August 26, 2020
TypeDeal, Press Release
LocationChicago, Cold Storage
Bridge Development Partners and PGIM Real Estate announced that Imperfect Foods signed a long-term lease to expand their operations at Bridge Point Northlake by 45,000 square feet.
Formerly known as Imperfect Produce, Imperfect Foods now occupies a total of 106,000 square feet at the cold storage facility, having expanded to meet the exponential increase in demand for delivered food and household products brought on by the nationwide COVID-19 pandemic.
One of the few true direct-to-consumer companies in the country, Imperfect Foods delivers direct-to-consumer produce, affordable pantry items, and fresh eggs and dairy, helping to eliminate food waste and ship quality food to consumers across the country.
To accommodate Imperfect Foods’ operations, BRIDGE converted the space into one large open concept room, and also recently made facility improvements, such as new doors and upgraded refrigeration systems.
Jason Lev and John Suerth of CBRE brokered the deal for both parties, and serve as the leasing brokers for the remaining space in the development.
“Imperfect Foods’ expansion at Bridge Point Northlake is a testament to the accelerated demand that the cold storage sector is seeing since the pandemic began, and the incredible value of modern cold storage space,” said Tony Pricco, President at Bridge Development Partners. “Our growing portfolio is uniquely positioned to meet that demand and provide state-of-the-art facilities to innovative companies like Imperfect Foods, which are experiencing unprecedented fulfillment requests that required them to grow and adapt more quickly than ever before. Cold storage will only continue to grow in the months and years to come, and we will continue to pursue an aggressive strategy in acquiring and developing these properties.”
Bridge Point Northlake totals 480,464 square feet of cold storage freezer and cooler space — of which 39,000 square feet remains available — and features 32-foot clear heights, cooler capable of +35° F, a 35-degree refrigerated dock, over 3,000 pallet positions, 13 dock doors, 5 trailer positions and 30 car parking spots in the remaining space. Bridge Point Northlake serves as the seed asset for BRIDGE and PGIM Real Estate’s $150 million national cold storage investment program targeting $400 million in assets, which is part of PGIM Real Estate’s U.S core-plus strategy. As part of that cold storage program, BRIDGE and PGIM Real Estate also recently acquired a 20-acre site in Hialeah, South Florida, with plans to build the region’s first-ever speculative cold storage facility, Bridge Point Cold Logistics Center.
Located at the geographic center of the Chicago region, Bridge Point Northlake is just minutes from O’Hare International Airport, with immediate access to Interstates 294 and 290 and proximity to Interstates 90, 88 and 355. The site also features more than 2,500 linear feet of I-294 frontage and is bordered on the east by Union Pacific Railroad’s West Coast trunk line.