Paine Webber acquired all 173 acres in 1997. It then broke off 90 acres that held a practice racetrack and stables and began selling off pieces to owner-users and developers. Franklin Templeton Investments built its world headquarters on some of the acreage. Texas-based JPI built a 575-unit apartment complex on another big chunk, and Ryland Homes acquired some of the acreage for a mix of town homes and single-family residences.

United Bank of Switzerland came to own the remainder when it acquired Paine Webber in 2000. Spearheaded by Terry Fancher, who worked for Paine Webber, Stockbridge took over the property three years ago in a $500-million transaction funded largely by a group of mostly pension-fund investors. The largest is believed to be Pennsylvania Public School Employees, which reportedly has a $368-million stake.

In January 2003, across from the JPI-built apartment complex, Stockbridge opened Park Place, a 7.2-acre mixed-use development with 190,000 sf of office, about 85,000 sf of retail and 19 live-work condominiums. In May 2004, Stockbridge took out a three-year, $50-million loan on the 83-acre racetrack to help run the track, seek entitlements for the redevelopment and lobby for passage of the aforementioned ballot measure, which was known as Proposition 68. At the time, Stockbridge VP Kristin Gardner called the financing "a process used in place of investor equity."

In late 2005, Stockbridge Real Estate Fund tapped Colliers International executive Phil Arnatou to go hunting for land to replace the existing Bay Meadows Race Course. Stockbridge has said it would be looking in outlying Bay Area communities where land is relatively less expensive. Arnatou could not be reached Tuesday for comment.