"It's an additional 2.5 million sf, which brings our presence in the market to 4 million sf," Advantis vice president of management services Bruce Ford shares with GlobeSt.com. "For Advantis the deal represents in excess of $1.5 million in revenue per year." The arrangement signifies the achievement of a goal Advantis had set for itself. "Advantis had made a decision over a year ago that we were looking for an expansion opportunity--either through acquisition of a small firm or some substantive contract like this one--to expand our presence in the market." The basic terms of the deal are typical for such arrangements. There is a 30-day out attached to the contract and, like all such deals Advantis executes, it is a one-year contract. However, the arrangement is expected to last beyond 12 months. "The depth of our relationship with MGP goes beyond that [typical one-year agreement]," Ford explains. "The agreement really represents a three-year commitment."

Advantis also manages properties for other clients, including The St. Joe Company, Venture Associates, and Armada/Hoffler Holding Company. When asked if the company's staff would be overburdened by the acquisition of nearly double the amount of space it had handled before, Ford responded that no such problems were foreseeable, and for a good reason. "We hired all of the existing MGP staff that was already servicing the portfolio," Ford notes. The group consists of about 30 property managers, engineers, accountants, tenant coordinators, and support staff. "We're very excited about it," Ford adds. "It gives us an opportunity to leverage the additional talent and resources that are now part of the Advantis team to the benefit of our clients and customers."