Two Wichita businessmen have purchased Ken Saville's Transamerican Management, a longtime local property management firm, and will merge two companies under one banner.
Troy Palmer, president of R.E. Black Building Management, has joined forces with Wichita commercial broker Craig Simon to form Simon Palmer Properties. The new company will merge Palmer's R.E. Black and Transamerican into a firm that will manage more than 1.5 million square feet of space.
The Transamerican purchase price was not disclosed.
The new company's first contract is a maintenance deal with WaterWalk, 515 S. Main.
"I've gotten to know Doug (Rupe, who manages WaterWalk for Jack DeBoer's Consolidated Holdings) and we wondered what they're doing with property management," said Simon.
"They really didn't have a lot of management needs because it's a relatively new project."
Rupe said that Palmer's expertise was attractive to WaterWalk.
"From the routine day-to-day maintenance involving the common areas of the building to the mechanical systems and plumbing, this provides us with confidence that any issues will be addressed swiftly and competently," he said.
"While we haven't yet considered services beyond the original scope for maintenance, based on our experience thus far I see no reason why they couldn't earn a larger role in the future."
The purchase of Transamerican Management closed on Dec. 1.
"Ken Saville's leadership has made Transamerican one of Wichita's top firms while providing management services for approximately 440,000 square feet of space in the Wichita area," Palmer said.
"Our acquisition of the company creates a large portfolio for us when combined with properties managed by R.E. Black Building Management.... We look forward to continuing to increase that portfolio as we build Simon Palmer Properties."
Ken Saville will remain with the company for the next six months.
"My years in business have been very good to me...," Saville said. "This sale allows me to stay involved, as I will continue working with Simon Palmer, while allowing me more time to pursue leisure activities with my wife, family and friends."
Simon Palmer Properties will serve as the parent for R.E. Black Building Management and Transamerican Management, with employees of each managing each company's portfolio during the transition.
R.E. Black will remain at the Wichita Executive Centre, 125 N. Market, Suite 700, while Transamerican will remain in the Farm Credit Building, 245 N. Waco.
At least for now, Palmer said.
"Eventually over time we'll merge them, because we have two mother hens," he said. "We want to merge the companies together slowly."
Simon, who is the primary leasing agent downtown for Real Development, will continue in that role, he said.