Joint Venture to Develop Cold Storage Properties
Bridge Development Partners LLC and PGIM Real Estate, the global real estate investment management business of Prudential Financial, launched a $150 million cold storage investment program. The 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 United States.
As part of the agreement, Bridge Development Partners recapitalized its Chicagoland cold storage facility, Bridge Point Northlake, with PGIM Real Estate. The facility will serve as the seed asset for the joint venture’s national cold storage portfolio. Bridge Point Northlake’s freezer includes 40’ clear freezer heights, freezers equipped with -10°F temperatures, and more than 15,000 pallet positions. With 81 percent occupancy, there is 85,000 ft2 of cooler space still available.