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

TRD MIAMI /
Jul.July 14, 2020 10:30 AM
Bridge Development Partners' Kevin Carroll and an aerial of the property between Northwest 162nd Street and Northwest 102nd Avenue (Bridge Development, Google Maps)

Bridge Development Partners’ Kevin Carroll and an aerial of the property between Northwest 162nd Street and Northwest 102nd Avenue (Bridge Development, Google Maps)

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.


Related Articles

arrow_forward_ios
4420 North Bay Road with Kim Perell and Peter Fine (Coldwell Banker)

Peter Fine sells waterfront North Bay Road home for $11M

Peter Fine sells waterfront North Bay Road home for $11M
Peter Merrigan and 1050 NW 14th Street

Taurus pays $31M for Civica Center, adjacent building in Miami’s Health District

Taurus pays $31M for Civica Center, adjacent building in Miami’s Health District
Jon Gray, 16100 Northwest 49 Avenue and 16200 Northwest 49 Avenue, Miami Gardens (Credit: Google Maps)

Blackstone snags eight industrial properties in Miami-Dade

Blackstone snags eight industrial properties in Miami-Dade
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
Vizcaya Museum and Gardens and Joel Hoffman (Credit: Robin Hill)

Vizcaya needs money to operate, launches $1M fundraising campaign

Vizcaya needs money to operate, launches $1M fundraising campaign
Three Hundred Collins

Three Hundred Collins allegedly marred by cheap materials, unpaid contractors and duped investors: lawsuit

Three Hundred Collins allegedly marred by cheap materials, unpaid contractors and duped investors: lawsuit
Jonathan Shechtman from Axonic and Herve Barbera from Bar, with 4860 Sandstone Lane

Bar Invest pays $56M for West Palm apartments

Bar Invest pays $56M for West Palm apartments
Rendering of the project, Richard Paul Richman, Deme Mekras and Elliot Shainberg

Richman plans senior housing on Allapattah Opportunity Zone property

Richman plans senior housing on Allapattah Opportunity Zone property
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...