Bridge, PGIM Buy Hialeah Cold Storage Development Site

A partnership between one of South Florida’s biggest industrial builders and an insurance giant’s subsidiary plans to build a cold storage facility on a Hialeah site they bought for $11 million.

Bridge Development Partners LLC, based in Chicago, and PGIM Real Estate, based in Newark, New Jersey, bought the 20-acre site where they plan to build Bridge Point Cold Logistics Center. The land is at Northwest 162nd Street and 102nd Avenue between Interstate 75 and Florida’s turnpike.

The 312,103-square-foot facility will be South Florida’s first cold storage facility built as a speculative development without a tenant lined up, but the developers are betting on demand based on positive market indicators. Construction is to be finished late next year.