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BGFP International, a strategic partnership between BG Capital, Saoud Development and FreezPak Logistics, has secured $72 million in funding. The funding, from Valley National Bank, the Israel Discount Bank of New York and Nuveen Green Capital, will be used to develop a new 275,000-square-foot cold storage facility in Jacksonville, Florida, US.

Once complete. the facility, which will be leased by FreezPak Logistics, will span across 20 acres and will offer 53,000 new pallet positions with 212,000 square feet of freezer space and a 41,000-square-foot cooler dock. This will provide customers with 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-feet clear-height ceilings. BGFP International aims to bolster cold storage facility availability across the US, in efforts to build new supply chain infrastructure for the future. Tyler Huffman, VP of BG Capital, said: “Building constructive relationships with a mix of traditional and alternative-based lenders has been a focal point of BGFP International’s ability to arrange and close more complex capital stacks in turbulent debt environments. We are extremely grateful to our partners at Valley National Bank and Nuveen Green Capital for their swift execution on this transaction.” David Saoud, co-founder and CEO of FreezPak Logistics and Saoud Development, commented: “I'm thrilled about our expansion into the Port of Jacksonville market. This new facility represents a significant milestone in our growth strategy to be in every major port in the US, allowing us to better serve our customers with enhanced logistics capabilities and streamlined operations. The Port of Jacksonville is a strategic location that aligns with our commitment to providing top-notch service and efficiency in the cold storage industry.” The Jacksonville facility is BGFP International’s third built-to-suit location within its national expansion programme – the company already operates a 172,000-square-foot cold storage facility in Philadelphia, Pennsylvania and is constructing a 543,000-square-foot cold storage facility in Houston, Texas. Joseph Byrne, managing partner of BGFP International, added: “This project execution is a testament to the development team we have built here at BGFP International, combining the wealth of operational experience FreezPak brings with over 20 plus years of business in the cold storage third-party logistics space, with the seasoned development expertise of a nationally recognised commercial real estate developer in BG Capital." Construction of the new site has begun and is expected to be completed in November this year.