Annapolis, Md. and Des Plaines, Ill. (May 26, 2022) – A joint venture (JV) between Realterm and The Missner Group today announced the start of construction on its second project at 50 South Fairbank Street in Addison, Ill. When complete, the 80,464-square-foot industrial distribution center, in the heart of Chicago’s West Suburbs submarket, will sit on 5.7 acres. The development will feature divisibility to 25,000 square feet, office built to suit, two drive-in doors, 13 exterior docks, a 32-foot clear ceiling height and 108 parking spaces.
“We are delighted to be underway with our second project with The Missner Group,” said Ed Brickley, Managing Director, Realterm. “When complete this final mile facility will fill a void on a site that has not been available to the market in nearly 50 years, satisfying the strong appetite for new, high-image space in the Addison area.”
“We are pleased to announce this speculative industrial development in Addison,” said Barry Missner, CEO of the firm. “Addison offers a prime central U.S. location with a large labor force, low taxes, quick access to the interstate system, and close proximity to both Midway and O’Hare airports. We are pleased to have teamed with the Village of Addison on this project as it will be of great benefit to the community.”
Renderings of the warehouse at 50 South Fairbank Street in Addison, Ill., which will deliver in the first quarter of 2023, can be found here.
The JV’s first 250,000-square-foot warehouse located at 4400 Homerlee Avenue, East Chicago, Ind. is set to deliver in Q3. They also plan to begin construction on 1032 W. 43rd Street, Chicago, Ill. later this year.