Forsite Development Corporate Overview
Forsite Development, Inc. was founded by Tom McKittrick in 2004 for the purpose of acquiring corporate surplus industrial facilities. To date, Forsite has redeveloped over 7 million SF of these facilities across 3000+/- acres, and our projects have attracted or retained approximately 960 jobs and counting.
What We Buy
Forsite is focused on purchasing existing industrial buildings, complexes or portfolios. These include:
We are interested in acquiring any value add industrial building that is at least 150,000 SF.
Heavy Manufacturing Plants
We are especially focused on acquiring large industrial campuses with significant existing infrastructure including; dual feed power, waste-water treatment, steam boilers, process water, rail access, onsite power generation, deep water port access and additional acreage.
• Larger plants of at least 200 acres
• Active permits are a major advantage (Title V, NPDES, and water intake)
• Examples include; paper mills, coal fired power plants, plastics/resins manufacturing, pharma manufacturing, chemical plants and the like
Sale / Leasebacks
Sale / leasebacks 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 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.
Forsite’s executives have extensive experience in developing office and industrial facilities throughout the US. Forsite’s creative and flexible approach to build-to-suits ensures clients achieve cost effective lease or purchase terms for new facilities. We continually strive to create value by offering to purchase surplus facilities are part of a new build to suite transaction.
• Bankruptcy cases that include one or multiple legacy sites.
• Stranded contaminated sites where no Responsible Party exists.
Environmental Liability Risk Transfer Transactions
Dormant industrial facilities and complexes often have legacy environmental contamination from their previous use. Many times these sites have multiple “responsible parties” further complicating a sites divesture. While many investors shy away from these properties, Forsite believes great potential can be achieved by fully assessing the environmental situation, devising an Environmental Risk Transfer mechanism and an appropriate redevelopment plan. This approach can fully remove the liabilities associated with these sites, free up capital for their owners and place these properties back to productive use. Learn more
Eco-Industrial Park (EIP) Redevelopment
Forsite recognizes that the emergence of the “Clean Energy Economy” has created a unique opportunity to acquire large dormant industrial plants and redevelop them into Eco-Industrial Parks. Specifically we look to acquire large industrial complexes and utilize the existing infrastructure to create a hub for attracting renewable energy, alternative fuel and recycling projects as well as traditional industrial uses. Additionally we look to create Eco-Assets on these sites implementing conservation easements, habitat restoration, stream/wetland mitigation projects, urban forestry, and others.
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 was listed as a Federal Superfund Site. ReVenture is one of the largest, multifaceted Eco-Industrial Park projects of its kind in the US. The project has received significant recognition as a model for environmentally responsible redevelopment of contaminated sites. In 2014 ReVenture Park was awarded the EPA Region 4’s Excellence in Site Reuse Award