Joint venture partners Bridge Development Partners, one of South Florida’s most active industrial real estate developers, and PGIM Real Estate, the global real estate investment and financing business of Prudential Financial, Inc., announced the acquisition of a 20.08-acre site strategically located at NW 162nd Street and NW 102nd Avenue in Hialeah.
Distribution centers are among the fastest-growing class in the industrial sector, particularly due to e-commerce irreversibly impacting the way people shop.
The coronavirus crisis, coupled with consumer preference and demand for high-speed shipping service, has boosted demand for last-mile delivery. As a result, design flexibility has become of paramount importance.
Although there are some rising uncertainties, the industrial sector appears to be weathering the current crisis caused by the coronavirus outbreak better than other industries. Despite nationwide shutdowns of construction sites, warehouse developments were deemed essential in most states. In 16 of the current top 20 markets for industrial space construction, workers are actively building, according to CBRE.
Commercial Property Executive reached out to industrial developer Bridge Development Partners for a close-up on the industrial market. Jeff Milanaik, Northeast region partner, unveiled how the sector is impacted and what is behind the sector’s strength during this global health crisis.