A partnership is building a 312,000-square-foot cold storage facility for imported perishables in South Florida by the fourth quarter of 2021.
Joint venture partners Bridge Development Partners and PGIM Real Estate announced the purchase of a 20.08-acre site in Hialeah, Fla.
The partnership will deliver its first South Florida project, to be called Bridge Point Cold Logistics Center, according to the release. Construction of the cold storage facility — no tenants are yet confirmed for the facility — will be completed by the fourth quarter of 2021, company officials said in the release.
“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,” Kevin Carroll, partner of the Southeast region of Bridge Development Partners, said in the release. “We look forward to delivering another world-class logistics center to meet steadily rising demand.”
The investment makes sense, considering rising demand for cold storage space, Brian Niven, senior vice president of cold storage at Bridge Development Partners, said in the release. “South Florida has long served as an international gateway for imported perishables from South and Central America,” he said in the release. “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.”