Hialeah Cold Storage Facility secures $ 67 million construction loan
A joint venture developing a speculative cold storage project in Hialeah has secured a $ 67 million construction loan.
The joint venture between industrial developer Bridge Development Partners and PGIM Real Estate, the real estate investment and financing business of Prudential Financial, plans to launch the project later this month, according to a press release.
Metropolitan Life Insurance Co. provided the loan, which was arranged by Steve Roth of CBRE.
The 312,000 square foot facility will be built on 20.8 acres near the intersection of Northwest 162nd Street and Northwest 102nd Avenue. The joint venture bought the property in July for $ 11 million and plans to complete the project in the fourth quarter of 2021.
PGIM Real Estate is headed by CEO Eric Adler. Bridge Development is led by Founder, CEO and Partner Steve Poulos.
Recent South Florida Cold Storage Agreements industrial real estate market include Arkadia Property Group paying $ 5.3 million for a cold store in Allapattah last month, and Ivy Realty paying $ 30.5 million for a cold store leased to Southeast Frozen Foods and SuperValu in March.
the cold room the market seems to be experiencing a ascend of investor interest nationwide. Lineage Logistics, the world’s largest owner of temperature-controlled storage, raised $ 1.6 billion in a fundraiser that ended last month, and Americold Realty Trust, the only public investment fund real estate specializing in cold storage, recorded a 6% increase in its net turnover. second quarter operating result.