BG Capital Partners to Develop $3B of Cold-Storage Industrial
BG Capital, a Philadelphia-based commercial real estate investment firm, has formed a new strategic real estate partnership with New Jersey based cold storage operator FreezPak Logistics to build and own more than 200 million cubic feet of customized cold-storage industrial distribution facilities in port centric markets across the U.S. at more than $3 billion in total asset value.
The first project BG Capital plans to build will be in Philadelphia’s Port Richmond neighborhood later in the third quarter. FreezPak is taking a long-term triple-net lease for this building and the rest of the future builds.
“The speculative cold storage market does not meet the needs for automation and advanced material handling equipment,” said FreezPak’s co-founder /CEO Mike Saoud. “This joint venture will accelerate our growth and enable us to offer our clients cold storage around the country.”
Other sites in other cities to include Houston, Jacksonville and others, will follow.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).