Thompson National, Argus Realty Join Forces

IRVINE, CA-Thompson National Properties and Argus Realty Investors have formed a venture of the two Orange County-based firms that will manage substantially all of the existing Argus portfolio and will introduce new investment opportunities. As part of the transaction, many former employees of San Clemente-based Argus will join the Thompson National Properties team, including Argus chairman and CEO Dick Gee and president Tim Snodgrass.

Thompson national founder Tony Thompson, the company’s chairman and chief executive officer, calls the venture “the beginning of an industry consolidation that will provide stronger sponsorship for investors during these uncertain times.”Gee adds that, considering the current state of the real estate market, the venture “will provide stability and produce innovative investment programs.”

The transaction “significantly increases TNP’s assets under management, which is an essential component of our strategic growth initiative,” according to Neil Miller, chief operating officer and general counsel at Thompson National. Argus, formed in 2001, sponsors tenant-in-common programs, private exchange programs and real estate funds. It has completed more than $1 billion in real estate transactions on behalf of approximately 1,500 investors since its inception.