Bridge and PGIM Real Estate get $67 million loan for cold storage South Florida
PGIM Real Estate and Bridge Development Partners have secured $67 million in financing to develop a 312,103-square-foot cold storage facility in Hialeah, Fla.
The loan will cover the development of the 20.8-acre site acquired by the joint venture partners in July, according to a news release.
To be completed in the fourth quarter of 2021, the project is one of the first cold storage facilities delivered on a speculative basis in South Florida, according to the release. The facility will be called Bridge Point Cold Logistics Center.
“As consumers increasingly turn to online grocery shopping, the demand for cold storage space is reaching unprecedented levels — especially in major population centers such as South Florida,” Kevin Carroll, a principal of Bridge Development Partners, said in the release.
This acquisition marks the first cold storage project in South Florida for the joint venture, which launched a $150 million national cold-storage investment program in late 2019, targeting $400 million in assets.
This joint venture seeks value-add returns through the development of Class-A cold-storage facilities, as well as the acquisition and repositioning of Class-A/B cold-storage facilities nationwide.
Bridge Point Cold Logistics Center is designed with flexibility in mind and can accommodate multiple tenants, according to the release.
The building will feature:
- front-load design with 50-foot ceilings for pallet storage;
- 48-foot building depth;
- 39 dock- high doors;
- three grade-level truck ramps;
- an estimated 3% office finish;
- 207 car parking spaces; and
- 49 trailer parking stalls.
The facility’s refrigeration systems will provide broad temperature flexibility in all units for freezer and cooler users.
The property is just south of the Miami-Dade and Broward County line, with access to the Florida Turnpike, Interstate 75 and State Road 826.
For more information, call Cushman & Wakefield’s Wayne Ramoski, Gian Rodriguez or and Skylar Stein at 305-351-2452.
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