Advantis Chosen to Sub-Manage 2.5-MSF MGP Portfolio

WASHINGTON, DC-Atlanta-based Advantis Real Estate Services, the commercial real estate services arm of Northwest Florida’s the St. Joe Company, has been chosen to be the exclusive sub-managers of MGP Real Estate, LLC’s Washington Metro area properties. The portfolio includes all of MGP’s office, flex and industrial holdings in the region.

“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.”