JV Raises $72M for Jacksonville Cold Storage Facility
BGFP International, a strategic partnership between BG Capital, Saoud Development, and FreezPak Logistics, has secured $72 million in funding from Valley National Bank, the Israel Discount Bank of New York (IDB), and Nuveen Green Capital to develop a 275,000-square-foot cold storage facility in Jacksonville. Construction is underway and expected to be completed in November 2024.
The debt execution was originated by Tyler Huffman and Joseph Byrne of BG Capital, which consists of Valley National Bank and IDB contributing as the senior lenders and Nuveen Green Capital providing Commercial Property-Assessed Clean Energy financing (CPACE).
The facility, to be leased exclusively by FreezPak Logistics, spans over 20 acres and will offer 53,000 new pallet positions, 212,000 square feet of freezer space and a 41,000-square-foot cooler dock. Users will have access to blast freezing, cross-docking, transportation, repacking, overseas container plug-ins, and USDA inspections. The facility will also include 34 loading docks, 132 trailer parking stalls, 90 container plug-ins, and 67’ clear-height ceilings.
The Jacksonville facility will be BGFP International’s third built-to-suit location within its national expansion program.
