McLaughlin, Arguin, Curreri Realtors LLC, one of St. Thomas' largest real estate firms, will shut its doors August 31 after more than 25 years in operation.
The decision to close, however, was not related to the territory's economic problems, said Frank McLaughlin, the firm's founder.
"We're not closing due to a lack of business. We find the real estate market currently is strong," McLaughlin said. "Our agents and brokers are all busy putting real estate transactions together and there's actually quite a bit of activity for all the doom and gloom we hear."
The decision to close was made by the firm's three principles.
"We either had an opportunity to bring more people in and grow the firm or go our separate ways," McLaughlin said.
Lisa Curreri will be opening a new real estate company which will employ many of the old firm's "key" agents and brokers and keep the same offices, he said.
Louise Arguin will continue to manage her family's real estate holdings and her title insurance business, he said.
As for himself, McLaughlin, who currently serves as chairman of the First V.I. Federal Savings Bank, said he will continue in business as a development, commercial and mediation consultant
McLaughlin, Arguin, Curreri has always been involved in its community, McLaughlin said.
It recently sold a two-acre Mandela Circle property for the Friends of the V.I. National Park to Plaza Extra for $2 million.
The firm also made a $10,000 donation to the Friends of the Park.
"The company has always been community oriented. We've supported the Ulla Muller School, we've just been involved in anything that comes along," McLaughlin said.
The firm, through a national realtor's organization, also created a training program for local realtors to enhance the profession in the territory.
McLaughlin himself was the first real estate broker in the Caribbean to become a "Certified Resident Broker," a title often viewed as the Ph.D. of the real estate business.
McLaughlin himself has also been involved in many community organizations, including Rotary II, the Chamber of Commerce and the Boy Scouts. McLaughlin was president of Rotary II when it raised $117,000 to form a charitable foundation.
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