The Missner Group and CBRE Investment Management Complete Construction of 169,838 SF Speculative Industrial Development in Chicago

Joint development partners, The Missner Group and CBRE Investment Management (CBRE IM), on behalf of a fund it manages, are pleased to announce the completion of a Class A speculative industrial building located at 3900 S. Normal Ave, in Chicago, Illinois. The Missner Group and CBRE IM served as the developer with The Missner Group also serving as the general contractor.

The 169,838-square-foot modern facility sits on 8.2 acres in the Bridgeport neighborhood of Chicago. The building features a 3,700-square-foot model office, 16 loading docks, two drive-in doors, 26 tractor-trailer positions, and parking for 168 cars. Notably, the building also features a unique abstract mural, designed by AMUSE 126, a local Chicago artist known for his graffiti-inspired illustrative and typographic art.

“We are pleased to partner with our colleagues at CBRE IM on this development,” said Barry Missner, CEO of the Missner Group. “The proximity of the site to the Dan Ryan exchange, as well as its access to a skilled labor force, makes this a viable project for our portfolio and an attractive option for an industrial user.”

The Bridgeport area is situated with direct access to I-90/I-94 and within proximity to I-55 and I-290, providing access to an ample labor pool of skilled blue-collar workers. The fundamentals of the City South submarket (which Bridgeport is in) remained strong through the third quarter of 2023, measuring a vacancy rate of approximately 2.1% with only one new building currently under development in the pipeline, according to CBRE’s Q3 2023 Chicago Industrial Market Report. In addition to its strategic placement, 3900 S. Normal offers a 6B tax incentive, will achieve a LEED Silver Certification under the Core and Shell rating system designated by the U.S. Green Building Council, and the development team awarded 33% of the construction contracts to minority-owned businesses (MBE) and an additional 7% of the construction work was awarded to women-owned businesses (MWE).

“The Missner Group is extremely proud to be delivering their first new development building pursuing LEED Silver Certification under the Core and Shell rating system,” said Angela Aeschliman, SVP of the Missner Group. “The project features a working landscape plan, bird collision preventive design, a 25% improvement in energy performance, a 40% reduction of water use, and exceeded a construction waste diversion rate of 80%.”

Additionally, the project has complied with the Chicago Sustainability Policy. The Missner Group partnered with BranchPattern as their sustainability consultant, and the project was led by Nate Maniktala, Jeremy Mazas and Ryan Baumgart.

“Modern logistics assets remain in high demand as occupiers seek properties that can accommodate their nuanced and sophisticated space and technology needs. 3900 S. Normal meets these criteria in a key U.S. market, and we believe that our partnership with The Missner Group in completing and managing this quality asset will result in long-term value for our investors and the end-users of the building,” said Aaron Reynolds, Senior Director, Logistics Asset Management for CBRE Investment Management.

The full building is available for lease and can be subdivided to accommodate smaller space requirements and multiple tenants.

The Missner Group’s project team includes Angelo Christopher, Vice President of Construction, Bob Papineau, Project Executive, Don Hay, Project Manager, Maria Coan, Project Coordinator, and Larry Whybrew, Project Superintendent.

Architectural design was provided by Cornerstone Architects, and engineering was provided by Spaceco, INC. Mitch Adams, Steve Livaditis, and Nicole Mentone of CBRE serve as the leasing brokers. CBRE will also serve as the property manager.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $144.2 billion in assets under management* as of September 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.