Freezpak Logistics to expand cold storage facilities in US
FreezPak Logistics and BG Capital are partnering on new cold storage facilities in port-centric markets across the United States.
The first project is a 170,000-sq.-ft. cold storage facility in Philadelphia.
Altogether, the companies will build more than 200 million cubic feet of cold-storage warehouses nationwide, creating 310,000 pallet positions by the fourth quarter of 2024. Officials said the market for high-tech cold storage facilities across the country is being underserved.
“The speculative cold storage market does not meet the needs for automation and advanced material handling equipment,” Mike Saoud, CEO of FreezPak, said in a statement. “This joint venture will accelerate our growth and enable us to offer our clients cold storage around the country.”
FreezPak did not specify which new markets it is targeting but, according to the company website, locations in Florida, California, Texas, Washington, Georgia and Michigan are under consideration.
Founded in 2001, FreezPak Logistics is a family-owned company headquartered in Carteret, New Jersey. The company currently operates five facilities, including four in New Jersey and one in Philadelphia. FreezPak also has facilities under construction in Miami and Woodbridge, New Jersey.
Philadelphia-based BG Capital is a real estate investment and management firm founded in 2012 by Joseph Byrne and Daniel Govberg.