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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