Forsite Development Inc. of Charlotte has bought a former textile in Gastonia and leased it to two new tenants.
And Houston Roberts, Forsite vice president of acquisition and development, says acquisition and leasing activity have picked up during the last six months.
“Both owners and tenants are starting to make decisions,” he says.
Wix makes filters for automotive, agricultural and industrial equipment. Republic Textile, which has been in business since 1935, resells textile machinery to customers around the world.
Forsite was founded in 2004 by Tom McKittrick. The company buys underutilized industrial space in the Southeast. It often divides the buildings into sections and leases the renovated space.
To date, Forsite has purchased or developed more than 3.7 million square feet.
In another recent deal, also in Gastonia, Forsite has leased a 165,000-square-foot building to US Leisure of Stanley. The company makes resin-based outdoor furniture and outdoor storage units.
With its latest deals, all of Forsite’s buildings have been leased, Roberts says. That also means the company is looking for new property to buy, he adds.
“We have seen an increase in activity during the last six months, especially in the manufacturing sector,” Roberts says.
He believes real estate market conditions are encouraging banks, investors and owners to lower prices for manufacturing and warehousing buildings.