Bridge, PGIM Secure $67M Construction Loan for Speculative Cold Storage Project in South Florida
HIALEAH, FLA. — A joint venture between Bridge Development Partners and PGIM Real Estate has secured $67 million in construction financing for Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The property will be situated on 20.8 acres at NW 162nd St. and NW 102nd Ave., about 20 miles northwest of PortMiami.
Steve Roth of CBRE arranged the loan through MetLife. The Bridge-PGIM joint venture plans to break ground on the project this month for delivery in late 2021.
Bridge Point Cold Logistics Center will be the first cold storage facility built on a speculative basis in South Florida, according to Bridge Development. The project is also the first cold storage project between Bridge and PGIM, which launched a $150 million program last year for the development and redevelopment of cold storage facilities nationwide.