Forsite Development Corporate Overview
Forsite Development, Inc. was founded by Tom McKittrick in 2004 for the purpose of purchasing corporate surplus industrial facilities throughout the Southeast, then repositioning them to attract new jobs and investment.
To date, Forsite has purchased and re-developed over 3.8 million SF of these facilities in the Carolinas. Forsite will continue to capitalize market opportunities by using creative deal structures not commonly used by traditional real estate firms.
Value Added Solutions
Forsite seeks to acquire “value add” facilities which are classified as properties that are determined to be undervalued, underperforming, or need to be repositioned. We apply disciplined hands-on asset and property management to create value with these assets.
These buildings are often purchased from companies that are scaling back operations or moving production overseas, or institutional investors who are divesting themselves of no-core assets. Forsite is focused on adding value by redeveloping these facilities and utilizing the existing infrastructure to create new projects or attracting companies who are considering the Southeast for relocation or expansion. Forsite’s success has been fueled by its focus on establishing creative deal structures and deriving value from non-traditional revenue streams.
What We Buy
Forsite is focused on purchasing existing industrial buildings, complexes or portfolios generally with the following criteria:
- Traditional Buildings:
- 100,000 SF or greater
- No functional obsolescence
- Good interstate access
- Located in the Southeast
Large industrial campuses with significant existing infrastructure including heavy power interconnects, sub stations, waste water treatment, steam generation, rail access, onsite power generation and additional acreage.
Forsite’s extensive knowledge of the Southeast industrial markets allows its management team to underwrite all aspects of an acquisition and manage risk factors accordingly. Exceptional in-house leasing, construction, environmental remediation and property management expertise form a cohesive due diligence team driven to uncover and manage all risk factors.
Sale / Lease Backs
Sale / lease backs have gained popularity with companies looking to recycle capital from their real estate in order to fund their day-to-day operations and/or expand in market share.
Forsite will purchase well located functional buildings with the current owner/occupier willing to sell their building while signing a long term lease to remain in the space.
Environmental Liability Risk Transfer
Dormant industrial facilities and complexes often have environmental contamination issues. While many investors shy away from these properties, Forsite believes great potential can be achieved by fully assessing the environmental situation, devising a risk transfer mechanism and re-development plan. This approach can free up capital for companies that are carrying liabilities on their books and placing these properties back to use with environmentally responsible redevelopment plans.
Eco Industrial “Energy Park” Development
Forsite has recognized that the emergence of the “Clean Energy Economy” has created a unique opportunity to acquire large dormant industrial tracts and re-develop them into Energy Parks. Specifically we can acquire large industrial complexes and utilize the existing infrastructure to create large scale renewable energy and alternative fuels projects.
The genesis of this highly focused niche has been created and honed by Forsite’s experience in developing ReVenture Park located in Charlotte, NC. ReVenture is a 667 acre former textile dye manufacturing plant that is currently listed as a Federal Superfund Site. ReVenture is one of the largest, multi-faceted Energy Park projects currently being developed in the US. The project includes a 40+/- mega watt Waste-to-Energy power plant, an ultra green waste water treatment facility, a 4 mega watt solar project, bio-diesel refining, ethanol trans-loading, and a propane fleet vehicle conversion facility among other projects. When complete, the total new investment could top $900 million and provide enough renewable energy to power 50,000 homes. The Forsite team has become highly experienced in securing all the required agreements, approvals and public support required to develop these projects.
Forsite’s executives have extensive experience in developing office industrial facilities throughout the US. Additionally, through the alliance with Springs Company, Forsite has access to over 3,000 acres of land in these South Carolina counties: York, Lancaster, and Chester.
Forsite’s creative and flexible approach with build-to-suits ensures clients a cost effective facility with aggressive lease or purchase terms. Recent BTS projects include a customer service center for Kennametal and Continental Tires North American Headquarters.