A joint venture between Bridge Development Partners and PGIM Real Estate secured $67 million in construction financing for Bridge Point Cold Logistics Center, a 312,103 ft2 cold-storage facility in Hialeah, Fla.

According to Bridge Development, the Bridge Point Cold Logistics Center will be the first cold-storage facility built on a speculative basis in South Florida. It also marks 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.

Groundbreaking is scheduled this month, and the facility is expected to be complete by late 2021.