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Bridge Development Partners and PGIM Real Estate form $150m cold storage JV
Bridge Development Partners and PGIM Real Estate, the global real estate investment management business of Prudential Financial, Inc., have launched a $150 million national cold storage investment program, targeting $400 million in assets. This 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 United States.
As part of the joint venture agreement, Bridge Development Partners has 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 Development Partners acquired Bridge Point Northlake, a 1.5 million-square-foot former Dominick’s Safeway grocery storage faci