The purchase of an industrial building by a local company not only helps ensure 58 jobs remain in the city, but may set the stage for another three to four dozen jobs opening up over the next several months.
The L.S. Starrett Company (NYSE: SCX) announced this week that the company has sold its Mount Airy facility to Wise Storage Solutions, a Mount Airy-based real estate development firm.
“We are very pleased to be able to complete this transaction with Wise Storage Solutions, which is mutually beneficial for our employees, the city of Mount Airy, and Surry County,” said Doulas A. Starrett, president and CEO.
“Our building has been underutilized over the last three years so this sale and leaseback will allow our personnel to stay close to home in familiar surroundings as we continue to operate our North American saw distribution and service center. In addition, it opens up well-maintained space for other businesses to expand and provide future employment in Mount Airy and the surrounding communities.”
Carlos Estrada, engineering manager for L.S. Starrett, explained the company had not been looking to move its operations from Mount Airy, but given that it was only using about 1/3 of the 320,000-square-foot-building, the firm decided to sell the structure.
“The whole building was up for sale, if the building was to be sold and they (the new owners) wanted the whole space, that would have meant we would have had to relocate,” he explained. Now, with the purchase by Wise Storage, Starrett’s 58 local employees will remain, using about a third of the facility.
The rest of the building might already be spoken for.
“We were excited to work with Doug and L.S. Starrett to keep this company in Mount Airy, and help additional companies find much needed space in our market. We will be at full capacity in the building with the addition of two companies we have worked with to find space that meets their needs,” said Dean Bray III, president of Wise Storage Solutions. “We look forward to a long relationship with these companies as they grow and create jobs here in Mount Airy and Surry County.”
Neal Willard, property manager for Wise Storage Solutions, said that one of the companies is a national steel supply firm and the other is an international furniture distribution center. “We were happy to work with these companies to help them solve their space needs in our market. Wise Storage Solutions is able to work with a variety of clients and can customize solutions to fit their needs.”
While declining to name the two firms, he said once the new operations are up and running, the steel company would be bringing between 35 to 50 jobs to the facility, while the furniture distribution operation would create about a half-dozen jobs.
“The Wise Storage Solutions team did a great job of working with L.S. Starrett to help them find a solutions to their situation, and in the process helped other companies find space they needed to grow,” said Todd Tucker, president of the Surry County Economic Development Partnership.
“Good space is in demand in the area,” Tucker said, “and we are excited that Wise Storage Solutions was able to make this deal work for all involved. Being able to work with a local development company is an advantage we have here in Surry County.”
While he also declined to reveal the two new firms, he did say one was a steel firm looking to grow its operations, while the furniture company was looking for an East Coast presence to making shipping to clients in this part of the nation quicker.
Willard added that he is hopeful both of the new companies will be in the building and operating early in the second quarter of the year.
Source: https://www.mtairynews.com