The Missner Group and Realterm are pleased to announce the successful completion of their third joint venture project, the construction of an 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 GC.
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 an 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.
Given its strategic location, the new building enjoys excellent connectivity, facilitated by proximity to I-90/I-94, I-55 and I-290. Its location in the South Side of Chicago also offers access to an ample labor pool of skilled blue-collar workers within a five-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 Q4 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.
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 VP of Construction Angelo Christopher, General Superintendent Pat Howard, Senior Project Manager Bob Papineau, Project Manager Don Hay, and Senior Superintendent Larry Whybrew.
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.