Investors Are Piling Into an Obscure Property Market as Amazon, Walmart, and More Race to Keep up With Online Grocery Delivery

"It's all about access to the consumer and servicing that last mile," said Tony Pricco, president of Bridge Development Partners, which is building the Miami project and is considering further development in places such as New Jersey, Los Angeles, Seattle, and Chicago.

Pricco noted that many online grocery services were overwhelmed by recent demand during the pandemic and are now eager to build out a better logistics network, including more cold storage sites.

"We have had inquires from Amazon recently where they have told us 'if you have any available freezer spaces, we want to know about them,'" Pricco said.