Capital Title Group Subsidiary Places Title Insurance for $274.5 Million Commercial Building Transaction Believed to be the Largest in San Diego History
June 18, 2004
SCOTTSDALE, Ariz., /PRNewswire-FirstCall/ -- Capital Title Group, Inc. (Nasdaq: CTGI) today announced that New Century Title Company, a Capital Title subsidiary headquartered in San Diego, placed the title insurance for the acquisition by Triple Net Properties of three large office complexes in downtown San Diego. The transaction completed on June 16 is valued at $274.5 million and believed to be the largest office-building sale in San Diego history according to Grubb & Ellis, a leading provider of real estate service, who represented both sides of the deal.
Merv Morris, president and chief executive officer of New Century Title Company commented, "We are pleased New Century was selected to handle this record setting transaction. New Century is one of the fastest growing title companies in the California market. To capture this transaction highlights our market position as a full service title and real estate services company. We have served the San Diego market since 1998 and have operations throughout both Northern and Southern California."
Donald R. Head, chairman, president and chief executive office of Capital Title Group, Inc. stated, "The selection of New Century to process this sizeable commercial transaction is recognition of our achievements as a growing national company providing services to the real estate and mortgage industries. New Century is just one of our multiple subsidiary companies offering title and settlement services under a variety of brand names throughout the Nation. Handling this substantial transaction is a compliment to our abilities in meeting the needs of the markets we serve regardless of the transaction size."
Source: Capital Title Group, Inc.