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Bridge Development, PGIM RE JV on Cold Storage

Bridge Development Partners LLC and PGIM Real Estate launched a $150-million national cold storage investment program, targeting $400 million in assets. The programmatic joint venture will seek value-add returns through the development of Class A cold storage facilities, as well as the acquisition and repositioning of Class A/Class B cold storage developments across the country.

As part of the JV agreement, Chicago-based Bridge Development has recapitalized its Chicagoland cold storage facility, Bridge Point Northlake (pictured), with PGIM Real Estate. The facility will serve as the seed asset for the JV’s national portfolio.

“As the online food delivery market in the U.S. continues to grow, the need for cold storage industrial space is skyrocketing and we expect the pace of demand to continue on that trajectory,” said PGIM Real Estate’s Darin Bright.

CBRE’s Michael Caprile, Zach Graham and Ryan Bain brokered the sale of Bridge Point Northlake to the JV.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Sale/Acquisition
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