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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
