The Missner Group and Realterm Successfully Complete Construction of Industrial Building in the Chicago Stockyards
CHICAGO, Sept. 5, 2023 /PRNewswire/ -- The Missner Group and Realterm are pleased to announce the successful completion of their third joint venture project, the construction of a cutting-edge industrial building located at 1032 W 43rd Street in Chicago, Illinois. The Missner Group and Realterm served as the developer of the speculative industrial building with The Missner Group also serving as the general contractor.
Boasting an impressive 130,354 square feet of modern infrastructure, the newly minted, class-A industrial facility sits on 7.98 acres in the storied Chicago Stockyards. The building showcases a deliberate emphasis on design and functionality. Its highlights include soaring 32-foot clear-height ceilings, 26 exterior docks, two drive-in doors, an expansive 276-space parking area and 20 dedicated trailer stalls.
"It has been a pleasure working with our friends at Realterm on this development," said Barry Missner, CEO of The Missner Group. "Not only is this project a great addition to our portfolio, but it also exemplifies our ongoing effort to develop speculative industrial buildings in markets, such as Chicago, with high barriers for entry."
Given its strategic location, the new building enjoys excellent connectivity, facilitated by proximity to 1-90/1-94, 1-55 and 1-290. Its location in the south side of Chicago also offers access to an ample labor pool of skilled blue-collar workers within a 5-mile radius, making this an ideal location for warehousing, distribution and processing. In addition to its strategic advantages, 1032 W 43rd Street offers an array of unique tax incentives and benefits of Enterprise Zone 2, which includes potential incentives such as sales tax exemption for building materials, machinery and equipment sales tax exemption, as well as utility tax exemption.
Prior to completion, 61,000 square feet was pre-leased by Atom Banana, a fruit wholesaler based in Illinois, for use as office space and warehousing. The Missner Group will also complete the tenant improvements for this space and intends to start construction in the fourth quarter of 2023.
With 69,254 square feet of space still available, the facility can be subdivided into smaller spaces accommodating requirements of 21,000 square feet.
This is the final of the three projects of Realterm and The Missner Group's joint venture. Projects completed earlier in 2023 include industrial buildings at 1200 145th St, East Chicago, Indiana and 50 S. Fairbanks St, Addison, Illinois.
"Completing this project with our joint venture partner, The Missner Group, marks a major milestone in completing a three-project portfolio together," said Travis Westmoreland, Vice President of Development, Realterm. "This high-end industrial facility furthers our commitment to delivering excellence in every aspect of our work."
The building achieved an Energy Star upon completion. The Missner Group awarded $2.5 million in construction costs to minority-owned businesses (MBE) and an additional $600,000 awarded to women-owned businesses (WBE) with a goal of 50% of all construction labor on the job be performed by City of Chicago residents.
The Missner Group's project team consisted of Angelo Christopher-VP of Construction, Pat Howard- General Superintendent, Bob Papineau- Senior Project Manager, Don Hay-Project Manager, and Larry Whybrew- Senior Superintendent.
Architectural design was provided by Cornerstone Architects and engineering was provided by Spaceco, INC. Larry Goldwasser, Colin Green and Michelle Maguire of CBRE served as the brokers.