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Becomes one of the fastest growing commercial real estate firms in the region
ANNAPOLIS, Md.–(BUSINESS WIRE)–
Thomas Park, an Annapolis-based real estate private equity firm, today announced it acquired The Loughlin Management Group, an Annapolis-based third-party commercial property management company. The deal includes a 50 percent interest in KLNB Management.
The Loughlin Management Group will now operate as Thomas Park Management. Thomas Park Management today manages over eight million square feet comprising two hundred commercial properties including medical office, industrial, flex, office, and retail in Maryland, Virginia, North Carolina, Pennsylvania, New Jersey, and Massachusetts. Full-service commercial property services include accounting, 24/7 on-call support, on-staff building engineers, consulting, asset and construction management, and monthly budgeting and reporting for commercial property owners throughout the East Coast.
“Providing third party management services has been on Thomas Park’s roadmap for over a year, and now we’ve entered the space with a splash as one of the largest firms in the region,” says Thomas Park CEO EJ Rumpke. “We are excited to work with KLNB and grow our footprint further on the East Coast and beyond.”
Carl Truitt, an executive vice president and long-time executive at Loughlin, was promoted to President of Thomas Park Management. “I look forward to working with the Thomas Park team as we collectively grow our service offerings while expanding our geographic footprint,” says Truitt. Thomas Park intends to carry forward a customer-centric approach and high level of service for third-party clients, while investing heavily to enhance the firm’s technology stack and processes.
“Thomas Park is a top-notch organization, and we’re excited to work with their team,” says KLNB President Marc Menick. “At KLNB we understand the importance of a strong property management platform so that we can assure our clients that we will provide the best-in-class service. We’re confident that Thomas Park will deliver on this promise.”
Since acquiring the business in November 2022, Thomas Park has hired three new property managers to service its growing book of business. Thomas Park, now a team of 70 people, will move into a new 14,000 square foot headquarters at the Annapolis Towne Center in March 2023.
About Thomas Park
Founded in 2019, Thomas Park is a full service commercial real estate firm offering alternative investment strategies and third party commercial real estate services throughout the East Coast. Headquartered in Annapolis, Maryland with three satellite offices, Thomas Park manages over eight million square feet of commercial real estate and owns over $200 million of health care real estate. For more information, visit thomas-park.com.
Photos available upon request.
For more information contact:
Kristy Myers, Cardinal Thread
Source: Thomas Park