PGIM Real Estate partnered with Bridge Development Partners LLC to launch a $150 million investment program focused on U.S. cold storage assets, IPE Real Assets reported.

The joint venture aims to develop, acquire and reposition $400 million worth of such properties.

The partnership's seed portfolio includes the 1.5 million-square-foot Bridge Point Northlake cold storage facility in the Chicago metropolitan area that was bought by Bridge Development in 2014.