PHILADELPHIA — Locally based development and investment firm BG Capital will build an $85 million cold storage project on a seven-acre site in Philadelphia’s Port Richmond neighborhood. New Jersey-based cold storage operator FreezPak Logistics has committed to leasing the 170,117-square-foot facility on a triple-net basis, with the expectation of adding about 60 new permanent jobs to the local economy. Building features will include a clear height of 75 feet, an automated inventory storage and retrieval system, 20 loading docks, 30 trailer parking stalls and 60 parking spaces. Construction is scheduled to begin in the third quarter. New Jersey-based OceanFirst Bank has provided $42.5 million construction-to-permanent loan for the project, and Nuveen Green Capital has committed another $30 million in financing.
Pictured is a rendering of FreezPak Logistics' new facility in Philadelphia, which is part of a larger partnership between the New Jersey-based cold storage operator and BG Capital to build and own over 200 million cubic feet of customized cold storage distribution facilities in port-centric markets across the United States.
BG Capital to Develop $85M Cold Storage Project in Philadelphia
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