next stage in the growth of NAC for our principals and employees." Charles Victor, executive vice president and co-founder, will continue to direct the company's operations. NAC's current clients include real estate investment trusts, insurance companies, commercial mortgage-backed securities originators, and commercial mortgage and construction lenders.
Source: LandAmerica Financial Group, Inc.