Bridge and PGIM buy Hialeah property to build spec cold storage facility
It could be South Florida’s first-ever cold storage project built on spec
Bridge Development Partners and PGIM Real Estate bought a 20-acre site in Hialeah, with plans to build a spec cold storage facility.
The joint venture bought the property between Northwest 162nd Street and Northwest 102nd Avenue for $11 million, according to sources. Section 17 LLC, led by Lloyd Moriber of Bal Harbour, sold the property.
The joint venture will build a 312,103-square-foot cold storage facility called the Bridge Point Cold Logistics Center, which will be able to accommodate multiple tenants, according to a release. The building will feature a front-load design with 50-foot clear heights, 39 dock-high doors, and three grade-level truck ramps.
The project could be South Florida’s first-ever cold storage project built on spec, or with no immediate buyer, Kevin Carroll, a partner with Chicago-based Bridge Development Partners said in the release. It is expected to be completed in the fourth quarter of 2021.
“Demand for temperature-controlled space is at an all-time high across the region,
thanks in part to shifting consumer preferences towards fast, fresh products and online
grocery deliveries,” said Brian Niven, a senior vice president at Bridge Development Partners, in a statement.
Cushman & Wakefield’s Wayne Ramoski and Gian Rodriguez brokered the deal.
The acquisition marks the first cold storage project in South Florida for the joint venture, according to the release. The group launched a $150 million national cold-storage investment program late last year, targeting $400 million in assets, and is looking to develop Class-A cold-storage facilities.
Bridge Development Partners is a privately-owned firm that focuses on Class A industrial real estate in Miami, Chicago, New Jersey and New York, Los Angeles and San Francisco, and Seattle, according to the release.
PGIM, based in Newark, is the asset management arm of the life insurance company Prudential Financial.