BRIDGE and PGIM Real Estate Joint Venture Acquire 20-Acre Site In Hialeah to Develop 300,000+ SF Bridge Point Cold Logistics Center
Joint venture partners Bridge Development Partners, one of South Florida’s most active industrial real estate developers, and PGIM Real Estate, the global real estate investment and financing business of Prudential Financial, Inc., today announced the acquisition of a 20.08-acre site strategically located at NW 162nd Street and NW 102nd Avenue in Hialeah, Fla. PGIM Real Estate acquired the property as part of its U.S. core plus strategy. The partnership will deliver its first South Florida project—Bridge Point Cold Logistics Center, a 312,103-square-foot speculative cold storage facility—in the fourth quarter of 2021.
“We are pleased to have acquired this prime development site for our future Bridge Point Cold Logistics Center, which represents the first-ever cold storage project to be delivered in South Florida on a speculative basis,” said Kevin Carroll, Partner, Southeast Region of BRIDGE. “We look forward to delivering another world-class logistics center to meet steadily rising demand.”
Brian Niven, Senior Vice President, Cold Storage at Bridge Development Partners added, “Our strategic venture allows us to capitalize on industrial real estate’s hottest growing sector—cold storage. South Florida has long served as an international gateway for imported perishables from South and Central America. However, 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.”