The Missner Group and Realterm JV complete construction of industrial building in the Chicago Stockyards
The Missner Group and Realterm have announced the completion of their third joint venture project, the construction of a cutting-edge industrial building located at 1032 W. 43rd St. in Chicago. The Missner Group and Realterm served as the developer of the speculative industrial building with The Missner Group also serving as the general contractor.
The class A industrial building has 130,354 square feet of modern infrastructure and sits on 7.98 acres in the Chicago Stockyards. The building highlights include 32-foot clear-height ceilings, 26 exterior docks, two drive-in doors, an expansive 276-space parking area and 20 dedicated trailer stalls.
The location of the building is in proximity to Interstate 90/Interstate 94, Interstate 55 and Interstate 290. Its location in the south side of Chicago also offers access to an ample labor pool, making this an ideal location for warehousing, distribution and processing. In addition to its strategic advantages, 1032 W 43rd Street offers 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. in East Chicago, Indiana; and 50 S. Fairbanks St. in Addison, Ill.
The Chicago building achieved an Energy Star upon completion. The Missner Group awarded $2.5 million in construction costs to minority-owned businesses and an additional $600,000 was awarded to women-owned businesses with a goal of 50 percent of all construction labor on the job to be performed by City of Chicago residents.