Realterm and The Missner Group Announce Joint Venture to Develop Industrial Properties in Greater Chicago Region
Aerial rendering of 4400 Homerlee Avenue, East Chicago, Indiana.
Construction Begins on First 250,000 SF JV Project at 4400 Homerlee Avenue, East Chicago, IN
Realterm and The Missner Group today announced they have formed a joint venture (JV) to develop infill warehouse and distribution facilities in the greater Chicago region. Realterm is a leading global transportation-related asset management firm with significant expertise in the high flow-through logistics (HFT) sector. The Missner Group is a provider of comprehensive and integrated real estate development, property/asset management, and construction services throughout the Midwest.
“We are always looking for strategic opportunities to expand and enhance our portfolio in growing markets where we already have a strong presence, and that offer access to transportation infrastructure, such as Chicago,” said Derek Fish, Vice President of Acquisitions, Realterm. “The Missner Group has more than 75 years of local experience, understands the region’s political landscape, and has a tremendous track record of getting jobs done. Like Realterm, The Missner Group operates with a strong entrepreneurial spirit and an ability to navigate complicated, infill deals. The firm will be an excellent partner given its local knowledge and relationships, and we look forward to working with them as we continue to build our development pipeline.”
Rob Moriarty, Associate Vice President and head of Realterm’s Central Region added, “The JV will develop industrial warehouse and distribution facilities that cater to last-mile logistics distribution users which is a key market segment for Realterm throughout its portfolio. We already have four projects in the pipeline.”
"The JV with Realterm allows Missner to grow its industrial development business with a partner that has a long track record of success investing in transportation-focused industrial real estate. In addition, Realterm is like-minded in its development approach, making them an ideal partner for us," said Barry Missner, CEO, The Missner Group.
The JV today broke ground on its first 250,000-square-foot warehouse located at 4400 Homerlee Avenue, East Chicago, Ind. The new building will sit on 14.15 acres and is located less than a mile from I-90. It is also close to the I-80 and I-94 expressways providing easy access to downtown Chicago and both major Chicago airports — O'Hare International Airport and Midway International Airport. The CSX railroad is adjacent to the facility for easy train access as well.
Realterm and The Missner Group will also develop the following sites: 1032 W. 43rd Street Chicago, Ill.; 3900 S. Normal Avenue Chicago, Ill.; and 50 S. Fairbank Street, Addison, Ill.