The Missner Group and Realterm Successfully Lease Industrial Building in Addison
PGW Autoglass, Professional Parts Group, and Midwest Solutions lease space at 50 S. Fairbank St. in Addison, Illinois in a new industrial development owned by The Missner Group and Realterm.
(Des Plaines, IL)// The Missner Group (TMG), a Chicago-based fully integrated general contractor and real estate developer, is thrilled to announce that their 80,464 square-foot speculative industrial building, located at 50 S Fairbank, Addison Illinois, is fully leased. This was their second project completed in their three-project joint venture partnership with Realterm, a Maryland based investment management firm.
The state-of-the-art, A-class building completed construction in July of 2023 with 30,387 square feet of space leased prior to completion to PGW Auto Glass, a leading automotive parts manufacturer and glass replacement service. The Missner Group served as the general contractor of their space, overseeing the construction of office space.
Following the completion of the building The Missner Group leased 20,032 square feet of space to Professional Parts Group (PPG), a local distributor of automotive parts. The space will be used for warehousing and distribution. The Missner Group will serve as the general contractor for the build-out of their warehousing facility and office space for employees. Construction began in early November of 2023 and is expected to be completed in the first quarter of 2024.
The final 30,045 square feet was leased to Midwest Solutions a Solar Energy company specializing in renewable energy solutions. Their space will serve as an office, warehouse, and distribution center.
“Addison has a strong industrial market, and we were confident that the space would not last long,” said Barry Missner, CEO of The Missner Group, “nonetheless, we are pleased to have achieved this milestone within only six months of its completion.”
The 80,464-square-foot building is situated on 5.7 acres near I-355 and I-90. The development features two drive-in doors, 13 exterior docks, and a 32’ clear ceiling height.
The Missner Group and Realterm thank and acknowledge the brokers involved in reaching this milestone. CBRE’s Cal Payne and Genna Nicketta represented The Missner Group and Realterm. Stephanie Park of CBRE represented PGW Auto Glass, Chris Nelson of Lee and Associates represented Professional Parts Group (PPG) and JLL’s Phil Reiff represented Midwest Solutions.
The Missner Group and Realterm have developments located in East Chicago and the Chicago Stockyards. For more information on these projects please visit: https://www.missnergroup.com/realterm-jv-missner
ABOUT THE MISSNER GROUP
Established in 1945, The Missner Group provides comprehensive and integrated real estate investment, development, acquisition, and construction services throughout the Midwest. TMG has completed over 2 billion dollars of construction and over 25 million square feet of development. For almost 80 years they have committed to the same mission and vision establishing themselves as a premier and preferred general contractor and developer throughout the Midwest.
ABOUT REALTERM
Realterm is an independent global investment manager focused on the transportation industry. We acquire, develop, finance, and manage differentiated real estate and infrastructure assets serving land, air, sea, and rail networks across the world. Realterm currently manages over $11 billion in assets.