Recent Press
October 7, 2009
Forsite Development, Inc., leases Gaffney building to Jetline.
Forsite Development, Inc., has signed a full building (150,000 square feet) lease with Jetline in a building Forsite recently acquired in Gaffney, S.C
FOR IMMEDIATE RELEASE: October 7, 2009
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
Jetline will take immediate occupancy at 202 Hyatt Street in Gaffney and begin operations in late October.
Jetline (www.jetlinepromo.com), one of the fastest growing suppliers in the promotional products industry since being founded in 1997, will be relocating its operation from Mt. Vernon, N.Y. The company plans to add 247 jobs and invest $3.5 million in the Gaffney
operations.
“We are excited to take part in bringing Jetline to Gaffney. In a time of high unemployment it feels great to provide a building for an operation bringing so many jobs.
Our building accommodates Jetline’s operation perfectly and its location on the I-85 corridor provides shipping to most of their customer base within one day’s shipping time,” says Houston Roberts, Vice President of Acquisitions and Development at Forsite Development.
September 25, 2009
Mountain Khaki Ships from Gastonia
A Charlotte apparel company has moved its distribution center to Gaston County from Texas.
FOR IMMEDIATE RELEASE: September 25, 2009
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
Mountain Khaki, which has 12 employees at its SouthPark-area offices, is leasing about 12,000 square feet in the former Norcap building, says Dan Royle, chief operating
officer. From there, the company is distributing its clothing to about 700 apparel dealers and to consumers who order online.
The five-employee center began operation in August, he says. Mountain Khaki relocated the center from a third-party operator in Texas. Moving those
functions in-house allowed the company to better control its operating costs, Royle says.
Mountain Khaki was founded in 2004. This year, it was named to Inc. magazine’s list of America’s fastest-growing private companies. Mountain Khaki’s revenue has grown
more than 600% in the last three years.
The company’s chief product is a durable type of khaki pants that sell for up to $79.95. The apparel is manufactured overseas. BlackHawk Alpha, a Charlotte-based equity firm that includes former dot-com entrepreneur Mac Lackey, holds an equity stake in Mountain Khaki.
Forsite Development Inc. of Charlotte owns the former Norcap building on Plastics Drive, on the east side of Gastonia.
August 1, 2009
Experienced Industrial Developer joins Forsite Development, Inc..
Forsite Development, Inc., has announced that Houston Roberts has joined the company to serve as Vice President of Acquisitions and Development.
FOR IMMEDIATE RELEASE: August 1, 2009
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
“Houston offers Forsite’s clients a wealth of experience built at some of the nation’s most respected office and industrial development firms,” said Tom McKittrick, Forsite’s President and Founder.
“Forsite continues to build on its well established track record, Houston’s background and level of experience is a perfect fit to strengthen our platform of buying value-added corporate surplus industrial facilities throughout the Southeast.”
Roberts brings 14 years of industrial development experience to Forsite. Prior to joining the company he served as Vice President of Office and Industrial Development for Lauth
Property Group, a leading national developer.
“Forsite’s success and specifically Tom’s vision and creative deal structuring makes this opportunity too hard to pass up” said Roberts. “Forsite is building a great reputation of developing and investing in highly successful industrial deals in the Southeast.”
Roberts’s responsibilities will include sourcing new acquisition and development deals and managing the leasing and marketing of Forsite’s existing projects.
July 20, 2009
Forsite Development, Inc., announces new acquisition in Gaffney, S.C.
Forsite Development, Inc., has announced the acquisition of the 150,000 square-foot Oxford Industries building in Gaffney.
FOR IMMEDIATE RELEASE: July 20, 2009
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
The building, located at 202 Hyatt Street, is just two miles off Interstate 85. Direct access from the interstate is provided via Hyatt Street, a four-lane divided highway with two rear truck entrances located on Willis Street. The building is well suited for both manufacturing and warehousing, as it features multiple truck loading doors, 22-24-foot clear ceiling heights, compressed air lines and heavy power.
“The facility’s location between Charlotte and Atlanta on I-85 will position the building to accommodate a multitude of industrial users looking for a building with close proximity to available work force and immediate trucking access to most of the East Coast’s population,” said Tom McKittrick, President of Forsite Development.
“This building fits perfectly with Forsite’s acquisition platform, said McKittrick. “It is clean and very functional, has easy access to a major interstate, and is located within a county that is offering aggressive incentives for companies considering relocation or expansion.”
McKittrick said Forsite Development’s leasing activity for the building has been very strong since he placed it under contract. Forsite is currently negotiating with three prospective tenants.
March 27, 2009
Continental Tire North America (CTNA) celebrated the grand opening of its new North American headquarters in South Carolina
Continental Tire News Release
FOR IMMEDIATE RELEASE: March 27, 2009
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
Continental Tire North America (CTNA) celebrated the grand opening of its new North American headquarters in South Carolina. CTNA held a special ceremony attended community leaders, customers and employees. CTNA's CEO Matthias Schoenberg started off the festivities with a ceremonial ribbon cutting and news conference.
"Continental Tire has built a solid reputation by providing outstanding products throughout our 138-year history, and this move to South Carolina is just the next step in our ongoing effort to contribute to the North and South American markets." said Schoenberg. "We are grateful to South Carolina for helping us develop this beautiful new headquarters. The Lancaster County Economic Development Corporation and the State of South Carolina were instrumental in the decision to move our headquarters. We appreciate their efforts on our behalf and we look forward to a long and successful future in South Carolina."
The new state-of-the-art, $11 million dollar facility is a 75,000 square foot building which sits on 11.5 acres in northern Lancaster County. The facility currently employees 375 people with opportunity to expand. Forsite Development built the property in just over a year with direction from Darrell Walters and Tom McKittrick.
Local workforce was hired to landscape and set up the new facility. Continental manufactures and distributes a complete line of Continental and General
brand passenger, light truck and commercial tires for original equipment and replacement markets. Consistently ranked #1 in quality by Tire Rack and other industry testing companies.
Continental's brands are available at leading independent tire dealers, car dealers, and mass retail companies across North and South America. In 2009, Continental Tire continued its effort in the North American market with the launch of its new Extreme Contact line of passenger tires and new Commercial tires dedicated to the needs of the North American market. The new Extreme Contact line will be available in spring featuring the latest technology in ultra-high performance, all-season and winter tire products.
February 2, 2009
Forsite Development, Inc., announces new acquisition in Gaffney, S.C.
Forsite Development, Inc., has announced it has acquired an industrial facility in Duncan, S.C. The site, at 2 Tungsten Way in Duncan, formerly housed Carmet, Inc.
FOR IMMEDIATE RELEASE: February 2, 2009
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
The Duncan facility, which totals 120,000 square feet, is located on mile from the BMW facility midway between Greenville and Spartanburg. Forsite Development has leased the facility to TNT Fireworks, a division of Anderson Holdings.
Forsite performed a complete renovation of the building, including installing a new roof and demolishing some existing walls. The facility, which is pre-cast concrete construction, features 21-foot ceilings. Forsite added an additional 26,000 square feet of office laboratory space.
“This building couldn’t be in a better location, near the BMW complex, between Greenville and Spartanburg on Interstate 85, which is one of the strongest economic corridors on the East Coast,” said Tom McKittrick, President of Forsite Development. “BMW is in the midst of a $700 million expansion, which will strengthen the corridor even more. We are always interested in purchasing buildings along this corridor because of its proximity to I-85 and its economic viability.”
January 2, 2009
Charlotte Business Journal
Behind the Scenes: 2008
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
Tom McKittrick quietly went out on a limb in 2008.
After founding Forsite Development Inc. four years ago on the idea of buying vacant, single-tenant buildings and breaking them up into multiple spaces, the plan was amended.
Last year, construction began on a 75,000-square-foot headquarters for Continental Tire North America Inc. in Lancaster County, developed by Forsite. That doesn’t fit the 2004 mold. It’s important to stay up with the times, McKittrick says.
“We will pursue build-to-suit projects on a limited basis where we can control the land.” So far, so good. The building is scheduled to open in February with more than 300 employees.
In the last four years, Forsite has purchased 3.5 million square feet of real estate. “Virtually all has been resold or re-tenanted or stabilized.”
The Springs Co. — the Lancaster-based company that manages the nontextile holdings of the Close family, former co-owners of Springs Global US Inc. — owns 50% of Forsite and is providing capital for its acquisitions.
Look for another shift in 2009, McKittrick says. Forsite will go after distressed-debt properties and purchase-and-leaseback opportunities. That will include buildings that the banks have identified as problem assets and those taken back by lenders. For McKittrick, the shift could become a full circle back to the company’s roots: vacant, single-tenant buildings.
“If we get the building back, it’s the type of real estate we focused on in the first place.”
June 20, 2008
Charlotte Business Journal. Big Ideas. Tom McKittrick
Entrepreneurs talk about what they do and why they do it ...
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
Entrepreneurs talk about what they do and why they do it ...
Details
Position: President, Forsite Development Inc.
Business: Real estate development firm specializing in the acquisition of industrial
facilities and build-to-suit projects
Website: www.forsiteinc.com
Age: 40
Education: B.A. in marketing, Ball State University, 1991
Experience: Senior vice president, development, Lauth Property Group., 1996-2005; Forsite Development, 2005-present
Career advice: The times in life when you prosper the most are the times when you step outside your comfort zone. Don't be afraid to take risks and think big.
Big Picture
Essential business philosophy: Treat people fairly, work hard and think big.
Guiding principle: Integrity is everything.
Yardstick of success: Having a fulfilling life is what makes me feel successful.
How you grew your company: Carefully. I may look at 30 buildings, make offers on five and actually start negotiating on one. I am 100% focused on buying quality assets.
Biggest recent accomplishments: Signing a lease with Continental Tire to develop its North American corporate headquarters and selling seven buildings totaling 1.8 million
square feet.
How you define your market: Buying big, empty industrial buildings in small markets is complicated, hard to finance and geographically diverse. What makes it hard is what
makes it great.
Goal yet to be achieved: I would like to add another product type to our core business, possibly existing retail or apartments.
Judgment Calls
Best business decision: Leaving corporate America to start Forsite Development.
Toughest business decision: Same.
Biggest missed opportunity: Not buying more buildings along South Boulevard three or four years ago.
Biggest business lesson learned: Pick your business partners as carefully as you pick your wife.
True Confessions
What gets you up in the morning: I love the thrill of the chase. Pursuing new deals and identifying new opportunities is truly invigorating.
Pet peeve: Bureaucrats and bureaucracy.
If you could meet anyone, it would be: Jim Morrison of the Doors. My wife thinks my taste in music is a character flaw.
Greatest passions: Wife, Kristin, and two boys, Tyler, 4, and Max, 6. My biggest passion is spending time with my family. With what little time is left, I enjoy fly-fishing
and collecting/driving muscle cars.
Predilections
Favorite quote: "All a man has to do to become rich in America is to find out where people are going, get there first and buy land." -- Gen. Douglas MacArthur.
Most influential book:Titan: The Life of John D. Rockefeller Sr., by Ron Chernow.
Favorite cause: Belarus Orphans Relief Foundation.
Favorite status symbol: A happy, healthy, well-adjusted family.
Favorite restaurant: Del Frisco's.
Automobile: Black 2007 Lexus GS 430H (Hybrid)
March 12, 2008
Forsite Development, Inc. Finalizes Lease on Continental Tire's New North American Headquarters
Forsite Development, Inc., has announced it has finalized a 10-year lease for a new headquarters building it is developing for Continental Tire North America
FOR IMMEDIATE RELEASE: March 12, 2008
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
CHARLOTTE – Forsite Development, Inc., has announced it has finalized a 10-year lease for a new headquarters building it is developing for Continental Tire North America at McMillan Business Park in Lancaster County, S.C., just south of the Ballantyne area of
Charlotte.
Forsite Development President Tom McKittrick said that construction, which has begun, should take 11 months.
The new one-story facility, which totals 74,844-square-feet, was built-to-suite and has tilt wall construction. In addition, the McMillan Business park site, which is convenient to Ballantyne, Charlotte/Douglas International Airport, Interstates I-485, I-85 and I-77, and many other Charlotte locations, includes 400 parking spaces.
The 19-acre site will enable Continental Tire to double the size of the new headquarters building in future years.
“Continental Tire officials indicated that the expansion potential was critical in their choosing the McMillan Business Park site,” said Tom McKittrick, President of Forsite Development.
“This project further serves to diversify our core business, which had been purchasing existing buildings,” McKittrick said. “It also strengthens McMillan Business Park’s reputation as an emerging mixed-use corporate park and further enhances Lancaster County’s reputation as a vibrant pro-business market.”
Forsite Development has hired Hendrick Construction, Inc., of Charlotte, as the general contractor. WGM Design, Inc., is the architect.
February 20, 2008
Continental Tire to move HQ to Lancaster County
Continental Tire North America Inc. will move its corporate headquarters to Lancaster County from Charlotte next year
FOR IMMEDIATE RELEASE: February 20, 2008
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
CHARLOTTE BUSINESS JOURNAL
Continental Tire to move HQ to Lancaster County
Continental Tire North America Inc. will move its corporate headquarters to Lancaster County from Charlotte next year.
As first reported by the Charlotte Business Journal in February 2006, Continental has been weighing a move south of the state line for some time.
Continental has hired Forsite Development Inc. of Charlotte to build the 75,000-square-foot facility in MacMillan Park, off S.C. Highway 160 near U.S. Highway 521. Continental is investing $11 million in land and development. The new site will house the company's work force of more than 300 employees.
Continental had considered other Lancaster County parks as well, including Crosland's 521 Corporate Center Office Park in the northern part of the county. Continental's production/warehouse operation, which has 160 employees, is under lease and will remain at its location off Westinghouse Boulevard at N.C. Highway 49.
Meanwhile, a Philadelphia developer plans to redevelop Continental's current headquarters complex in Charlotte for office and industrial tenants. Patriot Equities, which specializes in buying and leasing back corporate buildings, has agreed to a $29.4 million purchase of Continental's offices and former tire manufacturing facility. The property includes 1.7 million square feet of commercial space. Patriot also bought a nearby vacant parcel, bringing its total purchase to 150 acres.
Continental will occupy about 600,000 square feet, says Patriot principal Mike Kolar. It has a 10-year lease.
Continental ceased tire production in Charlotte in July 2006, eliminating 481 jobs. That followed previous layoffs that cut 513 jobs.
The Charlotte office oversees Continental tire plants in Mount Vernon, Ill.; San Luis Potosi, Mexico; and Brazil.
September 14, 2007
Kennametal Eyes Growth at Lancaster County Center
Kennametal Inc. executives say the company's new customer-service center in northern Lancaster County will eventually grow to 160 employees.
FOR IMMEDIATE RELEASE: September 14, 2007
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
CHARLOTTE BUSINESS JOURNAL
AUTHOR: Ken Elkins
Kennametal Eyes Growth at Lancaster County Center
Tool maker leaves Charlotte, will expand to 160 workers
Kennametal Inc. executives say the company's new customer-service center in northernLancaster County will eventually grow to 160 employees.
The facility in MacMillan Business Park, on S.C. Highway 160 near Fort Mill, recently opened with 85 employees.
Most of those workers have transferred from a plant on Lennox Pointe Drive in southwest Charlotte, which the company is vacating.
The timetable for expanding in Lancaster County is uncertain, says Kevin Walling, vice president and chief human resources officer. During this week's dedication of the new
building, Walling said Kennametal expects its employment at the facility will reach 100 by the end of 2008.
The Lancaster County building houses human-resources and sales personnel as well as customer-service workers.
Kennametal, a publicly traded company based in Latrobe, Pa., makes tools used in the specialty metal-cutting industry.
Kennametal's sales last year totaled $2.4 billion.
Forsite Development Inc. of Charlotte developed the 22,000-square-foot MacMillan park building.
August 11, 2007
Charlotte Developer Buys 3 Buildings in Carolinas
Charlotte's Forsite Development Inc. has purchased buildings in Statesville, in Fletcher near Asheville and in Spartanburg from Piedmont Interstate Inc...
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
CAROLINAS ROUNDUP
Author: Doug Smith
Charlotte developer buys 3 buildings in Carolinas
REAL ESTATE
Charlotte's Forsite Development Inc. has purchased buildings in Statesville, in Fletcher near Asheville and in Spartanburg from Piedmont Interstate Inc. for an undisclosed price. The nearly 850,000-square-foot acquisition is the largest single purchase by two-year-old Forsite.
"We previously focused on vacant and underused facilities," said President Tom McKittrick. "We are now adding to our portfolio value-added lease assets with short-term leases."
The Statesville property, which includes tenants Valspar and Land O Lakes, totals 260,000 square feet. ArvinMeritor is the primary tenant in the 250,000-square-foot Fletcher building, and Revman International occupies the 337,000-square-foot Spartanburg facility.
August 10, 2007
Forsite Makes Its Largest Purchase
Forsite Development Inc. of Charlotte has bought three industrial buildings in the Carolinas, completing the largest purchase in the company's 2 ½ year history.
FOR IMMEDIATE RELEASE: August 10, 2007
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
CHARLOTTE BUSINESS JOURNAL
AUTHOR: Ken Elkins
Forsite makes its largest purchase
Forsite Development Inc. of Charlotte has bought three industrial buildings in the Carolinas, completing the largest purchase in the company's 2 ½ year history.
The office and industrial developer is the new owner of buildings in Statesville, Fletcher and Spartanburg, S.C., that total 850,000 square feet.
The company didn't disclose the price of the buildings, which were purchased from Piedmont Interstate of Spartanburg.
Tom McKittrick, president of Forsite, says the deal signals a change in strategy for the company toward buying occupied space. In the past, Forsite had focused on purchasing
vacant buildings.
"We are now adding to our portfolio value-added lease assets with short-term leases," he says. "The features of these facilities, coupled with their access to skilled and abundant labor and an aggressive pro-business climate in the Carolinas, make them very desirable."
The newly purchased buildings, all of which feature tilt-wall construction and 24-foot clear ceilings, have quick interstate access, McKittrick notes.
Primary tenants in the Statesville facility, which measures 260,000 square feet, are Valspar and Land O' Lakes Inc. The building is on U.S. Highway 70, near Interstate 40.
The building in Fletcher, near Asheville, measures 250,000 square feet, and ArvinMeritor Inc. is its primary tenant.
The Spartanburg facility, which totals 337,000 square feet, is home to Revman International Inc.
Forsite develops commercial real estate space, both office and industrial, throughout the Southeast.
June 8, 2007
Continental Readies Its Move to Lancaster HQ
Continental Tire North America Inc. is negotiating to move its headquarters to Lancaster County from Charlotte as a part of a $10 million deal.
FOR IMMEDIATE RELEASE: June 8, 2007
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
CHARLOTTE BUSINESS JOURNAL by Ken Elkins
Continental readies its move to Lancaster HQ
Continental Tire North America Inc. is negotiating to move its headquarters to Lancaster County from Charlotte as a part of a $10 million deal.
The 120-employee headquarters staff would relocate to a 65,000-square-foot facility to be built in MacMillan Park, a business development south of Ballantyne owned by The Springs Co.
"We've made no secret that we want to be in South Carolina," says Rick Holcomb, Continental senior counselor.
Forsite Development Inc. of Charlotte would develop the building in MacMillan Park, off S.C. Highway 160 near U.S. Highway 521, and lease it to the company.
Holcomb says no timetable has been established for the move. "There is really no urgency here," he says.
Continental would keep some mixing and warehousing operations in part of its 1.7 millionsquare-foot production facility and headquarters off Westinghouse Boulevard at N.C. Highway 49, Holcomb says. But all headquarters employees would go to the new facility.
Keith Tunnell, executive director of the Lancaster County Economic Development Corp., declines to comment on the project, except to say, "We continue to work with several back-office and headquarters operations that are looking to locate in Lancaster County."
Forsite officials decline to discuss the deal. The company also is developing a $5 million Kennametal Inc. facility in MacMillan Park. It is expected to open later this year with 100 employees.
Officials at the Charlotte Chamber and Charlotte Regional Partnership couldn't be reached for comment.
As first reported by the Charlotte Business Journal in February 2006, Continental has been weighing a move south of the state line for some time. Initially, the company targeted SouthGate Corporate Park, a Lauth Property Group-developed park planned near the city of Lancaster.
Continental has considered other Lancaster County parks as well, including Crosland Inc.'s 521 Corporate Center Office Park in the northern part of the county.
Continental ceased tire production in Charlotte last July, eliminating 481 jobs. About 120 administrative employees and executives remain in Charlotte at the North American headquarters for Germany-based Continental AG, one of the world's largest suppliers of original-equipment tires to automakers.
The Charlotte office oversees Continental tire plants in Mount Vernon, Ill.; San Luis Potosi, Mexico; and Brazil.
If the company moves to Lancaster County, it would be the fourth major white-collar operation to migrate to a neighboring S.C. county from Mecklenburg County in the last four years.
November 30, 2006
Forsite Development Inc. Leases Former Bosch Facility in Fountain Inn, S.C., to KS Bearings
Charlotte - Forsite Development Inc. has announced it has leased a 125,000-square foot facility in Fountain Inn, SC, to KS Bearings Inc. for its North American headquarters expansion.
FOR IMMEDIATE RELEASE: November 30, 2006
CONTACT:
Tom McKittrick, President
Forsite Development, Inc.
704-364-9100
Forsite Development, Inc., leases former Bosch facility in Fountain Inn, S.C., to KS Bearings
Charlotte - Forsite Development, Inc., has announced it has leased a 125,000-square foot facility in Fountain Inn, S.C, to KS Bearings, Inc., for
its North American headquarters expansion.
The facility, located at 800 Woodside Avenue in Fountain Inn, was previously occupied by Robert Bosch Tool Corp.'s Vermont American unit, a screwdriver
manufacturer. Forsite Development Inc. retrofitted the building, including a new roof, lights, HVAC and 10,000 square feet of new office build-out.
KS Bearings signed an 11-year lease, but terms of the transaction are not available.
“The city of Fountain Inn celebrates the much anticipated move of KS Bearings to the old Vermont American manufacturing and production facility," said
Fountain Inn Mayor Gary Long. "We look forward to many years of their involvement in our community and pledge to KS Bearings our support as they make
a new home in our city."
"Forsite Development is delighted to lease the facility to an outstanding company such as KS Bearings, but also to play a role in the company not only
staying in Fountain Inn but expanding its presence there," said Forsite Development President Tom McKittrick. "We worked hard to present KS
Bearings with a first-class facility, which will serve them well for many years."
"We are very pleased for the opportunities this new facility will provide for our business," said David Mosier, President of KS Bearings, Inc. "The customer
acceptance of our products has enabled us to grow very rapidly and the new facility will give us not only the opportunity to increase our production levels
and provide expanded technical support for our customers, but we will now have the capability to develop new products specifically for the needs of the North
American market."
KS Bearings, Inc., a division of Düsseldorf, Germany-based Kolbenschmidt Pierburg AG, offers a wide variety of products covering a full range of applications for the
world motor market and centering on engine bearings for internal combustion engines. The product groups of KS Bearings include Permaglide® bearings,
engine bearings and continuous casting.
Forsite Development, Inc., based in Charlotte, develops commercial real estate
space, both office and industrial, throughout the Southeast.
November 2, 2006
Forsite Development Inc. Sells Premier Monroe Industrial Building to Darnel, Inc.
Forsite Development Inc. has sold a 250,000-square foot facility in the Monroe Corporate Center to Darnel Inc., the U.S. subsidiary of a Colombian plastic foam manufacturer...
FOR IMMEDIATE RELEASE: November 2, 2006
CONTACT:
Tom McKittrick, President
Forsite Development Inc. sells premier Monroe industrial building to Darnel, Inc.
Charlotte (November 2, 2006) – Forsite Development Inc. has sold a 250,000-
square-foot facility in the Monroe Corporate Center to Darnel, Inc., the U.S. subsidiary of a
Colombian plastic foam manufacturer, which will create as many as 100 local jobs.
Terms of the sale were not disclosed.
Darnel, Inc., a subsidiary of Bogotá-based Ajover SA, plans to invest $20 million over the
next three years to open a manufacturing plant in the 252,000-square-foot former Square D
building.
Forsite Development, based in Charlotte, acquires vacant or under-utilized industrial and
warehouse facilities in the Southeast for the purposes of renovating and re-positioning them in
the marketplace. President Tom McKittrick said the Square D facility was extremely
marketable.
“What attracted us to this facility were the clear ceiling heights, loading docks, expansion
capability and our ability to offer extremely competitive terms to and end user,” he said. “We
are delighted to be able to bring a company like Darnel and Ajover to our region, and so
pleased that it will result in quality jobs for Monroe and Union County.”
Charley Odle, Director of Operations, for Darnel, said his company is looking forward to
doing business in North Carolina.
“We are very excited about the local community and about the facility,” Odle said. “We have
been very impressed with the support and cooperation we’ve received from the state and local
community and look forward to being a part of the community. We also look forward to
working with South Piedmont Community College’s training program for our employees.”
The Monroe facility was vacated by its former corporate owner due to corporate
restructurings. The facility was sitting idle and Forsite Development Inc. saw the
opportunity to take it off the corporate books and reposition the property in an effort to find a
long-term tenant that could create jobs in the community.
November 29, 2005
Forsite Development Inc. Acquires Former Norcap Facility in Gastonia
Forsite Development Inc., has announced the purchase of the former Norcap facility in Gastonia, N.C.
FOR IMMEDIATE RELEASE:
November 29, 2005
CONTACT:
Tom McKittrick
President
704-364-9100
Forsite Development Inc. acquires Former Norcap facility in Gastonia
Charlotte (November 29, 2005) – Forsite Development Inc., has announced the purchase of the former
Norcap facility in Gastonia, N.C.
Forsite Development Inc. plans to convert the 44,000 square-foot building at 2601 Plastics Drive to higher end
flex space, an asset which is in short supply in Gaston County. Norcap, LLC, manufactured plastic capacitors and
components in the building.
“Forsite Development Inc. will be successful in taking that building to a higher end use because of the
significant positive changes in that neighborhood,” said Donny Hicks, Executive Director of Gaston County
Economic Development Commission. “We currently have more need than we do product in terms of that type of flex
space. This is another exciting development for Gaston County.”
Tom McKittrick, President of Forsite Development Inc., said the building’s location near I-85 will make it
marketable.
“The Norcap facility presents a unique opportunity to convert a basic industrial facility into a higher end flex
product,” McKittrick said. “In addition to the property lending itself well to the conversion, the location also
lends itself to this type of project. The property is in a great area that sits near the regional hospital and the growth
associated with it, and is situated between two interchanges on I-85.”
Forsite Development Inc., based in Charlotte, develops commercial real estate space, both office and
industrial, throughout the Southeast.
October 12, 2005
Forsite Development Inc. Purchases Bosch Facility in Fountain Inn, S.C.
Forsite Development Inc., has announced its purchase of the former Robert Bosch Tool Corp. facility in Fountain Inn, S.C.
FOR IMMEDIATE RELEASE:
October 12, 2005
CONTACT:
Tom McKittrick
President
704-364-9100
Forsite Development Inc. purchases Bosch facility in Fountain Inn, S.C.
Charlotte (October 12, 2005) – Forsite Development Inc., has announced its purchase of the former Robert Bosch Tool Corp. facility in Fountain Inn, S.C.
The 125,000 square-foot facility at 800 Woodside Avenue in Fountain Inn, formerly occupied by Bosch’s Vermont American unit, a screwdriver manufacturer, will be retrofitted, including a new roof, and marketed aggressively for new tenants.
“Most users typically want space immediately, and the Bosch facility in Fountain Inn is a prime example of a facility that is functional and operational, but has a fair amount of deferred maintenance work that needs to be completed before a user would be able to move in,” said Tom McKittrick, President at Forsite Development Inc.“Forsite Development has the capability to complete these repairs and make the facility available for prospective users in a relatively short time frame.”
Jerry Howard, President & CEO of Greenville (S.C.) Area Development Corp., said filling the Bosch facility would be a major achievement for that section of Greenville County.
“The Bosch facility is located in an area of our region that has faced a significant number of layoffs in the last 24 months,” Howard said. “Forsite Development’s plans to refurbish and market that facility has the ability to provide our county a critical asset that will generate jobs and investment. It’s an exciting development. The Fountain Inn area has endured job losses in the traditional industries, but has also been very successful in attracting jobs in some of our newer cutting-edge industries, and I look for the Bosch facility to follow that trend.”
Said Fountain Inn Mayor Gary H. Long: “Fountain Inn is truly appreciative of the efforts by Forsite Development Inc.,for their purchase and plans of renovation of the Bosch building, which last housed Vermont American. The promise of an upgraded facility promotes a vision for a new business, new jobs, and a future partner in the revitalization of our city.”
“We think the Fountain Inn area has a lot of potential to accommodate new users moving into the market or existing companies looking to expand with its proximity and workforce,” Forsite Development’s McKittrick said.
Forsite Development Inc., based in Charlotte, develops commercial real estate space, both office and industrial, throughout the Southeast.
Jerry Howard, President & CEO, Greenville Area Development Corp., 864-235-2008, 864-979-3689 (cell), jhoward@greenvillecounty.org
September 29, 2005
Forsite Development Inc. to Develop Medical Office Condominiums in Gastonia
Forsite Development Inc. has announced plans to develop a medical office condominium complex in Gastonia, N.C.
FOR IMMEDIATE RELEASE:
September 29, 2005
CONTACT:
Tom McKittrick
President
704-364-9100
Forsite Development Inc. to develop medical office condominiums in Gastonia
Charlotte (September 29, 2005) – Forsite Development Inc., has announced plans to develop a medical office condominium complex in Gastonia, N.C.
The 14,000 square-feet of medical office space, located across the street from Gaston Memorial Hospital on X-Ray Drive, is already available for sale. Forsite Development expects to break ground on the complex in November and will sell the units on a first-come, first-serve basis.
“The Gaston County market is really ready for another option for medical office space,” said Tom McKittrick, President at Forsite Development Inc.. “This gives physician practices and other medical professionals more options in operating their practice, especially for those who prefer to own rather than lease. Interest to date from Gaston County healthcare professionals and those from outside the community has been high.”
Donnie Hicks, Executive Director of Gaston County Economic Development Commission, sees a national trend in healthcare office space development arriving in his county.
“This development will give Gaston County the much needed product in the medical office market,” Hicks said. “Currently the local market is tight with little Class A space available. The condominium approach is new for the office developments in our area, but is being used in other parts of the country. There are many smaller medical practices that would prefer to own their space rather than leasing, so this development addresses that segment of the market.”
ForsiteDevelopment Inc., based in Charlotte, develops commercial real estate space, both office and industrial, throughout the Southeast.
May 9, 2005
Forsite Finds Quick Success, Aided by Springs Co.'s Backing
Tom McKittrick believes there's far more value to the vacant industrial buildings that dot the region's landscape than a casual observer sees.
Old plants key new venture
Forsite finds quick success, aided by Springs Co.’s backing
Ken Elkins Staff writer
Published: May 9, 2005
Tom McKittrick believes there’s far more value to the vacant industrial buildings that dot the region's landscape than a casual observer sees.
And they’re already making some noteworthy deals that prove the point.
Forsite Development Inc. was formed in late December with the idea of buying the best of the area’s abandoned mills and turning them into multitenant business centers.
“Our goal is to reposition them as speculative industrial buildings,” McKittrick says.
In less than five months, Forsite has bought three buildings, leasing one as an office facility.
McKittrick believes the two others – the 250,000-square-foot former Square D Corp. plant in Monroe Corporate Center and a 240,000-square-foot building that once housed Rexnord Industries Inc.--won’t be difficult to lease.
Last month, Mutual of Omaha agreed to lease Forsite’s 20,000-square-foot office building in Gastonia, which will become the new home to its 150 local employees.
Gaston County officials say Forsite’s reuse of the building helped the community keep some valuable white-collar jobs.
The initial deals have gone so smoothly that McKittrick is considering expansion.
“I’d like to set up satellite offices,” perhaps in Virginia and Georgia, McKittrick says. Those operations’ employees would be on the Forsite payroll, but the offices would be their own profit centers.
Forsite states that they need someone on the ground and in the market.
Meanwhile, McKittrick expects to close soon on three buildings in the Greenville-Spartanburg, S.C., area.
Forsites goal is to have $20 million in real estate on the books by year end, doubling that to $40 million by the end of 2006.
Forsite feels that this is very realistic.
Forsite feels that they have hit the market at the perfect time. The supply of vacant buildings is plentiful, and demand for small manufacturing and distribution space is picking up.
That’s true in another sense. Because of increases in the cost of steel and other construction materials, Forsite has entered the market when existing buildings are more appealing than they might have been five or 10 years ago.
McKittrick, with real estate investment or development backgrounds, say the region’s economic developers like the idea of putting vacant buildings back into use.
“An existing, high-quality building like Square D can materially shorten the time required to get a project up and running at the new location,” says Maurice Ewing, president of the Union County Partnership for Progress.
The Springs Co. -- the Lancaster-based company that manages the nontextile holdings of the Close family, majority owners of Springs Industries Inc. -- owns 50% of Forsite and is providing equity for its acquisitions.
“I agree with the niche we have carved out with this venture and have confidence in their ability to execute their business plan,” says William Taylor, Springs Co. president.
Although McKittrick expects existing buildings to remain their specialty, the duo doesn’t dismiss the possibility of a Greenfield project -- either a build-to-suit or a new spec building.
“If some right opportunity comes along, we’ll have to take a look at it,” Forsite says.
Copyright(c) American City Business Journals Inc. All rights reserved.
You can view this article on the web at:
http://charlotte.bizjournals.com/charlotte/stories/2005/05/09/story4.html
April 25, 2005
Mutual of Omaha Will Spend Millions of Dollars to Upfit a Gastonia Building
The insurance company will relocate its in-bound call center to a 20,000-square-foot office building at 2700 X-ray Drive, choosing the new Gastonia location instead of...
Ken Elkins
Published: April 25, 2005
Mutual of Omaha will spend millions of dollars to upfit a Gastonia building and move 150 local employees there this summer.
The insurance company will relocate its in-bound call center to a 20,000-square-foot office building at 2700 X-ray Drive, choosing the new Gastonia location instead of moving to Charlotte, says Marc Bolick, project administrator for the Gaston County Economic Development Commission.
“They’ve been here for a decade and it’s a good fit for the area,” he says. “They are solid office jobs.”
The company is moving only a mile or so from its 22,000-square-foot Gastonia building at 2050 Remount Road.
While the X-ray Drive building is slightly smaller, it will be better suited to the call center’s workflow, Bolick says.
The call center is the first tenant for Forsite Development Inc., a Charlotte company that buys and redevelops vacant office and industrial structures for redevelopment.
“This transaction validates our business model, which is buying underutilized corporate real estate and redeveloping it to attract new investment,” says Tom McKittrick, President.
Redevelopment costs for the building haven’t been disclosed. Mutual of Omaha officials couldn’t be reached for comment.
The insurer is taking a building formerly occupied by CIGN, HealthCare, which vacated last year in a corporate reorganization.
Morganton building to house mill
Charlotte commercial real estate brokers have sold a Morganton building that will become a textile plant making upholstery and other fabrics.
Warren Snowdon and Claiborne Guy of Commercial Carolina Cushman & Wakefield represented H.H. Brown Shoe, the former owner, in the sale of the 185,000-square-foot building on 38 acres to Duralee Fabrics Ltd.
Bayshore, N.Y.-based Duralee hasn’t disclosed details of its plans for the site, at 649 Hopewell Road in Morganton.
The property is near Interstate 40 exit 103.
Financial terms of the deal weren’t disclosed.
Copyright(c) American City Business Journals Inc. All rights reserved.
You can view this article on the web at:
http://charlotte.bizjournals.com/charlotte/stories/2005/04/25/newscolumn
2.html
April 17, 2005
Forsite Development Inc. Acquire Properties
Tom McKittrick, veteran of commercial real estate investment and development, formed a new real estate company in December of 2004 and have...
FOR IMMEDIATE RELEASE:
April 17, 2005
CONTACT:
Tom McKittrick
President
704-364-9100
Forsite Development Inc. Acquire Properties
Company to acquire under-utilized industrial buildings
Charlotte (April 17, 2005) – Tom McKittrick, veteran of commercial real estate investment and development,formed a new real estate company in December of 2004 and have recently purchased industrial facilities in Monroe, N.C. and Morganton, N.C., respectively.
Forsite Development Inc., based in Charlotte, acquires vacant or under-utilized industrial and warehouse facilities in the Southeast for the purposes of renovating and re-positioning them in the marketplace.
McKittrick said that a combination of a surplus of corporately-owned real estate, rising prices to construct new facilities, and the improving economy makes Forsite Development Inc.'s business plan viable.
Forsite Development will target fully functional buildings that can serve single or multiple tenants and that have good access to both local and interstate highways and available labor. Most of the facilities will be located in the Carolinas, Virginia and Georgia.
“There have been exceptional real estate opportunities over the past three years as a result of the number of plant and distribution center closings throughout the region during the economic slowdown" states Forsite. “Our overall objective during this improving economy is to identify, purchase, and lease industrial properties in the Charlotte region and beyond. This will be a win-win situation for everyone involved – the seller takes a non-performing asset off its booksand we work closely with the local community to reposition the property so as to ultimately create new jobs, investmentand tax base.”
Forsite emphasized that they plan to work very closely with the economic development officials in the respective markets where Forsite owns properties.
That is exactly what the company intends to do with its first two acquisitions: the 250,000-square-foot facility in the Monroe Corporate Center, formerly owned by Square D Corp., and the 240,000-square-foot-facility in Morganton, formerly owned by Rexnord Industries, Inc. Both facilities were vacated by their former corporate owners due to corporate restructurings. The facilities were sitting idle and Forsite Development Inc. saw the opportunity to take them off the corporate books and reposition the properties in an effort to find long-term tenants that will create jobs in the community.
“These are extremely marketable properties that may be used for heavy manufacturing or distribution,” McKittrick said of the Monroe and Morganton buildings. “What attracted us to these facilities were the clear ceiling heights, loading docks, expansion capability and our ability to offer extremely competitive terms to and end user.”
Chris Plate’, Director of Monroe Economic Development, considers the Square D building one of the premier industrial sites in the Charlotte region.
“The building is tailor-made for any modern manufacturer looking for a building that particular size,” Plate’ said. “It is also in a prime location - very close to Charlotte and area Interstate highways, and near facilities owned by some other marquee companies in the Monroe Corporate Center. Now that we have the building ready to be leased, it shouldn’t take long to fill it, which means that a new manufacturer and new jobs will be coming to Monroe and Union County.”
Maurice Ewing, President of the Union County Partnership for Progress, said that having the Square D building rejuvenated as a productive facility is a good thing for the county’s economy.
“The fact that Union County and Monroe can offer a building as attractive as this one to companies searching for a Charlotte area location gives us a huge leg up on the competition,” Ewing said. “An existing high quality building like Square D can materially shorten the time required to get a project up and running at the new location. That can result in a significant cost savings – a fact not lost on companies trying to grow their business and compete in a global economy. We’re delighted to be working with Forsite Development Inc. to help bring this terrific building back to life.”
Wayne Harris, Director of Burke Partnership of Economic Development, said the former Rexnord building has much to offer a potential tenant.
“The Rexnord facility is one of the higher end industrial facilities in the state, and that’s been proven with the number of hits that the facility has received on the North Carolina Department of Commerce’s Website,” Harris said. “We are looking forward to working with Forsite Development Inc. to locate a quality industry in the building that will provide good jobs for our community.”
McKittrick formed Forsite Development Inc. after serving as Senior Vice President for Lauth Property Group for nine years. McKittrick moved to Charlotte from Indianapolis two years ago to open the local Lauth office and was successful in establishing their base of business in the Southeast. Indianapolis-based Lauth, which has an office in Charlotte, primarily focuses on the development and construction of office, warehouse and retail properties throughout the United States.
The Springs Company owns 50 percent of Forsite Development Inc. and is providing equity for the acquisitions.
“Tom approached me with the idea of forming an entity that could react quickly and efficiently to the opportunities in the regional industrial marketplace,” said William Taylor, President of the Springs Co. “I agree with the niche we have carved out with this venture and have confidence in their ability to execute their business plan.”
April 16, 2005
Company Remodels Old Factory Buildings to Attract New Industry
Since manufacturing companies started leaving Burke County for overseas markets, economic leaders in the area have been admonished to think outside the box.
Company Remodels Old Factory Buildings To Attract New Industry
By Sharon McBrayer
The News Herald
Saturday, April 16, 2005
MORGANTON - Since manufacturing companies started leaving Burke County for overseas markets, economic leaders in the area have been admonished to think outside the box.
But several companies are trying to build inside of the existing boxes created by the companies.
Duralee Fabrics, based in Bay Shore, N.Y., bought the former Carolina Shoe facility in Morganton to use as
additional warehouse space. Company officials say the facility will be used to accommodate growing product lines
for Duralee and Highland Court.
The company is expected to move in May.
“We are cautiously optimistic,” said Leonard Silberman, CEO of Duralee. “We have been needing additional space
for some time. We believe now is the right time.”
The facility sits on 32 acres and is 180,000 square feet.
The need for more space grew out of the fact that sales of Duralee Fine Furniture increased.
“Sales exceeded out initial expectations within the first 18 months,” said Peter Mandel, director of product
development for the company. “The new facility will become a source for production to keep up with our growth.”
Although the company has not had a presence in Burke County, Duralee does have business relationships with other
companies in the area.
Wayne Harris, interim director of Burke Partnership for Economic Development, said Duralee has done business
with Doblin in Hildebran and Carr & Company in Morganton.
“We’re excited about Duralee joining our industrial community,” Harris said. “It’s nice to see a company come in
that has a relationship with our existing companies.”
The facility that housed Rexnord will not stay empty for long if the Charlotte developer has his way.
Forsite Development Inc. recently purchased the facility on Chain Drive in Morganton. It is the first purchase for Forsite.
Forsite buys vacant or under-utilized industrial and warehouse facilities in the Southeast to renovate and reposition
them in the marketplace.
Forsite will be marketing the property nationally, and have already shown the facility to several businesses.
“Obviously, we’re going to be marketing it pretty aggressively,” McKittrick said.
Forsite believes Morganton is a great place for someone looking to locate a business because of the good labor force
and the low operating costs.
Forsite thinks Morganton is a great place with a lot of potential.
McKittrick said the two were attracted to the old Rexnord facility because of the clear ceiling heights, loading dock
and expansion capability.
“There’s some good space available,” Lewis said. “I think we’re going to see more and more of that.”
He added, “I think we’re starting to see a turn now and this is a good indicator.”
Sharon McBrayer may be reached at 437-2161, Ext. 25, or by e-mail at smcbrayer@morganton. com. Please read news updates
throughout the day at www.morganton.com.
