TIAA-CREF buys 85 acres of vineyard land in Oak Knoll District in Napa Valley for $25 million
January 15, 2019
The Jaeger family has sold about 85 acres of vineyard land in the Oak Knoll District for $25 million to an investment company, according to public records. About 56 acres are planted, according to the records.
The buyer is Global Ag Properties II LLC, a subsidiary of TIAA-CREF Asset Management LLC, a teachers’ insurance and annuity association. The deed was filed Jan. 7 in Napa. TIAA-CREF subsidiaries are among the biggest Napa Valley vineyard land owners. The group in December sold about 120 acres in Carneros to Lede Family Wines for about $10.8 millions, according to county records.
The land sold by the Jaeger family lies near the intersection of Big Ranch Road and Oak Knoll Avenue. The vineyard has produced Merlot and Cabernet Sauvignon, according to according to Jaeger Vineyards’ website.
Jaeger Vineyards’ customers have included Whitehall Lane Winery, Trinchero Family Estates, Conn Creek Winery and others, according to the company’s website.
The Jaeger family has farmed in the Napa Valley for decades. The late “William” Bill Jaeger, Jr., founded Freemark Abbey Winery (now owned by Jackson Family Wines) with partners in 1967. Two years later, the Jaegers moved to the Napa Valley, where the family purchased 650 acres in the Oak Knoll district.
The family also owns land in south Napa County. It farms 80 acres near American Canyon, according to the company’s website.
Developer Terrence “Terry” McGrath has teamed with the Jaeger family to develop about 300 acres east of Highway 29 in American Canyon into a residential and commercial buildings.
The future “Watson Ranch” development includes approximately 1,250 housing units - apartments, duplexes and individual houses – as well as parks, a school site and a commercial area near the industrial ruins visible from Highway 29. The American Canyon City Council approved the development plans in October.