South Florida to Receive First Cold Storage Facility Built on a Spec Basis

Two companies announced on Tuesday a joint acquisition of a site to be used as South Florida's first-ever cold storage project to be delivered on a speculative basis.

Bridge Development Partners, an industrial real estate developers, and PGIM Real Estate, the global real estate investment and financing business of Prudential Financial, Inc., acquired a 20-acre site in Hialeah, Fla.

They say the investment decision comes in direct response to a higher demand for temperature-controlled spaces for imported perishables from South and Central America.

Stemming in part from consumer preference for fresh produce and online grocery delivery, demand for cold storage is at an "all-time high across the region", according to Senior Vice President of Cold Storage and Bridge Brian Niven.