Aadvantage Relocation Purchases Leased Warehouse with $5MM Loan from North Avenue Capital
Ponte Vedra, Florida — July 20, 2020 — North Avenue Capital, LLC (NAC) has closed a deal with Aadvantage Relocation, Inc. and will supply a loan of $5 million for the acquisition of a strategic distribution center located in Thomaston, Georgia.
Aadvantage, based in Panama City, Florida, specializes in third-party logistics warehousing and distribution of products from notable companies such as RedBox, T-Mobile, Amazon and IKEA. In addition to cutting-edge tracking and reporting tools available to customers, Aadvantage provides best-in-class safety and has become a leading distribution company in the southeastern United States with over 300 employees.
The primary purpose of the loan is to facilitate the acquisition of a 334,000 square foot industrial building, a portion of which is currently being leased by Aadvantage. Once it owns the property, Aavantage will be well-positioned to expand its services in Georgia and the southeast at a time when retailers’ reliance upon eCommerce capabilities, expeditious shipping times, and strategic outsourcing is on the rise.
Aadvantage was started in the 1960’s by Bartow Magee, eventually being passed down to his son, Terrell, and daughter-in-law, Ruth, over 32 years ago. Throughout its history, the family-run business has been able to adapt to changes and advances leading up to this new age of technology, reporting, and data dependency.
During a time of relative economic difficulty, the private-public partnership between NAC and the USDA Business and Industry loan program will assist in creating more jobs in and spurring on economic development for the Thomaston area. While 20 Americans are currently employed at the facility, Aadvantage plans to add an additional 40 jobs within the next year.
The decline of residents over the past decade has affected the surrounding areas of the facility, but with the creation of more family-wage jobs at the site and healthcare packages for full-time employees, Aadvantage’s expansion in Thomaston will help the surrounding communities.