12B — August 19 - September 15, 2022 — Pennsylvania — M id A tlantic Real Estate Journal
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P ennsylvania
1 st site to be built in Philly's Port Richmond neighborhood BG Capital plans to develop +$3B in cold storage facilities
P HILADELPHIA, PA — BG Capital an- nounced a new stra- tegic real estate partnership with New Jersey based cold storage operator FreezPak Logistics to build and own over 200 million cubic feet of customized cold-storage in- dustrial distribution facilities in port centric markets across the United States at over $3 billion in total asset value. The first project BG Capi- tal plans to build will be in Philadelphia's Port Rich- mond neighborhood (2201 East Allegheny Ave.) and is slated to break ground Q3 of 2022, at a total project cost of $85 million. FreezPak is taking a long- term triple-net lease for this building and the rest of the future builds moving for- ward. While BG Capital's team is sourcing the financing for all the projects, FreezPak will put up their proportion- ate share of equity for each project. “BG Capital is extremely pleased to be the developer partner for the FreezPak national expansion program," said BG Capital's president
Philly Port Richmond project rendering
Joe Byrne . "Both compa- nies were founded upon a blue-collar work ethic and a relentless hunger for growth. The synergy between our two groups is exactly what is required to ensure an en- deavor of this magnitude is successful.” The Philly Port Rich- mond project will consist of a ground up new construc- tion of 170,117 s/f building with a building height of 75 ft. on a seven-acre parcel, containing 20 loading docks, 30 trailer parking stalls, and 60 additional car parking. The building is designed to install a fully automated ASRS Automated Storage and Retrieval System in a
portion of the building. The building will be leased solely by FreezPak Logistics on a long-term lease which anticipates bringing 60 new permanent jobs to the neigh- borhood of Port Richmond with countless additional jobs provided throughout the construction timeline of the project. “FreezPak is thrilled to find a partner like BG Capital that understands our goal of being a fully integrated company," said FreezPak's co-founder/CEO Dave Saoud. "This partnership enhances our one stop shop model by becoming the developer, op- erator, integrator and logis- tics provider.” MAREJ
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