Philadelphia-based BG Capital and NJ-based FreezPak Logistics are partnering to build up to $3B worth of new cold-storage industrial space in port-centric markets across the US.
Under the terms of the strategic partnership, BG Capital will build more than 200M cubic feet of cold-storage warehouses and FreezPak will take long-term triple-net leases for the new cold chain facilities.
The partnership is developing an $85M cold storage warehouse in Philadelphia's Port Richmond neighborhood to be leased by FreezPak. The 170K SF facility, which will have a building height of 75 feet, is expected to break ground this month on a 7-acre site on E. Alleghany Avenue.
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